The Indianapolis journal., 1899-03-27

mediately provided for. Undoubtedly, the
treasury will do all in its power TO prevent
the operation from disturbing the money
market. but until the exact nature OF the
operation Is understood there is likely TO be
some restraint upon lending.
"A report was recently circulated that the
United States government had deposited the
yD,oOO,O00 now due Spain in the city BANK
This Is not possible; as the government,
out out of T the T tinted lied IS States p treasury. when
once there, and deposit them III bank 10
the credit of the government. The money
that goes 10 the credit of the government
In national depository bank can only
get there by payments to the government be-
ing made through the depository banks.
The way the government will doubtless 90
will be TO hand over to the proper ac-
credited agents of the Spanish government
the proper legal document. The Spanish
agents are then at liberty TO deposit the
amount in bank and check against the
same Tor the payment of sterling or con-
tinental bills Of exchange but what is more
lkely for them TO do, as they may not be
any risk on their own responsibility, TO snip
the coin direct TO Spain in the same pack
ages as RECEIVED from the United States
treasury. OF course through remitting bills
something can be saved, but foreign red
tape officials are not likely to be Influenced
by that consideration.
considerable money has come 10 New
York from neighboring cities in the last few
days and been put out on time loans. This
has eased up call money TO some extent.
of stocks more tenacious in clinging to
them; Therefore, forced sales have been less
frequent In consequence than during last
week To-day'S bank statement. however,
Is likely to be Jnfavorable again, and the
two following ones will show but little i'm
provement from all indications. This will
doubtless cause meanwhile the same eau
tion which has existed during the present
month. Speeialties. however. like Sugar and
the other industrials, have moved up vigor-
ously, irrespective of money conditions.
There is a great deal of current discus
sion about the so-called trusts now so rapid
ly being formed. The name of these indus
trials would be more appropriate If called
trade combinations they are really
not trusts. The preponderance of argument
seems 10 be. as far as publicity is given
the; -tD, raid against them. 1t is not.
ore, Inappropriate to set forth many
points in their favor.
ITO state the case of these combinations
in plain and simple terms, the object sought
10 be attained Is TO put various interests be-
longing to different parties together so as to
form large concern represented by stock
capital without personal liability, having in
view a reduction of expenses, greater ef-
hciency and production on a larger scale,
and the realization of greater profits with
out advancing prices. When a number of
small individual plants are thus united for
a common object under efficient official man
agement the expenses are materially cut
down. With the increased capital which this
method admits of better machinery is Sc
cured, with better results in meeting foreign
competition, which adds largely to this
countrys exports. In this way this coun-
its ability to compete successfully with
Great Britain and other European countries.
ThuS IN the seven months ending Feb l our
exports of manufactures increased 143 per
cent, while the total exports. including
manufactures, increased only As per cent.
and the exports of all articles excepting
manufactures but 3.3 per cent. That we
would never have arrived at this pitch of
prosperity in manufacturing without capital
| combining for this very purpose will be seen
more clearly if instead of seven months in
one year We make the comparison for the
past ten years taking seven months ending
Feb. for each year of the ten In the seven
months of 1SSS-S9 the exports of manufac-
lures were SIS, 15l 4:s3. In 1892 they had risen
! to $500. 400 In n l@5 "a panic year, they
they had again risen to Sill ,0O5 OSS. In 1895
they were down again, probably the chief
cause being the silver agitation, which
consequently they fell about seven millions.
to $104. .607 101, but in 1896 there was again an
advance to Sl25. 02,6S2, showing the faith
that the country had begun to exercise in
the permanency of the gold standard. When
that permanency was assured by the cleo
tion of Mckinley there was an immense
stride In these exports of no less than ST.
OOO.UO. the aggregate having risen to S153-
SS2,6S2 Though the figures of 1898 did not
move up with such enormous increase as
nine millions. the total being 1884, ,O4s; but
| the record for the seven months ending last
February came up to sls2 @ SS6; 80 So3 showing an
all records in increase, excepting the seven
months ending Feb. l. 1897.
Now the great and underlying principle
that mas put II in our power during the last
decade to make such an unprecedented adj
vance in a department of commerce from
which we were generally supposed to have
Deen almost excluded is that of the much
maligned combination Of capital. Without
such means we possess despite much ig-
norant hostility Of aggregating capital
there could have been such progress as
| these statistics so clearly demonstrates.
People who take a narrow view of the
subject talk about the system throwing men
out OF employment. To my mind it is evil
| dent that there must have been far more
money spent in wages when the manufac-
| tured exports were $1S2.O0000 than when
| they We're only 900, ten years previous
| ly. More than double the value of material
| by nearly $3.0CO,O00 worth certainly could not
| be moved by a less number of men. 1t
probably required more than half as MANY
| more-namely. 20 per cent-and during this
period labor itself has only increased 81
per cent, thus leaving the workman better
| OH than before the combinations began Ia
make such progress in the Improvement OF
| machinery.
Can anybody imagine that the railroads
| could employ an army of 10000 workmen at
| good wages and that dundredth part of a
| cent per ton per mile would make the diff
| ference between dividend and no dividend
| to certain prosperous roads if the principle
| of combination were not worked extensively
| In the railroad industry? AS similar argu-
| ments apply to other Industries with equal
| cogency, L consider il unnecessary to null
tiply examples. any one can do so for
himself simply by opening his eyes. looking
| over the industrial field, past and present,
cOoly rejecting on the situation. and with
out permitting political prejudice or news
| paper sationalism to cloud his reason or
distort his common sense. One of the re-
| suits inseparable from combinations nc
matter how selfish the promoters may be
| is that they make everything which they
produce cheaper to the consumer than ii
possibly could be without their existence
and the larger the combination as a rule
| the better and the cheaper Is the consumer
served 1t is only during the brief transi-
| ton period of the change from the separate
concerns TO the combine that wage earners
| suffer. After that they better off and
| labor Is more fully employed, usually al
| higher wages. Many of the smaller con-
| Germs that go into the combines and obtain
very profitable remuneration for their prop
critics would otherwise become bankrupt
| The fact that reduction in the price OF
| a manufactured article invariably stimulates
consumption needs no more demonstration
| than that the infiexible law of supply and
| demand disposes OF any, fear as 10 arbi-
| trary advances in prices
Saturdays Bank Clearings.
| At Chcago-Clearings. 81. $50; balances