The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-09-16

adjourned since the Presidents inaugu-
ration, and yet he has never recommend
cd specific measure looking toward the
overthrow of monopolies.
PAPER MONEY TRUST.
At the opening of the last session of
Congress the Republican leaders pressed
through the House and Senate a bill
creating a paper money trust and sur
rendered into the hands of the national
banks complete control of the national
currency. Just as Congress was closing
farcical and hypocritical attempt was
made to deceive the public by the intro
duction of an antitrust amendment, and
an antitrust BILL The amendment was
not necessary and was intended to de-
prye the States of the power which they
now possess, rather than to confer upon
Congress new authority. This vicious
amendment was defeated in the House
by the Democrats. The Republican lead
ers then confessed the amendment I'M
necessary by introducing an antitrust
bill, which was supported by the Demo-
Gratis, but which died in the Senate, just
as it was expected to die. The ReDubli-
can majority in the Senate referred the
bill to the Judiciary committee against
the protests of the Democrats who urged
it's immediate passage. The Republican
party draws it's contributions from the
trusts during the campaign, and pays
back its obligations by leaving the peo-
pie at the mercy of the trusts between
campaigns.
Let us note briefly the effect of the
trusts upon various classes. Reference
has already been made to the commercial
traveller, the hotel keeper, the railroad,
the liveryman and the newspaper.
THE EFFECT OF TRUSTS.
The lawyers are finding that with the
growth of trusts the business is gravita-
ting toward the offices of the big corpora
tion attorneys, while less fortunate prac-
titioners are becoming law clerks.
The actors suffer from the theatrical
trust
The small manufacturer is constantly
mcnaced By the trusts.
He does not know at what moment some
large cooperation will attempt to mon
opolize the business in which he is en-
gagged, and give him his choice between
bankruptcy and participation in an in
dustrial conspiracy against the rest OF
the country. Many have been driven into
the trust organization by the larger cor
porations engaged in the same business,
or by trusts formed to control iron, steel
tin plate. or some other product used as
a basis for further manufacture. In what
business can your son safely invest a
small amount of capital today? If he
starts into any Independent business he
will find it difficult, if not impossible, to
compete with a large organization if ii
attempts to undersell him in his ter
ritory, because it can sustain itself, by
collecting high prices in other parts OF
the country. If he suppresses his moral
objections and takes stock in a mon
opoly, he does not know how soon those
in charge may attempt to freeze out
the smaller stockholders.
The merchant is losing his independ-
ence. The trust fixes the terms upon
which he shall SELL and often binds him
by contract not to sell competing ar
ticle. When the monopoly is complete
credit will be shortened and the mer-
chant will be compelled to bear all the
risks OF trade. When the trust raises
prices, the merchant usually has to divide
the advance with his customers, so IA
as stock on hand is concerned. but wheI
the trust overstocks the market and theI
lets the price fall, the merchant mus
bear the loss on accumulated stock
When for instance, the American Stee
and Wire Company closed several of its
factories q few months ago and threw
some six thousand employees out of work
it dropped the price of nails and barbed
wire in order to work off a surplus stock
which had accumulated because the
high prices had lessened the demand
Every merchant lost money on the nails
and wire on hand.
There is already overproduction in many
lines. The supply Of common chairs is
now considerably in excess of the de-
mand. but lest the Republicans may try
to explain this upon the theory that the
people are too busy to sit down. l may
add that there IS also dizziness in the
shoe trade. The Iron Age in recent
issue pointed out that the production OF
iron was falling off, the decrease then
amounting to more than $4,000 tons pei
month. Dun's report of July 21st stated
that the wooden mills were running al
less than half their capacity; and ever
recently the cotton manufacturers have
been threatening to either reduce wages
or shut down temporarily. According tc
Dun's report, the business failures have
~
than they were during the same months
of good crops, and when two wars are il
progress.
ARBITRARY FLUCTUATIONS.
The contractor can figure with some ac-
curacy SO long as natural laws control
but he cannot protect himself against the
arbitrary fluctuations. which are not only
possible but profitable when monopoly
controls the market.
The farmer is one Of the most import
ant factors in our national life. Some
one has said to him. The hand that
guides the plowshare feeds the world
He is not stakeholder in any OF the
trusts, but he feels the extortion prac-
ticed by them ALL / am not farming on
large scale, but the unloading reports
which have been circulated concerning
my oat crop justify me in making ref
erence to M own experience. The New
York Tribune recently printed a dispatch
from Nebraska to the effect that l had
Just sold forty-eight hundred bushels OF
oats at 80 cents per bushel Supposed TO
be the yield of 120 acres), and that the
amount received for the oats was more
f1,o rViao noid