Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1899-1903, 1902-10-07

protection, based on the controlling
principle that. competition at home
would always prevent monopoly on
the part of the capitalists, as sure as
good wages defend the consumer
against the evils of extortion, Dolli-
yer continued:
Passing Through Ordeal.
THAT principle, which never failed
to Justify the doctrine of protection
in any period of the past, is today
passing through an ordeal hardly even
anticipated when the tariff of 1897
was placed upon the statute books.
ii one field of production after another
passes under the control of specula-
tors intent or nefarious to engross
the whole market, the protection of
literature of hundred years becomes
misleading and obsolete.
Il have from lie beginning, been
slow to believe that it is possible for
one man or a combination of men to
overrule forces which make for equity
and fair dealing. For that reason l
have been willing to wait for facts
and govern my Judgment by more
careful Observation than hitherto prac-
ticable
We know there are 1856 trusts, rep.
resenting consolidation of 2,04O sep
arate plants. We know that less than
10 per cent of the factory labor of the
country is employed by them, and on.
ly IA per cent of the manufactured
output is made by them, and leaving
out chemicals, and products of iron
and steel the percentage is hardly Wis.
ible to the naked eye.
I'm textile industries they are al.
most unknown, and in most of the 9th
er fields of American production they
have entered as mere intruders and
disturbers of the peace.
Trusts Stock is Watered.
Between 1890 and 1901 most OF
them have been established, and. in
the aggregate, their gross capitalize
| ton is six and half billion dollars
from which at least two billions should
be deducted to cover spurious stock
which represents nothing except swim
| ding projects of adventures anC
! cheats at common law
so that, putting all consultations
which have been effected in the las
twelve years togethe", four and hal
/ billions of dollars may be set down a!
their true aggregate of capitalization
including bonds. These corporation.
have enlarged our productive capacit,
by the addition of new bona fide cap
ital in degree hardly noticeable
They have merely undertaken to daz
zle the speculative world by playin,
| upon the popular fancy for full Dag,
4 advertisements.
And in nearly every one of then
the motive of organization has beef
mainly to shield capital already in
1 vested from the operation of natura
/. forces always present in the CONNER
cial world. If they have failed il
that. they have failed in everything
and the power which some have beel
afraid would be used 10 wrong ant
! burden the community, has not evel
proved equal to the task of taking car
1 of itself.
Il Not a Permanent Institution.
4 Before anybody makes up his min
that the so-called American trust is
permanent institution. let him conside
the long list of ambitious combination
which have already had their affair
wound up by the courts.
What was the matter with thes
astonishing creations of the promoter
of art? Nine out of ten were bogus
and without stretching the law yer
much could have been denied the us
of the mails on an ordinary fraud o
der. Only yesterday one of the man
moth establishments. the National Sa
Co., had little business before coul
of equity in New Jersey. The orgal
b ization of that trust in 1889 was locke
upon everywhere as a step in the dire
ton of monopolizing the necessarie
of life.
THE more examine the old law
; competition the better it looks to m
, II the day of settlement has alread
come to so many of these at once TO
midable institutions, how has it fare
with those which have so far survive
2 the test?
, ALREADY evidence is accumulate
Y from which the doom of the trusts CO
2 be forecasted, even the most solve
: and best managed.
= Small Dealers Frozen Out.
"The figures of the census show tn
: neither in the mercantile nor man
h featuring world has the small deal
J. who owns his business and gives it h
S personal attention anything to fear
competition with the overgrown al
t top-heavy investments of capital tn
: surround him.
There is no room in this discussi'
for vain EXPLANATIONS of alarm and q
spair. Up to this time the tariff poll
to which we owe prosperous COM