The herald-advance. (Milbank, S.D.) 1890-1922, 1902-06-13

can do IN the way OF building up infant
industries has already been accomplished.
The. growth of our enormous iron and
steel industries, which are pointed out as
the result of our protective tariff, can be
more surely traced to our re-
sources in the iron mines of Michigan,
other sources. The cheap production Of
the highest grade of ore In these mines
and the low rates Of transportation to
Lake Erie ports have done more to build
up the iron and steel industries of the
United States than all the tariffs that
have ever been placed upon the statute
closed, our superiority in the iron and
steel trade of the world would be gone
forever.
On Trusts.
There is another subject I think will
not be devoid of interest to the manufac-
turers of lllir"'s. and that is the so-called
trusts or co 'ttions of capital: In a
country as Z as ours, carrying on
enormous Undertakings, large amounts
of capital are necessary, and this capital
can be more readily furnished by cor
P9rate ownership ship than in any other the way.
try who might furnish fifty or a hundred
millions of dollars with which to carry on
any particular branch of business. but
there is no certainty that they would fur
nish one dollar. A man with that amount
Of money does not need all the trouble
and annoyance attending a large bust
ness of any kind, so that it is necessary
that this work shall be done through cor
porate effort. and no harm is likely to
come to the country growing out of the
magnitude of the business. Has the
enormous business of the Krupp COM
pany in Germany injured the German ma
ton, or any of it's people? On the con-
trary the nation and the people are proud
Of the name of krupp. Can anyone in
this country point out an injury inflicted
on the people which can be traced to the
The only serious objection to trusts has
been the method of creating them, not
for the purpose of manufacturing any
particular commodity in the first place.
but for the purpose of selling sheaves Of,
printed securities which represent moth
ing more than good will and prospective
If it is the desire of the general govern
ment through congress to prevent the
growth OF such corporations. It has al
was within their reach.
Under the constitutional provision al
lowing congress to regulate commerce
ing to t%ransact business outside of the
state in which they are Incorporated.
should be held to a uniform provision OF
commission that their capital stock was
actually paid up in cash or in property,
at a fair valuation, just as the capital Of
up by the controller Of the currency. 1t
California or Oregon, that ii a company
claims to have ten, twenty or fifty mill
lions of capital, desiring to do business in
that state. that the dealer should know
that the company's solvency has been
passed upon by a federal commission and
that it's capital was what it was adver-
tised to be-. With that simple law. the
temptation to make companies for the
purpose of selling prospective profits
would be at an end, and, at the same
time. no legitimate business would suf-
fer, nor would any number. of div
duals. desiring to engage in business
through a corporation, suffer any hard
-l.~ l-a~ ,-N Al~;c - .+,,a no M rra- NJ,
thew 1hhev ADVERTISED EDIT it to be. We have been
as a nation too ready to look to state
and federal legislation for remedies
which are beyond their power to give.
The laws of trade are as certain in their
operation as the laws of gravitatfon. You
might as well try to set a broken arm by
statute as to change a commercial law
by legislative enactment. You may OBJ
struct and delay for a time, but, in the
end, the memorable law of experience,
and the survival of the fttest, will pre-
x.ail