The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1901-05-08
FROM THE NATIONS CAPITAL.
From Our Opn Correspondent.

w AShlhiTONs ~. VI, May u, lSUl.
One somewhat unexpected result of
the Morgan purchase Of the Leland lire
will probably be che abandonment Of
the ship subsidy bill. So at least say
those who are most familiar with ship
ping interests, their idea being that
the passage of tho bill appropriating
n!:c millions year for twenty years
would be such bait that it would
cause cir. Morgan to take immediate
steps to corral the greater part 0f it
for his new line, thus leaving the
American line, which has worked so
b ,rd and 80 long to grab about three
fourths of The sum out in tho cold with
SO small pittance that it really would
not be worth while to compete for it.
On the other hand, whilo Mr.. Morgan
might urge the passage of the bill on
his own account, he is unlikely to do
80, because, after he got through, he
would have to build other vessels, ton
for ton for his purchases, before they
could draw subsidies. The purchase
OF these ships, besides considered
strictly in itself, presents an argument,
which it is thought will be fatal to the
| subsidy bill. If American shipyards
| are overcrowded with work at present,
and if the shipping business is so good
that American capital, no longer c0n.
tent with the stocks and bonds of our
own industries, must 60 abroad to pur-
chase steamship lines, where is the
need fo- subsidizing the merchant ma
rine7 Where the necessity for encour-
aging the shipyards7
Leading Democrats, assisted by Rep
resentative BabcHck, of Wisconsin,,
Chairman of the Republican Congress
| siOnal Campaign Committee, (who has
recently become almost US. good O
Democrat as those who call themselves
by that name). are discussing the adj
visibility of urging in the neAt Con-
gress law which will restrain tho
reckless speculation in tho water of
huge business consultations. Atpres-
ent these trnSts-Or whatever else they
arc called-Organize and issue stock to
the value of two or three times their
cnmbintd capital. This il sold by the
organizers on the market at. prices far
beyond it's value. Then In year or SO
comes slump. the consolidation fails
to pay and ultimately goes into bank
ruptcy, and the. then owners of the
stuck lose, while the fraudulent organi-
Zers got away with fortunes. This is
proposed to be prevented by making
an owner of stock liable for the debts
he has cold his interests. Some such
rule seems 90 furnish the only possible
remedy for the pernicious work of un-
scrupuiOuS promoters. Corporations
are being organized on every hand, and
nobody knows who or what is behind
them When the crash comes. the
men who put up the inh nre CT: zee tho
and innOcent holders of the watered
securities can. be reached. Congress
can legislate so that the actual holders
of the original stock certifi stes shall
be responsible. This will tend tn pre-
vent Wholesale transfers in blank, and
it the original stockholders know that
they cannot escape their liability for
year or two after they sell their stock,
they will be moro slow about wrecking
corporations.
President GOmpers Of the American
Federation of Labor declines to discnss
the rumOrs of a strike among the opera
tives of the cotton mills of tho South
ern States, which is said to have been
set for the near future. The story
goes that the federation of Labor tias
been gradually organizing the opera
tives in that section for several years,
and that the labor unions nIe now very
strong among the spinners in all parts
of thu South; tina. the plans adopted
by tho federation there arc tho same as
those pursued by them in the anthracite
coai r-EiUns-tO organize thoroughly
ana then dtnnnd recognition from The
mill owners for the uuiuns. Mr.. Com
pers prefers not tO give any informa-
tl0n concerning the question of the or
ganizatiOn in tho south. He denies,
however, in q. most positive manner the
report that demands have been made
upon tho manufacturers. but declares
that il they should be mads they will
be readily granted.
Ifit wero not for Tom Platt and file
vs sted interestsOf the United States
aid Adams Express Companies behiudl
HIM, the United States. could enjoy
putceis post system similar to that in
vogue all over the civilized world ex-
cept in the United States. As it is, we
shall have to continue to pay exOrbi-
tant express rates to fill the private
Golfers OF these gentry. Recently, the
Postmaster General made an arrange
ment with several foreign countries fnr
an International parcels express. which
made 1t cheaper TO send packages
weighing up to about eleven pounds ...
Germany, Venezuela, New Zealand aud
few other countries than to ship them
fOr u few hundred miles in this cOun-
try: Ehe express companies raised
such an 0utcry against thia, however.
that the Departments afraid to ex, end
the sy stem further, and haa returned !,
discOuraglng reply to tho Expressed
wishes of 'ie British Government for n
similar arrangement. Indeed, iC ia
probable that the existing agreements
will bu rescimded.
Representative Bankhead, of Ala
bamn. says that If the negro question
eau be eliminated che Republican party
may becOme. strong in the South. II
an Democrat, and, in voting the
Democratic ticket, vote my senti
ments," he said recently, ''but know
that here are ::iiiiy men nf wealth and
sUcial business prominence in thu, South
who affiliato with the Demncratic party
under pruftst. There hns been n won
derful industrial develnpment in Ala
bana and many of the wealthy and