The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1899-03-17
The AII.Absorbing Trust.

The state convention OF the Mich
igan democracy makes a timely and
earnest protest against the develop
ment of trusts ia this country, and
its words deserve the c)nsid eratlon
OF every thoughtful and patriotic
man. 1t says:
"We believe the greatest menace
at the present time TO American
civilization and to the indusi ries
and political liberty OF the people,
consists in the growing tendency TO
place the business of he country in
the hands OF ,mbinations and
trusts; and we denounce the gold
trust, money trust, sugar trust, oil
trust, match trust, tCbacco trust
and every other trust having for its
OBJECT the control of production and
prices and we submit as our can
did opinion and deliberate iudg-
ment that a graduated federal and
state income tax would furnish ef-
fective means Of suppressing trusts.
We request immediate passage Of
an income tax measure by the state
legs lature. "
Whatever view one may take of
the remedy here proposed he can
not deny that in spite OF all the de-
nunciation of them, and of all the
alleged efforts to suppress them, the
trusts are multiplying with a rapid
ity that ought 10 cause alarm.
There is nothing secret about their
organization except the detail OF
combination and division of profits.
That they are organized in defiance
of law aud of public sentiment is
publicly announced, and every day
adds largely to the list. In the
last two days there has come re-
ports, illustrating the universallty
of this movement, ,nounclng 'he
organization at Chicago of soap
trust with a capitalization of S15,-
coo, 900; from New York of knit
goods trust capitalized at $50, ,OOO,-
600; from Trenton of a cement
trust capitalized at $lO,OOO,OOO
from indianapolis the purchase o
the Indiana Car and Foundry com
pany by the car trust; from Pitts
burg the prelimnaries OF a combin
alton by the flint glass manufactur
ers that will take in all the princi
pal plants of the country; from the
same place the purchase of th'
Shoenberger steel company's pro
perties by the steel and wire trust
from New York the organization oi
a steam pump trust capitalized al
S27, 800, 900; from the same place
the formation Of great coal com
bine to control the Pennsylvania
mines from Cleveland the forma.
ton of shipyard trust monopoliz-
irg the entire business, including
the profits of the Hanna Payne sub
sidy steal when that measure i
adopted; from Youngstown new
steel combine to resist the existing
trust from Chicago an advance OF
prices of the broom trust from Col.
umbus the formation OF a burial
casket combine with a capital OF
$3S, 900, 900.
That is quite list for two days,
and it has a great deal of signlti-
canoe. 1t must be growing appar-
ent to people of ordinary intelli-
gence that this extraordinary move
ment is not in aid of legitimate bus
mess. For the most part II is
plainly speculative-the forming OF
new ,mpanies with very little cap
ital invested except that already IN
the plants, the payment Tor tins IN
securities of the trust, and a bonus
of securities to the promoters. In
toe very nature of things a large
proportion of these organizations
must 90 to pieces, leaving the inves-
tors to mourn. They are simply
adjuncts to speculation, devised to
draw money from the pockets OF
tie unsuspecting and eager to get
rich. On the 9th r hand there are
manv of these combinations that
are made by keen business men
who see opportunity to m Ike large
profits by controlling certain lines
of business, and who go into these
schemes to stay. The stock Of that
class of trusts is not put on the
market in any large quantities.
But whether the aim be speculation
or extortion the effect on the pubic
is equally bad and the whole system
is demoralizing the legitimate busl-
ness of the country. An income
tax might be servicable in eradlca'
ting it. At least an income tax Il
lust. and ought to be levied, and
wha. ever effect it had on trusts
would be Iepressive. AMI the
democratic party cannot engage IN
any better Undertaking than light
Ing these combinations against th'
d.. lknI