The pioneer press. (Miller, Hand County, S.D.) 1893-190?, 1902-06-19

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 enormous re-
sources In the, iron mines OF, Michigan,
Wisconsin and Minnesota than from all
other sources. The cheap production of
tho 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
books, and to-day. Il these mines were
steel trade Of the world would be gone
forever.
On Trusts.
There IL another subject think will
not be devoid OF interest TO the manufac-
turers of Illinois. and that Is the so-called
trusts or co: 'ations OF capital: In a
country as e as ours, carrying on
enormous unG, rtakings, large amounts
of capital are necessary, and this capital
can be more readily furnished by cor
porate ownership than in any other way.
There ere a few individuals IN the coun-
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 large busi-
ness of any kind, so that 1t Is necessary
porate etort, and no harm is likely to
come 70 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
tion, or any of its people? On the con-
trary the nation and the people are proud
OF the name of hrupp. Can anyone In
this country point out an injury inflicted
on the people which can be traced to the
magnitude of the Carnegie company?
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 when represent moth
Ing more than good will and prospective
profit TO the promoters.
If IL is the desire of the general govern
ment through congress to prevent the
growth of such corporations, II has all
ways seemed to me that a simple remedy
was within their reach.
Under the constitutional provision al
lowing congress to regulate commerce
between the states, all companies desir-
ing to transact business outside of the
state In which they are incorporated,
should be held to uniform provision of
federal law, that they should satisfy a
commission that their capital stock was
actually paid up in cash or in property,
at fair valuation, just as the capital OF
the national banks are certified 10 be paid
UP by the controller OF the currency. 1t
Is only fair 10 a dealer In Minnesota or
California or Oregon, that II q company
10 nave lcllf N"tilNy hlls mn
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 its capital was what IL 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 indivi-
duals, desiring to engage in business
through a corporation, suffer any hard
ship because their actual capital was as
they advertised IL 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 gravitation. You
might as well try to set broken arm by
statute as TO change commercial law
by legislative enactment You may OBJ
struct and delay for time, but, in the
end, the memorable law of experience,
and the survival of the fittest, will pre-
I vail,