The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-06-05

If they follow it up with the power conferred
upon them by the act OF congress, the entire
system OF private rates will be abolished to
the advantage Of the trade Of the whole eoun
try, and of the railroads as we'll.
There is however. a competition between
the railw,ys which will continue to exist as
long as the railways are run, and that is the
competition Of markets; the necessity of
building up the various interests Of the coun-
try served by the respective railway lines.
For the past twenty years or more l. have
had some experience in opening up and peo-
ping new states, and have always adopted
as fixed policy the making of rates on the
products of the country seeking market, and
the necessities of life, such as coal, lumber
and building material. at the lowest rates
the company could afford looking more to
our profit from the lighter articles of rner-
chandise and shelf goods consumed in the
country. At times we have been criticized
for this, this criticism mainly coming from
merchants who have desired a,lower rate
The Balance of Trade.
z, We cannot as a nation, go on receiving the
great balance of trade which has been paid
us for the past few years. z;
Our balance of trade some years has been
double the production of gold and silver in
the whole world. and, logically If it should
continue, the time would come when would
have all the gold and silver and our Gus
would only be less fortunate for ourselves
than for them, Our customers must have
the means to pay us, and to get this means
they must sell something to somebody. We
have enjoyed all the benefits of a protective
tariff for many years. and whatever good it
can do in the way Of building up infant in
dustries has already been accomplished.
Iron and Steel.
The growth of our enormous iron and steel
industries which are sponted out as the re-
suit Of our protective tariff, can be more
surely traced to our enormous resources in
| the iron mines of Michigan, Wisconsin and
| Minnesota than from all other sources The
cheap production of the highest grade OF ore
| in these mines and the low rates Of transpor-
| tation 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 books, and
to-day, if these mines were closed, our supe-
rority in the iron and steel trade of the
world would be gone forever ~.
How to siftAthe Trusts.
Mr.. Hill made distinction between the
useful trust and the trust organized for
the purpose of selling securities. He
| said: ,l.-'- ~ '@z4.S ~
If it is the desire OF the general govern
ment through congress to prevent the growth
| of such corporations, 1t has always seemed &c
me that simple remedy was within their
reach. * -sE~: 49, .E
Under the constitutional provision allowing
congress to regulate commerce between the
states, all companies desiring to transact
business outside of the state in which the,
are incorporated, should be held to a uniform
provision of federal law, that they shoule
satisfy a commission that their capital stocl
was actually paid up In cash or in property
at fair valuation, just as the capital Of thu
national banks are certified to be paid up BY
the controller of the currency. 1t is only fail
to dealer in Minnesota or California o.
Oregon. that if a company claims to hav.
ten twenty or fifty millions of capital, desir
ing to do business In that state, that tn,
dealer should know that the company's sol
vency has been passed upon by federal com
mission and that it's capital was what it wa
advertised to be- With that simple law, tn
temptation to make companies for the pur
pose of selling prospective profits would be a
/ an end, ard, at the same time, no legitimat
business would suffer.
The laws of trade are as certain in tiei
operation as the laws Of gravitation. 70,
might as we'll try to- set a broken arm b.
statute as to. change commercial law b.
legislative enactment You may obstruct an
} delay for time, but. in the end the in
exorable law OF experience, and the survival o
the flttest, will prevail c.,'