Akron daily Democrat. [volume] (Akron, Ohio) 1892-1902, 1901-08-16
CHANDLER
Sounds a Warning
For His Party's Mana
gers to Heed.
Says the Combination
of Capital
Will Drive His Party From Power
Unless Regulated.

Ex-senator Chandler of New Hamp-
shire contributes characteristic arti-
Gle to this weeks issue of the Indepen-
dent that is calculated to make talk,
if nothing more, as follows:
A corporation charter authorizing
$3.50 .0O0,000 of bonds, s5O0.O00,0O0 of
preferred stock and S5O0,000,000 of
common stock, all for the purpose of
creating a monopoly in the iron and
steel manufacturers of the United
States. should be repealed by the Legis-
lature of the state which created it,
and the Republican voters of the state
should elect Republican Legislature
pledged to such repeal.
That sucha gigantic monopoly should
be created or allowed by any state is
grievous wrong done to 100000 of
people. All gain through the economy
of production on n large scale is more
than overcome by the evil of giving
power to the monopolists to fix any
price of the product to the consumer
which they choose 10 exact, and any
rate of wages to their workmen which
they choose to force upon their helpless
victims. The increased profits will on
ly go to swell the enormous fortunes
of the -millionaires, whose enor-
nous wealth already enables them to
organize a $1,350, ,O00,OO0 monopoly.
Only one such overgrown monopoly
has been hitherto tried in this country
namely, the joint traffic association,
consisting of the nine lines of railroads
between New York and Chicago, owned
by 80 corporations, with a capital of
$500 100000, and agross income of
300,000,0O0. Practically this association
dominated all the railroads Of the coun-
rty, with a capital of 81 ,000, 100000.
an income of 81 200, ,O00, 900 and force
| of employees numbering 100000.
This railroad joint traffic association
was nominally dissolved after de-
cision of the United States supreme
court made by five judges against
four that it was illegal under the
United States anti-monopoly act of
1890. But the railroads endeavored to
force the passage of law of Congress
authorizing all the railroads of the
country to pool their earnings substan-
TALLY as was done by the railroads in
the joint traffic association. In 1885
such a bill passed the House, but failed
to come to a vote on the merits in the
Senate and did not become a law. Two
principal amendments were offered in
the Senate, one providing that, under
pooling with competition abolished.
there should be no raising of fares and
| freights except with the approval Of
the interstate commerce commission,
and the second provision for the COM
pulsory arbitration of the rates of
wages of the railroad employees under
the arbitration law of Congress of Oc-
tober l, 1888.
But both these amendments were
| voted down in the Senate committee
through railroad influence; and, al
though the bill has never became a
| lo,- vat an illauaI conohina tion of tha
railroads to maintain rates continues
to exist; the leading railroad compan-
ing under the same ownership; all
charges to passengers and shippers and
the wages of the railroad employees are
fixed by the arbitrary and uncontrolled
power of few enormously wealthy
owners and managers.
Such is the railroad combination Of
not less than S3000O00,000, and prac-
tically of 1000, 100000. Now it is
supplemented and forfeited by an alli-
ance with a steel corporation of ST.
| oOutOouivpo. lhS pcOplc nave StOOu SO
far almost paralyzed in the face of
such enormous masses of money con-
centrated in two absolutely monopo-
lized industries, with others quite as
objectionable, but of less magnitude,
cooperating to suppress competition,
maintain the prices of products. and
keep down the wages of labor,
But the voters are beginning to wake
up; not yet the consumers of iron and
steel, but the workmen in the iron and
steel factories. Necessarily such a
huge combination as the steel corpora
ton, employing thousands of laborers,
will cause the formation of huge
organization. The power of the pro-
ducers of any of the great staple com
modities constituting the necessaries of
! human life at the present day to fix the