The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1900-05-11
CARMACK AT
FAYETTEVILLE.
Opens His Campaign For
the Senate.
ADDRESSES A LARGE AUDIENCE.
Bimetallism, Imperialism, Trusts,
Combines, Capital and Labor, Ably
Discussed.


Combines, Capital and Labor, Ably
Discussed.
Hon. E. w. Carmack opened his cam.
paign at Fayetteville Monday, for the
United States Senate. The courtroom
was filled to overfowing. He was in
troduced by Hon. B. A. Woodward,
and was greeted Aith enthusiastic ap-
plause. He said that he came to ad-
dress them as Democrats upholding the
banner and the principles of the Demo
cratic party, but that he desired to say
at the outset, in order that he might
as soon as possible dismiss that ques-
ton from their consideration, that he
came also candidate seeking office
and honor at their hands, He was duly
impressed, however, with the fact that
his individual fortunes could have but a
slight and passing interest to the peo-
pie His ambition would soon fade
from their memory, but the Democratic
party would live as long as the hope of
liberty lived in the bosom of men.
He reviewed briefly the campaign of
1896, upholdlng the platform of that
year, and said that the party would go
forth to battle in 1900 behind the same
glorious leader and under banner that
had known defeat more than once, but
had never known dishonor.
| He discussed at some length and wi h
marked ability and characteristic can
dor, bimetallism, imperialism, expan-
sion, militarism, and all the leading pub
lie questions of the day. We select from
his argument, not having room for all,
not particularly the best, but the new
est; that is, his discussion of the ques-
tions that have more recently come be-
fore the country.
Trusts and Combines.
This ques ton, he said, should be
considered as phase of the problem of
the enormous concentration of wealth.
He showed that this concentration ap-
peared in three ways-in the cities. at
the expense of the country; in the East.
at the expense of the South and West,
and in the hands of q few, at the ex-
pense of the many. In 1850 the agricul-
tural population owned one-half of the
nations wealth, while now they own
less than one fourth. He said that the
Eastern States, with only 80 per cent.
of the population, owned as much as all
the rest of the country, with 70 pei
cent. of the population, but that even ir
the East wealth was concentrated in the
hands of few men. The New York
Herald several years ago had shown
from the tax books that less than 20(
men owned nearly one third in value oi
all the real estate in New York City
He mentioned it as an appalling fact
that three tenths of l per cent. of the
people controlled 10 per cent. of the ma
tions wealth, and that seven -eights Of
the actual property holders held only
one-eighth of the property in the coun
try. He deprecated any effort to arouse
prejudice between labor and capital
who should be sworn brothers, but he
sa d that capital at the last was only
labor which had been saved and stored
and that all these great accumuations
of wealth were so much of the accumu
lated labor of mankind. He illustrate
this point by supposing that man or
the day that Christ was born had beer
!, allowed to lay by one dollar a day anG
to live until he could become million
aire. He followed this man on dowr
through history up to the present
time, and said that he would still
have to live and labor for many cen
turies before his task would be com
pIete. A man would have to work fol
300 days in year, lying by dollar
every day, for more than one half the
age of the world before he could becom,
| hn xrh
tune of $50, 600, 900 had accumulated a
the rate of 81 per day the labor of Ion
men for 1000 years. The situation ap
/ peared all the more startling when W.
contemplated great aggregation of capi
tai in the form of trusts, controlled by {
few men and having capitalization o
. thousands of millions of dollars. Tht
trusts that had been formed in the las
few years alone had capital of five
thousand million dollars, and the tota
amount of their capital was between
seven and eight thousand millions
This was five hundred dollars for ever
average family in the United States, O
one hundred dollars for every man
woman and child in the country. |
was about eight times the size of ou
bonded debt, three times the amount o
all our money in circulation and 80 pc
cent. larger than the gold supply of al
the world. If these great organization
could obtain moderate profit on onl,
one third of their capitalization, the,
would have as large an income as If the,
owned all the circulating money of th'
country and had it loaned out atcurren
: rates of interest. A large number o
these great combines were controlled b,
foreign capitalists. so that the industria
system of the country were not onl,
passing into the hands of few men bu
into the hands of men who owed no al
legiance TO the government.
: Advocates of the trust say they wOul,
} reduce the cost Of production aud Gu
down prices of necessaries of life. Nh
/ Carmack said it would belitt.e this ques
ton to consider it merely as to the ques
ton of prices. The question was, wha
did il mean to the republic and the indi
: vidual citizen for all business and com
: merre to come under the sway Of mo
+. nopolyY What would become OF tn
t manhood of the nation when every ave
/. nue. to an independent business caree
! was closed to the young men Of tn
countrys He said that when the trust