Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1902-10-02
BOIES In THE FIELD.
Accepts Nomination for Congress on
Democratic Side.
Former Governor of Iowa Gives His
Views on the Tariff and the
Trusts I'm Formal Letter
of Acceptance.

Trusts I'm Formal Letter
of Acceptance.
In a formal letter of acceptance,
made public Wednesday, September
"a, former governor of Iowa, Horace
Boies, consented to become the dem
ocratic nominee for congress from
the Third district. He accepts the
nomination, he says, as a matter OF
duty.
He says he regards the nations
attitude in dealing with the trusts
as the paramount question before the
people and emphasizes his conviction
that the present high protective tar
if is historically and logically the
mother of trusts and responsible for
the unique and overshadowing evils
which threaten the country.
He urges the futility of legislation
other than tariff reduction to restrain
the ravages of the trusts and cites
the fact that the majority of these
combinations have been organized
openly in the face of carefully pre-
pared antitrust laws. He pledges
himself to unrelenting and unremit-
ting wal on the trusts and gives his
full Endorsement to the Iowa demo-
cratic platform.
Text OF the Letter.
The letter of acceptance in full is
as follows:
"Waterloo, Ia, Sept. 22.-P. J. Quigly,
Henry Parrot, L. F. Springer, Committee,
Etc.-Gentlemen: Yours of the 18th inst. Of
ficially notifying mi of the action OF the re-
cent convention at Dubuque In unanimous
ly selecting me as the democratic candidate
for congress in this district and expressing
the hope tina / would accept the same Is
received.
"In no sense unmindful of the honor such
a nomination %confers or the kindly fee1ngs
of those who tender 1t, I want to consider
the question it presents from the stand
point Of duty, which every citizen in a gov
eminent like our own yves to the common
wealth of which he is a member.
SIN doing this ! am compelled to recog-
nize the Fundamental principle upon which
our institutions rest, that the source of all
official authority, from the lowest to the
highest of public servants, is the people,
and, this being true, 1t seems necessarily to
follow that they, through sources nearest
the seat of that power, should In the abb
sence of reasonable excuse on the part OF
candidates, be permitted to select those
whom they desire to represent them In pub
lie positions.
Accepts Nomination as Duty.
"I beg, therefore, to assure you that, pro-
foundry impressed as I am by the response
bilities my nomination imposes and CRATE
full as I shall ever remain for the confidence
It implies. / feel it Is a matter Of duty on
my part to accept the same regardless OF
any personal desires of my own.
"In doing this-it seems appropriate, If not
necessary, inasmuch as no platform OF
principles was suggested by the convention
from which my nomination comes, that
should express my personal views on what
seems to me the most important question
tina now agitates the public mind.
This, in my Judgment, is the nations
duty in dealing with the great combinations
of capital that have been and are still be-
ing rapidly organized in many of our indus
trial pursuits and which have come to be
generally known as trusts
at is no exaggeration to say that the
great mass of our people are profoundly
disturbed by what seems to them the i'm
pending evils of this new departure in sc
many of our business enterprises.
THE serious question that confuses ant
hopelessly divides us is the remedy tina
must be found for the dangers they
threaten.
SIN approaching a solution of that ques'
ton we should endeavor correctly to com
prehend its exact nature.
Trusts and Their Evils.
ITO do this 1t is necessary to understand
first of what a trust, in the ordinary &C
ceptation of that term, consists.
aJp tie ypost nhjeptipnahle form II ic
combination of the properties of consider
!, able numbers of individuals or corpora
tions, originally operated Independently o
each other, into one larger corporation
) controlled through its officers by a singh
management.
1.-THE dangers which result from thes'
greater combinations are more than one.
1.-THE mere statement of their constituen
parts demonstrates that they must o
| necessity limit, if they do not destroy
competition In every line of business II
which they are organized.
, another is the established fact that sep
/ arate owners of distinct properties, VIII
[ consent to merge the same in the commo1
=. property of a greater combination and &C
} cept in lieu thereof, as is usually done, tn
? bonds or stock of the new corporation, uni
versally insist upon exorbitaft estimate
of the value of that which they contribute
thereby compelling the managers of tn
= new enterprise so to conduct its bushes
that it will pay reasonable dividends a
least on its enormously watered stock.
Analyses the Steel Trust.
"a notable example of this evil is found 4
what is known as the American steel trust
=. under which separate properties, the orig
/ inal cost of which, 1t is said, did not excee
L $4O0, 900, 600. have been capitalized at the In
comprehensive sun of 81, 400, 100000, and 1t
bonds and stocks to that extent placed upo
T. the markets for sale.
"At the head of that huge concern Is
n single. individual, whose annual salary Is re
puted to be a round million of dollars, wit
a long line of other officers and agents mi
niicently compensated for their services
and still the business or this monster CON
biration Is so managed that 1t pays thes
extraordinary sums to Its managers an
t agents, together with most liberal dividend
e upon its enormous volume of bonds an
stock.
ut requires little foresight to compre
bend that in order to do this 1t must Sc
the output. of its business to some of II
customers, at least, at prices enormous
in excess Of their actual cost of production
"That this Is done to home consumers
e conclusively established by the fact thu
large quantities of its products are shippe
= abroad and sold in foreign markets at III
tie more than one-half the price exacted fc
them here. y
d Peril in Watered stocks.
'The evil Of excessive prices to home cor
n sumers is not the only one that is threa
= ened. If reports be true its watered' stocl
ure floated in every market of the count
p and are being absorbed by small purchat
"a ers, who will be least able to bear the 10.
~ when the crash comes, for as certain as II
- 1udg nent day for all is the day to con
l. when the American people will find a way
Is squeeze the water out of the stocks
n avery one of these great combinations ar