Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1899-1903, 1902-01-21

"u sho opportunity to gamble upon
the stock exchanges in worthless
stocks has been uppermost in the
minds OF those who have been most
active in bringing together these or
carnations. Every corporation should
De required to have it's capital stock
paid for at par, in money, before it
Is authorized to transact business.
The genius for deception has too often
been accepted as legal tender for stock
and 1t should be declared the counter
felt 1t is. The evil of over-capitaliza-
ton has still another serious phase.
1t furnishes an Legitimate motive for
excessive prices. 1t is perfectly ma
tural for the managers of a corpora
ton SO organized to endeavor to pay
dividends not only upon the real capt.
tai invested in the business, but also
upon the baseless stock which repre-
sents nothing but the audacity of pro-
motors and the weakness of the law.
These suggestions would be idle il
there were no practical remedy for the
obvious wrong. There is no hope of
attaining uniformity through state
legislation. The state In which the
greater number of these companies is
organized secures a revenue from them
more than sufficient to defray the ex-
penses of its state government and
seems easily convinced of the Justice
of its laws. l believe the question is
a national one, and that the time has
IN
difficulty of amending the constitution
OF the United States; but l know that
whenever the people are sufficiently
In earnest, it can and will be done.
Before corporations which are to do
business throughout the country, and
in which the people of one state are
quite as much interested as the peo-
pie of another are permitted to or
ganize, they should be compelled to
show their that capital stock has been
paid for In money and that the real
value of the property they acquire is
as great as the stock which represents
1t.
The Tariff and Reciprocity.
Permit me also a brief considera-
ton OF the tariff and of reciprocity.
In this presence l need hardly reIter-
ate my profound conviction in the
wisdom of the policy which has levied
tariff duties, not for revenue alone,
but to equalize the conditions under
which manufacturing has been estab-
Hsned and carried on in the United
States and the conditions which have
existed elsewhere. l firmly believe
that we are more deeply indebted to
this doctrine for the gratifying posi-
ton we hold in the affairs of the
world, than to any other one cause.
Situated as we have been, the para
mount object of maintaining high pro-
ductive duties has been to enable
US to prof1tably produce that
which we have consumed, paying
for its production the superior wages
which are the birthright of the Ameri-
can laborer. The point of view, how
ever, has somewhat changed, and we
are now freely exporting not only agri-
cultural. but manufactured products;
and we must look, therefore, not alone
to the things we consume, but to the
things we export. Our tariff, there
fore, should always be adjusted so as
to give the greatest possible amount
or work to our own people, whether
the product of their labor be intended
for home or foreign use. We have
come gradually to feel that there is
little danger of an invasion of our
markets with respect to many of the
commodities we are naturally fitted to
produce; and we must keep our eyes
steadily upon the chief purpose. of pro-
lection; viz, the employment, not of
a part, but Of all the men and women
of America. This, | submit, is the
spirit in which reciprocal treaties
should be examined. If we can make
a trade that will enlarge our markets;
that is to say. increase the amount of
work to be done in the United States,
the trade should be made, even though
some particular industry is curtailed
in its production. While we shall hold
fast to the cardinal principles we are
not blind worshippers of tariff
oSilSouiC. IIOISCIlOu WAS 6SIdDllSnod
for man, not man for protection. Reel
procity that takes without giving is an
idle dream and contradiction in
terms; and if its scope embraces only
non-competitiye products, it is of lit
tie future value in the economy of
the nation.
| cannot resist the conclusion that
some changes might well be made,
not through the medium of reciprocal
treaties, but directly. | said recently
in a public address, and l repeat it,
that there is one condition which
the consumers of this country will
not endure. They are patriotic
enough to see American goods sold in
foreign markets cheaper than they are
sold at home, if the purpose is to es-
tablish a trade or to unload an unex-
pected surplus; but they will not toler-
ate, as a permanent trade policy, the
selling Of goods abroad at less price
than they are sold at home" 1t is be-
lieved rhat there are lines of industry
in witch this practice is likely to be-
come permanent and If congress SO