Omaha daily bee., 1902-10-04

nomically than foreign competitors, surely
whatever obligation the people owed II as
a home ne r INDUSTRY i.sy,v mas be e snhiec cance ~ h,,g Snq
prices than the outside world Is asked to
pay.
1t will not be wise to cripple productive
agencies and disturb business in a futile
attempt to suppress the natural course of
commercial evolution when the fact is ap-
parent tina both capital and labor can
manage to combine in spite of all. You
cannot legislate against rogress any more
than you can legislate gold value into un-
limited silver at an arbitrary ratio when
natural commercial usage has fixed a world
wide standard. With the combination so
firmly established that a large, proportion
of manufacturing and commercial business
is already in it's grasp, IL is not possible
to consider a return to primitive methods
and ancient customs. Control of combina-
tions is a problem relating to both union
of capital and labor, and that we all admit
the justice of organized labor is proof that
combination as a theory is sound and
necessary to present day social conditions.
1t is not conceivable that a large COM
bination should advance the price of it's
produc. far beyond the cost Of production
and something like a fair profit. Such a
policy would destroy IT, for no matter
what the strength OF the combination, com
petition would in that event arise and the
capital to conduct 1t be forthcoming, even
out of old stockings and buried tomato
cans, The possible economy In combina-
ton cannot be ACKNOWLEDGEMENTS the
public always gets the benefit OF 1t Is
HCTnGInlnK LOT Ine uOGIOTS VINO are 10 pre-
scribe FOR its evils to investigate-but in
the ideal combination. which by reason of
greater production furnishes moe employ
ment and better wages, this feature should
adjust to the ultimate general advantage.
although. l confess It might, be. a slow
process for the class termed "middlemen'
to regain their footing after the chariot of
progress had bowled them off the industrial
highway. The economy claimed for the
rial might at FIRST glance appear 70 be econ
omy of an undesirable sort, the larger pro-
portion of our population being engaged in
However, il is doubtful Il such conomy
hurts anyone In the long run.
For the evils OF the trust system there
is a powerful remedy which will largely
mitigate II not cure them, a remedy in
which the public is commencing TO have
Should i be- acc omT Thai b 1S' fa PHtHIifiGlsyi to int
v~estigate every detail of the formation and
conduct, OF combinations so far as they
affect the public interest in its securities
as investors, or in its charges as consum-
ers. l would not presume to say whether
this can be accomplished by state or federal
authority or constitutional amendment, but
1t can be done whenever that predominating
governing influence, public opinion, de-
mands 1t. When the public can be rea-
sonably sure what amount Of real prop
erty Is represented by the stock of a cor
poration. the investor will be protected and
the banker. who may now properly refuse
to recognize industrials, may safely extend
his credit upon such securities.
Protest Against Fowler Bill.
At the conclusion Of this address, E. II.
Reichenbach read a paper on the subject of
branch banks and asset currency, which
was we'll received, being a strong protest
against those features of the Fowler bill.
Because Of the late hour the address of
Mr.. Royce was not delivered.
S. H. Burnham Of Lincoln was elected
president; ]. B. Densmore OF Sutton, vice
president; Frank Hamilton, treasurer and
H. r. Gould, secretary.