The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-09-11
PERIL in TRUST CRAZE
EX-SENATOR WASHBURN SEES
GREAT DANGER TO THE COUNTRY.
He Predicts Collapse That Will
Crush Inflated COncerns-His View
of the Duty of Republicans.

NEW YORK, Sept. 10-The Tribune will
publish tomorrow the following interview
with ex-senator William d. Washburn, of
Minnesota, head of extensive milling inter-
ests in Minneapolis:
1.-The present situation, to the good citi-
zen the good Republican and the man who
loves his country is really alarming, and
ii is more largely owing to the rapid for
nation of what is called the trust than any
other agency. First, this trust craze has
changed the whole nature of doing things.
When 1 was young mani am now sixty
eight had the world before me and there
was an absolutely fair field for me. Take all
of our most successful business men of to-
day and their experiences were like mine.
They entered the race without handicap,
and their grit and capacity won. Now
this building up of trusts puts stop to
fair and equal opportunity for the young
men of to-day. The young man just out
of college has no opening, as a rule. He
cannot be in business on his own account
against organized capital. He must join
the procession. He must content himself
with being mere clerk, and the chances
are that he will never get any farther, be-
cause there are so many in his class This
makes the situation a serious one, and 1
am sorry for the young man of to-day. I've
studied the situation and I'm sure of what
I'm saying.
THE present industrial tendency amounts
to almost craze for trusts. There is hard
ly anything in the industrial line that has
not been tackled by the promoters Of trusts.
All the promoters care for is to get up these
combinations, palm them OF on an uniniti
ated public and then get out of them, after
making all the money in them. The worst
feature of the industrial trust of to-day is
that nearly every one Of them is vastly
Overcapitalized.
"Just at present there is a demand for
every conceivable thing. the times are elias
tic and money is plenty. Everything is
floating along prosperously. When the col
lapse comes, as come it will, it will sweep
all these naturally nonpaying concerns to
financial ruin.
Take steel rails for instance. One and
half years ago rai,s of fair quality were be-
ing sold at SIT a ton at profit of perhaps
sl.50 a ton. What was the consequence? We
sent rails all over the world, invading Great
Britain, Japan and other countries. With
the enormous deposits of high-grade ore in
Minnesota and wisconsin there is no reason
why we should not be able to produce rails
other nation. AS a result of trust manipula-
ton steel rails now sell at $50 a ton or there
abouts. OF course the profit is exorbitant
| 1t is an outrage on the public, and it is
| short sighted on the part of the manufac-
| turers, because they cannot sell their rails
| long outside of the country at such an
enormous profit. The result of it all will be
| a tremendous collapse and it will come a
1.-THE natural conditions to-day are better
| than ever before. With a large balance of
| trade in our favor prosperity should con-
| tinue for long time. This prosperity has
resulted in imitation and the issuing of mil
| lions of shares on wind.
There is one thing that greatly disturbs
me. The Republican party, whether justly
or unjustly, is associated with trusts in the
| minds of the masses. AS party we have
| reached a crisis where we have got to call a
connect itself from trusts. 1t has got to do
something more than adopt platform planks
| against trusts The feeling against the trust
| idea is intense in the West. 1t is so intense
| in the Republican party that the party will
| break ranks unless something is DONE The
undertow of sentiment in the Western Re-
| publican States against trusts is not UNDER
| stood in the East. The revolt may strike US
| as early as next year.
i
l great deal of thought, that the Repub-
| licans in Congress will have to examine the
| subject thoroughly, and whenever they find
trust is depending for it's exorbitant
| profits largely on protective duties it will
| be the duty of Republican congressman and
| senators to remove the duties at once We
/ cannot stop short of that. The duties must
| be repealed when 1t is shown that the trusts
| are benefiting by them. This should be
| done with the duty on steel rails and tin
1 plate. We can make steel rails at a fair
profit cheaper than anywhere else in the
world, and the present price is outrageous.
| The Republican party may win at the polls
in 1900 because of the, remarkable achieve
ments of our army and navy in the last two
| years, but legislation against trusts should
| not be delayed on that account.
| 1.-The turning of this country's affairs over
| to such a man as Bryan would be the worst
| thing that could happen. No one could meas
ure the consequence If Bryan and his friends
| once got a chance to try out their hare
| Drained experiments, If we don't set our
| house in order the people will take the con-
| troll of the Nation away from the Repub-
licans.
| THE Republican party has the brains and
| the courage to tackle this trust problem II
the gravity of the situation is brought home
| to the party leaders Something should be
| done at once.