The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-02-09


the other by Attorney General Taylor. The
first. by the Governor, tended to show the
effect OF trusts on the mind OF the average
citizen and the various theories for doing
away with them ana their influences. Mr..
Taylor statement was rather historical
and bore almost altogether on the legal
aspects of the situation as they had con-
fronted him in his office as attorney gen.
eral Governor Mounts address was, in
part follows:
THE people of Indiana are intensely in
terested in this vital question. Extreme
views pro and con are entertained. The
State should encourage large investments
of capital within its borders. Public senti-
ment and statutory enactment should give
leges consistent with public good. 1t should
be borne In mind that that large aggrega-
tons OF capital are a benefaction when
used in bringing about better economic
upon the rights of others. They are a
menace TO public veal when they form a
monopoly in restraint Of production and
commerce.
Since my former address upon trusts i
have been informed by an official and re-
finer living in Indiana that he made net
profit last year of Si00,000 on coal oil. No
other Indiana man. in single year. has
amassed such fortune. No legitimate
business can show such profits. Public
veal is not promoted where conditions ex-
list that make 1T possible for men to ac-
cumulate such fortunes in year. Poverty
lions that enable men to grow rich in a
day. This is but an infinitesimal fraction of
the amount annually secured by the Stand
ard OIL Trust. and yet with brazen eff
frontery, one of the high officials of that
gigantic monopoly recently, In speech,
denounced as demagogueS all men that
raise their voices in condemnation of the
trust evil. Even more insulting to the
American people was the exercise of the
power that prevented Mr.. Monette, attor-
ney general of Ohio, from speaking against
the trust in New York
Wire nails have been, by the manipula-
ton of the Wire and Nail Trust, advanced
more than 200 per cent
"A man of experience, Mr.. d. G.. Reed In
his statement before the congressional
commission, said, with tinplate at $2.45 a
box. there is profit of 20 per cent. Under
the trust arrangement the price has been
advanced nearly 100 per cent, or to A65 a
box. No advance in steel warrants this adj
vance tinplate. The trust is reaping it's
harvest.
rs 1t any wonder that the president OF
the Tinplate Trust should state, as I am
informed by the labor commissioners he
did in Chicago last November, before the
trust meeting, that If the combination was
not interfered with. in two years Ii would
have full control of the tin markets of the
world?
1.-THE Glass Trust is realizing profits dam.
aging to consumers, but gratifying to the
greed OF their corporate power.
Il have not the time to enumerate the
price by the trusts. / have cited enough tc
indicate the truth.
"A Lafayette newspaper speaks of the
Bakers Trust reducing the price of its
product p per cent. i'm that territory in eff
forts to destroy the large baking interests
or that city. A report from Chicago, or
Jan. %, states that the directors of the
American Steel and Wire Company had
That day divided Sl2, $50 of profits for the
year 1899. In this we enabled to read
and better comprehend the purpose of the
trust In dismantling small industries. thus
augmenting prices. When the Nail and
wire Trust purchased the plants in Craw-
louisville, 1t promised employment to the
workmen A part, only. were furnished en-
ployment for brief period. L am informed
that not one of the emp.oyes of these two
industries is furnished employment by the
trust at this time, and that two factories
have been dismantled. ."
'The labor commissioners of Indiana, in
their biennial report, say: No proposition
involving the settlement of labor contro-
versies presents as great obstacles as those
In which trusts are parties to agreements
In every encounter with labor, the work
ingman, however just his cause emerge:
from the conflict the greater sufferer The
opportunities of trusts in regard to wage
reductions are exceptional and their de-
sires are always equal to their opportuni
ties. They are not trammeled by state
laws ana they defy federal authority
II am aware that trusts offer prolific
theme for the demagogue, but their aggres
slve power no less gives warning to the
statesman. The trust promoters NAV de-
nounce those that would restrain their ar
bitrary power. and politicians, who are pol
Icy servers, may condone their dangerous
methods. but the people will be heard
Monopoly is dangerous 10 public veal the
influence of aggregated wealth is a menac,
to wholesome legislation.
THE laws OF Indiana are not sufficient Il
restrain the arbitrary powers of these com
b1nations. Their aggressive operations dur
ing the past year emphasize the need o.
more drastic legislation The purchase ant
closing of an industry should be evidenc,
or conspiracy in restraint of trade Al
industry or combination that lowers tn,
price of its products to. destroy competi
ton In one locality should be compelled by
law to lower prices to all consumers. Pub
ncity or every action, showing capitalize
ton, expenses, profits, ETC., should b,
| made for the information Of the genera
public.
THE line Of demarkation between tn,
legitimate functions of large investments
of capital, independently Controlled. ant
the combinations of industries into a ri
gantic monopoly, for the purpose of in
fuencing markets and the qualification o
avarice, is so diverse that the good ma,
| not be placed under ban with the evil.
Let us, gentlemen. in a spirit of cando
and fearless manhood, intelligently ant
| dlspassionately meet and master this diff
cult question"
ATTORNEY GENERALS ADDRESS.
Attorney General Taylor who followed
the Governor, said, in part:
1--WE must draw distinction between
combinations of capital and combination
OF capitalized companies Combination O
capital is one thing. Combination of cap
italized companies is a very different thing
| Every partnership is a combination o
capital.
THE earliest form of ownership was sol
ownership But the time came II
| the history of trade and commerce whel
| individuals did not have sufficient means t,
conduct certain lines of business, and 81
| two, or three, or four united their mean
and formed a partnership Here was tn
| first combination of capital.
But partnerships are necessarily Unite,
| in the number of their members. They ar
local in character. The membership is local
and ii is impossible, i'm 8 partnership t.
gather sufficient wealth to operate grea
industry or a great property, requirin,
| large investments.
Besides, partnerships are destroyed b,
the death of partner; they last. by law
| only so long as all of the partners live
| So, in the evolution of trade. the corpora
| ton sprung into existence, by which no
only one, but thousand partners ma,
| join in an enterprise, each owning the pro
portion that his stock bears to the who'll
| capitalization, and in which the death o
one member does not affect the interest
of the others.
This resultant of evolution-this cor
| poration is created by law. 1t lives onl
| by force of law; by force of positive stat
| ute. The breath of life is breathed into i
| by the State. it has no powers except wha
1 the State gives it; il can do nothing ex
cept what the State permits ii to do; 1
| can live only so long as the State permit
/ ii to live.
But corporations grew restless unde