The Bellefontaine Republican. [volume] (Bellefontaine, Logan County, Ohio) 1855-1905, 1901-09-03
TRUSTS and
THEIR REMEDY.
New Work for the Republican
Party.


A corporation charter authorizing 5
$3.50, OOO, 900 of bonds, $500, 000, 900 of
preferred stock and SEQ, 900, 900 of COM
mon stock, all for the purpose of Gre
ating a monopoly in the iron and steel
of the United States,
should be repealed by the Legislature
of the State which created it, and the
Republican voters of the State should
elect Republican Legislature pledged
to such repeal.
That such gigantic monopoly should
be created or allowed by any State is a
grievous wrong done to 10000, 600 OF
people. All gain through the economy |
of production on 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 to exact, and any
rate of wages to their workingmen
which they choose to force upon their
helpless victims. The increased profits
will only go to swell the enormous for
tunes of the multlmillionaires, whose
enormous wealth, already enables them
to organize 81, $50, 600, 600 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 thirty corporations, with capital
i of 0l0 000 nd of
$500, 900, 900. Practically this associa-
tion dominated all the railroads of the
country, with a capital of s11, ,OO0, 900, :
600, an income of 81, 200, 600, 900 and a
force of employees numbering 900, 900.
This railroad Joint Traffic Associa-
tion was nominaily dissolved after a
decision of the United States Supreme
Court (made by five Judges against
four1 that it was illegal under the
United States antimonopoly act of 1890.
But the railroads endeavored to force
the passage of a law of Congress author
izing all the railroads of the country to
pool their earnings substantially as was
done by the railroads in the Joint Traf-
fic Association. In 1895 such q. bill
passed the House, but failed to come to
vote on Its merits in the Senate, and
did not become a law.
Yet, although the bill never became
a law, an illegal combination of the
railroads to maintain rates continues
to exist: the leading railroad companies
formerly in competition are coming
under the same ownership; all railroad
competition is abolished, and the
charges to passengers and shippers and
the wages of the railroad employees
are fixed by the arbitrary and uncon.
trolled power of a few enormously
wealthy owners and managers.
Such is the railroad combination oi
less than So, ,OOO. 900, 600, and practically
of 1,G0O, 100000. Now it is supple
mented and fortified by an alliance
with steel corporation of 81, $50, 900,
900. Necessarily such huge combi
nation as the Steel Corporation, EN-
ploying thousands of laborers, viii
cause the formation of huge labor or
ganization. The power of the pro
ducers of any of the great staple com
!, modities constituting the necessaries O
human life at the present day to fix thu
: prices for the consumers and the wages
for their workmen without competition
will not be tolerated. Bargains of al
kinds should be mutual. There is NJ
mutuality where the consumer can bu!
of only one producer, and where the
:. workman has only one employer
through whom he can earn his dali,
bread for himself and his family.
So we are to have gigantic struggles
! between vast aggregations of capita
and vast bodies of organized laborers
The last are inevitable if the first exist
and are legitimate aid justifable. 1
all the manufacturers of iron and stee
can combine, then all the laborer
skilled only in that kind of work will
have the right to unite in one labor or
!. ganization and agree that no one will
work unless the wages for all are fxet
by the organization and assented to b,
the manufacturers. Neither employer
:. nor laborers have a right to resort t,
illegal or unfair means; to violence o
any sort. But we all know the ten
: dency.
= What is the remedy for the threaten
ing evils? 1t is easy and sure: the ex
ercise OF legislative control over cor
!, poration organizations. No abolition
of competition in any business can TAX
place through agreements of indivd
;, uals or partnerships of Individual
alone. Corporate powers are indis
pensable. Bonds and stocks must b
: issued and thrust upon the market
But the Legislatures can decide wha
= shall be the quantities of bonds an
y stocks and can limit the business whic
" each corporation may do. Congress
can absolutely control the interstat
" commerce railroads. The State Legi:
y latures can also govern them and a
- other corporate monopolies and fore
them back to the ancient ways. Tn
~ people have the remedy in their ow
hands, and if the suffrage is not ovel
come by corruption, fraud or violence
success will attend the coming counte
c. movement against the twentieth cer
b. tury attempt to revolutionize the law
D. of production and commerce by organ
lie izing huge combinations of wealth i
a the form Of oorporati tiOns hy aholiShip N