The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-03-06

To the Editor OF the Indianapolis Journal:
For some time the professional politicians
have been greatly excited about trusts and
combinations of capital as well the
means by which they are TO be promoted
or destroyed. but people generally do not
seem to care much about them. The sub
ject is one over which the federal govern
ment has little or no jurisdiction. They
are the creatures of the States. and New
Jersey appears to be their home. They or
ganize under her laws and pay the State
very handsomely for the privilege. Can the
Congress of the United States say to that
State: You shall not grant charters to
combinations Of capital engaged in legiti-
mate business. either commercial or man
ufacturing." The subject is one left to the
State and when a State once begins to
legislate. where shall it stop? The tend
ency now is TO combine capital because
larger establishments can be run at rela-
lively much less expense than small ones.
The banks see this quite as plainly as the
great manufacturers. and they are COM
bining and consolidating in the Eastern
cities The City National Bank of New
York already has 100000 capital, and IL
is understood others are TO follow. VIII
any state Legislature say that banks may
combine their capital but other business
establishments must not?
The farmers combination and one polit-
icai party is committed to the policy OF
storing their products until a scarcity Is
created which will insure high prices The
laborers combine and form unions which
order strikes to get higher wages The
clerks in retail stores i'm some cities have
organizations which can order strikes TO
secure an increase of pay. These organiza-
tions are probably illegal under existing
laws, but has any antitrust orator or
newspaper offered TO prosecute and punish
them? The politician who wants the votes
OF all these people never says a word about
Illegal unions and combinations, but
threatens destruction TO capitalists who
unite to save expenses and thus increase
their profits.
The managers of our railroads said years
ago that competition was running their
property and they began to unite and con-
soidate to avert the calamity: they have
carried IL on until the Pennsylvania and
the Vanderbilt systems control the roads
between the East and the West. Has any
body proposed to repeal the laws authoriz-
ing consolidation of railroads. They have.
or course, created a great trust which can
put up prices. They have done away with
competition, but as yet they have not adj
vanced rates. VIII they do so? That re-
mains TO be seen. The trusts have not adj
vanced the prices of their products, and.
according to their theory as TO cheapening
What do the antitrust agitators pro-
pose 10 do with the great department
stores? They do not seem to have defined
their policy as to this particular combina-
ton or capital. They have not. as yet, said
that banking corporations may not COM
bine as they are doing to ar indefinite ex-
tent. They should say, TO be consistent,
that all kinds of merchandise should be
sold singly and thus give employment to
more men at greater expense which must
be paid by the consumer; that banks shall
not be organized with a capital beyond
limited sum. to be regulated by the popula-
ton Of the town or city where located.
This, of course, would greatly increase the
expense of their management. but they
could increase the rates of discount. which
their customers must pay or the bank
would fail.
Trusts cannot be made a party question,
for all parties will oppose any combination
OF capital which increases prices OF their
products to the consumer. On that ques-
ton the people Of all parties will unite.
and method will be found to correct the
evil. There are some people who talk and
newspaper editors write as IL they had
are sure the country will be ruined by COM
binations of capital, but the people gen.
orally were never before so prosperous,I
and they are slow to believe in the predict
ed ruin. VIII not these questions regulate
themselves and work no injury II those
who are so hostile to trusts will have a
little patience and cast aside demagogicai
cant? The country cannot prosper unless
capital il encouraged TO embark in bust
ness undertakings. any more than IL can
without the labor TO carry them on. and
neither should be legislated against in
juriously. NJ. L. BUEDY.
New Castle, Ind. March 3.