Evening star., 1901-04-23
Representative Babcock Talks of Re-
moving Tariff Duties.
STATUS OF STEEL and IRON PRODUCTS
Sugar is Different From Anything
Else in the Schedule.
STOCKHOLDERS LIABILITY

Representative Babcock Of Wisconsin re-
turned to the city today after an absence
OF several weeks in the west, during which
he looked carefully into the Industrial situa-
ton in that section. Mr. Babcock is more
than ever convinced Of the wisdom of his
bill removing the tariff duties on steel and
iron products that are manufactured cheap
er in this country than anywhere else.
1T is not MATERIAL said Mr.. Babcock
today to Star reporter, whether 1t is
individual or combination of individuals
that have obtained control of any single
product, SO that they can fix any prices
they see fit and make the consumers pay
that price. Congress and the representa-
tives of the people will fall very far short
of their duty if they permit a tariff to re-
main on such articles when the tariff is not
needed for protection on the lines advocat-
ed by the republican party.
In Accordance With Republican
Theory.
This is by no means the democratic
theory. 1t is in accordance with the re-
publican theory of protection to American
industries. When an article can be manu-
factured in this country cheaper than it
can be made anywhere else that industry
needs protection no longer and revenue
cannot be raised from it. If the republic
can party fails to meet the new conditions
it's whole theory of protection falls to the
ground.
There is a difference for instance be-
tween steel and sugar. Sugar still demands
protection to develop the beet-growing in
dustries of the west and for the cane grow
ers of the south. Furthermore, sugar fur
niShes more revenue than any other article
on the tariff schedule. Sugar should con-
tinue to receive protection under the
publican policy. Steel and iron manufac-
lures not only produce no revenue to speak
of, but it is a fact that they can be manu-
factured cheaper in the United States than
in, any other country. This is due to i'm
proved methods in the development of
American machinery and inventions and to
the skill of American WOrkmen.
The Only Objection.
During my absence from Washington in
the west | have talked with the represen-
tatives of many of the largest interests of
the country. I have not met a single
manufacturer who did not indorse this
movement. The only opposition 1 have en-
countered comes from a class of people who
look upon the tariff with a reverence to be
paid a Chinese joss-to be admired, but not
touched. The farmers and the laboring
classes are deeply interested in this ques-
ton. 1t is impossible for them to under
stand how these great aggregations Of cap
1tal come about. The question will be
brought squarely to the republican party In
the next campaign: Why do you permit a
tariff to remain on articles which can be
produced here cheaper than elsewhere?
What answer will be made to that propo-
SitiCn?
1t has been suggested to me by one of
the greatest railroad men in the United
States-a man who has built up one of the
largest systems and upon a rock-ribbed and
rock-bottom financial basis, the stock of
whose road has never sold for less than
par and often for more than 5000 per share
to incorporate a provision in the bill
which will limit the floating of watered
stock.
StOckhOlders' Liability.
1T has been suggested that the stock
holders of corporations doing an Interstate
commerce business, coming thereby in a
measure under the control Of Congress.
should be liable for, say, two years after
they dispose of their stock. In other words,
that something like the law which prevails
In Germany, where the liability extends for
hve years, and similar to the law in several
or the western states, which as a rule pro-
Vlde that all property taken in by a cor
poratlon shall be at it's actual market VAL
ue ana any Stockholder who disposes of
MS STOCK to purchaser must practically
guarantee that the property held by the
corporation Is scheduled at it's true market
value and for two years thereafter said
stockholder shall be liable, not only for the
deptS OF the company, but for any false in
Vehtory or Misrepresentation upon which
the capital stock has been issued"