Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-02-05

nothing to do with or for trusts" and he
admits all the accusations against him and
his kind with pleasurable pride and sug-
gests that il the tax bearers will only per-
INIT further robbery to be perpefrated
upon them, in the form of a direct bounty,
the iron masters of the United States will
do about per cent. of the iron and steel
trade Of the world. And perhaps the
American people will be glad to contribute
few more millions out of their earnings
to make the happy iron masters happier
still.
Mr.. Warner is my authority for facts
and figures which I take from his letter
recently published IN this series. The pres
ent trust was formed in 1899. 1t sue
ceeded other trusts. Its capital is $4,000
coo, and its assets less than &c., oo,GD. 1t
will be observed that these tariff defended
trusts always expect to make proft
enough to pay fixed per cent, or Z, on
preferred stock. which represents generally
the full value of the business and profit,
and a dividend of as much more, or even
greater amount, of common stock. This
trust has monopoly of wire rods, drawn
wire. barbed wire, wire nails, and almost
controls the manufacture of woven wire
fencing, of which it manufactured about
10000 miles in 1898.
Under the tariff the trust has raised
prices enormously. For example, The ay-
erage yearly base price of wire nails,
per key, has increased since 1894, from
Sill to $2.60-the present price being S3.53;
and the price of barbed wire from $1.SO
in 1857 to $3.17 in 1S99-the present. price
being Sab. The profits of the trust run
from SS,06o,000 to Sic, 100000 year. the in
crease of price being nearly all profit. II
has, however, by its increase of prices,
greatly reduced the consumption OF wire
fencing, and, in 1885, the consumption OF
cut and wire nails was reduced, by for
mer trust, about 100000 kegs. While the
trust raises the price of its goods to the
American farmer and mechanic, it sells to
the foreigner for much less. In 1896 for
example, the price of nails to foreigners
was $130 and to Americans $2.i0. In 1899,
the retail price to Americans was about
$3.50 and to foreigners STA base" or about
$40 retail a keg. 1t was possible to buy
at export price, ship the goods to Europe,
bring them back, and even then undersell
the trusts domestic prices. In 1893 the
trust exported 100000 pounds of wire
nails to its former foreign customers and
215, coo pounds of wire. Canadians fare
little better than our own people, but
not so we'll as Europeans. They are too
near our tariff system for that.
Trust Robbery Due to Protection.
These are examples of the manner in
which the protected countries keep their
promise to reduce prices, once they are
created" and established" 1t is time to
return to the issue that has been dropped
for six years, for tn protected interests
are sohdifying and strengthening their hold
on the industries of the country. The pro-
tectiye system is for their private gain. 1t
is socialism whose beneiciaries form
selected class. When protection is no
longer profitable it will be abandoned, but
not before with the consent of the pro-
tected If it is permitted to continue to
be the economic policy Of this country,
its benefciaries will, in the future, reap
larger profits than they have ever gained
before. They will do this through combi-
nations which will crush out all COMPETE
ton. The tariff protects them from do
mestie competition. The examples here
given show the tyranny of the tariff de-
Tended trust--the greatest tyranny that
the protective system has yet set up. Its
profits are enormous. The protected trusts
produce so cheaply because of combination
that they can sell abroad at comparatively
low but profitable prices, but they draw
the blood of sacrifice to greed from the
American consumer.
HENRY LOOMS NELSON.
New Rochelle, N. Y, Jan. %, 1900.