The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-09-16

son will buy the finished product at the
price which monopoly fixes; he viii sell
raw material at the price which monopoly
fixes. and. IL he works for wages, he VIII
work for such compensation and upon
such conditions monopoly may deter
mine"
Mr.. Bryan then quoted from statements
and circulars 20 prove. as he contended,
that Industrial combinations We're formed
10 reduce expenses and cut down the num-
Der OF workmen employed. Then he gave
a list of so-caIled trusts, formed since Nc
Kfnley became President. but did not men
ton the Ice Trust. which is largely con-
trolled by members Of his party-New York
Tammanyitcs- Continuing. he said:
During the present administration no
honest effort has been made 10 protect
the people from these monopolies. The
Republican party controls the executive
and the legislative departments OF the
federal government. 1t can enforce the
laws which now exist; IL can propose and
enact new laws, but il does neither. No
person can watch the conduct OF the Re
publican party and read the speeches OF
Republican leaders, and still believe the
Republican party sincere in its declara-
tiOns against the trusts.
The Republican platform on this ques-
ton and the Presidents letter of accept
ance, taken in connection with the party S
record, prove cOnclusively that no relief
can be hoped for from that party. In
stead of pointing out the evils Of trusts.
the Republican leaders spend their time
ir exulting over present conditions. Three
sessions Of Congress have convened AMI
adjourned since the Presidents Inaugural
ton. and yet he has never recommended
a specific measure looking toward the over
throw of monopolies.
ALLEGED PAPER MONEY TRUST.
at the opening of the last session Of
Congress the Republican leaders pressed
through the House and Serate 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
a farcical and hypocriticaI 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
prive 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 UNI
necessary by introducing an antitrust
bill, which was supported by the Demo-
Gratis but which died in the Senate, just
as 10 was expected to die. The Republican
majority i'm the Senate referred the
bill to the judiciary committee against
the protests OF the Democrats, who urged
Its immediate passage. The Republican
party draws its contributions from the
trusts during the campaign, and pays
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
nveryman and the newspaper. The lawyers
are finding that with the growth of trusts
the business is gravitating toward the OF
fees of the big corporation attorneys, while
less fortunate practitioners are becoming
law clerks. The actors suffer from the
theatrical trust. The small manufactures
IS constantly menaced by the trusts. he
does not know at what moment some large
corporation will attempt 10 monopolize the
business I'm which he is engaged, and give
him his choice between bankruptcy and
participation in an Industrial conspiracy
against the rest of the country. Many have
been driven into the trust organization by
the larger corporations engaged In the
same business. or by trusts TO control iron,
steel, tin-plate, or some other product used
as a basis of further manufacture In what
business can your son safely invest small
amount of capital to-day? If he starts
into an independent business he Will find
1t difficult, if not impossible, to compete
with a large organization If II attempts
TO underseli him in his territory, because
il can sustain itself by collecting high
prices in other parts of the country. If he
suppresses his moral objections and takes
stock in a monopoly, he does not know
how soon those In charge may attempt to
freeze out the smaller stockholders.
1.-The merchant is losing his independence.
The trust fixes the terms upon which he
snail SELL and often binds him by contract
not TO sell competing article. When the
monopoly is complete credit will be short
ened. and the merchant 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 custo-
merS, so far as stock on hand is concerned,
but when the trust overstocks the market
and then let's the price fall, the merchant
must bear the loss on accumulated stock:
When, for instance the American Steel and
Wire Company closed several of its fac
tories a few months ago and threw some
six hundred employees out of work, 1t drop
ped the price of nails and barbed wire in
accumulated because the high prices had
lessened the demand. Every merchant lost
money on the nails and wire on hand.
ALLEGED OVERPRODUCTION.
There is already overproduction in many
lines. The supply of common chairs is now
considerably in excess of the demand, but
lest the Republican party may try TO ex-
plain this upon the theory that the people
are too busy to sit down, 1 may also add
that there is dullness in the shoe trade. The
Iron Age in a recent issue, pointed out
that the production of iron was falling off,
the decrease then amounting to more than
10000 tons per month. Dun's report of July
p stated that the wooden mills were run
ming at less than half their capacity; and
even recently the cotton manufacturers
have been threatening TO either reduce
wages or shut down temporarily. Accord
Ing TO Dun's report, the business failures
have been greater during each month of
800 than they were during the same
months OF last year. and this occurs in the
midst OF good crops, and when two wars
are in progress.
THE contractor can figure with some ac-
curacy so long natural laws control,
but he cannot protect himself against the