Manchester Democrat. [volume] (Manchester, Iowa) 1875-1930, 1902-10-08
souEs FORMALLY IN THE RACE.
Letter Accepting Nomination for Con-
Rress Made Public.

OStC0 TsOnMACGH IN lite ntSS
Letter Accepting Nomination for Con-
gress Made Public.
Raising as his campaign cry "the
tariff and the trusts" former Governor
Horace Boies has made public ylgor-
GUS letter discussing that issue and ac-
cepting the nomination for Congress in
the Third District, which is now repre-
sented by Speaker Henderson. The
withdrawal of the Speaker and the nd
yanced ground taken by Mr.. Boies on
economic policy are regarded by many
as making the former Governor pos
sible presidential candidate.
Mr.. Boies declares fatty for tariff
for revenue only as cure for the
trusts, and pledges himself, If elected,
TODD all in his power to carry out such
a policy.
His letter, which is addressed to p. J.
Quigley, L. T. Springer and Henry Par
rott, the notification committee, is as
follows: n
feel 1t is n matter of duty on my part
to accept the nomination regardless Of any
personal desires of my own. In doing this
II seems appropriate, II not necessary, inas-
gested by the convention from which my
nomination comes, that should express
my personal views on what seems to me the
most important question that 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 ] eng rapidly organized in many OF
our industrial pursuits and which hive come
to be generally known as trusts"
The dangers which result from these
great combinations are more than one. The
mere statement Of their constituent parts
demonstrates that they must of necessity
limit, II they do not destroy, competition
In every line of business In which they are
organized. Another is the established fact
that separate owners Of distinct properties
who consent to merge the same In the COM
mon property of n greater combination, and
accept In lieu thereof, MS Is usually done,
the bonds or stock of the new corporation,
universally insist upon exOrhitnnt estimates
Of the values of TINT which they contribute,
thereby compelling the managers of the new
enterprise to SO conduct Its business that 1t
VIII pay reasonable dividends Mt least on
Its enormously watercd stock.
A notable example of this evil Is found In
what Is known as the American steel trust
under which sepcrate properties the original
600. GOO have been capitalized Mt the Incom-
prchenslble sum of S1,4Oo.OOOC0O and Its
bonds and stocks to that extent placed upon
Tue Ll'tTketS lOr SHE. AL Iup neAQ OF tnAC
huge concern is II single individual whose
annual salary is repUtcd to he n round mill
lion dollars, with long line of other officers
and agents munii1cently compensated for
their services: and still the business Of this
monster combination is SO managed that 1t
pays these extraordinary sums to Its man.
ayers and agents. together with most liber.
nj dividends upon Its enormous volume of
bonds and stock
1t requires little foresight to comprehend
that In order to do this 1t must sell the out
put of its business to some of Its customers,
at least, at prices enormously in excess Of
is done to home consumers Is concluslvely
established by the fact that large quantities
Of Its products are shipped abroad and sold
In foreign markets Mt little more than one
half the price exacted for them here.
The evil of. excessive prices to home con.
sumers Is not the only one that is threat
ened: II reports are true, Its watered stocks
are floated in every market of the country
and are being absorbed by small purchasers,
who Will be least able to bear the loss when
the crash comes-for as certain as the judg-
ment day for all is the day to come when
the American people will find a way to
squeeze the water out of the stocks Of
every one of these great combinations, and
when they do the bonds and stock OF each
Will he worth the fair market value OF the
property they represent and nothing more.
Another and equally serious objection Is
found In the fact that II unrestrained and
permitted to increase in the future as they
nave done In the recent past, they Will soon
he able to dominate the labor markets of the
country I'D fix at their own sweet Will the
terms, upon which workmen shall be en-.
ployed and the wage that shall be pnid
them for their services.
For generations the American people hive
been divided on the question of the right or
the wrong Of a protective as distinguished
from revenue tariff, but 1t is only In re-
cent years that the trust evil has entered
Into discussion of that question. The
teachings Of Democrats logically lend them
| to believe that our protective tariff system
has made the organization Of these trusts
possible, and so long as 1t Is continued they
| also believe 1t will furnish defensive
ireastwork behind which they can find
shelter from every shaft that could reach a
| vital part.
The futllty of legislation other than tariff
reduction In restraint of such action is to
them demonstrated by the fact that the
great bulk of our trusts have been openly
| organized In the face of antitrust laws.
carefully prepared and Incorporated into the
statutes of the nation and many Of the
States. They insist. therefore, that inas-
| lions Is to destroy competition among them.
| selves, and thereby become able to fx their
own prices upon whatever they. produce,
| there Is but one remedy for the evils they
threaten. and that is to take down the wall
| that shelters them and compel them to com.
pete with the world Mt large.
| In this view heartily concur. as / do In
the old and reyered Democratic doctrine
| that tariff which is nothing less than a
tax on consumers can rightfully be laid for
! one purpose only. and that to raise needed
revenue for the use of the government But
| old us Tint doctrine is, and firmly footed In
| Democratic faith as II has become, 1t must
always he interpreted In the light of condi-
| lions us they exist when 1t is to he applied
| In the absence of circumstances requiring
different interpretation demand for an
immediate reduction In our tariff laws. and
a reduction Of all their schedules to a COM
mon level that would produce needed rev.
tS nat I
derstnnd. the Interpretation Democrats at
must be remembered that 1t is made In the
J presence OF new conditions, In the bright
\ glare of which 1t must be construed.
TO the worshipers of protection let me say
| 1t is not the fetch you have made your god
these men are after now. An evil greater
than that must lie dealt with first. 1t is
the heart of the trust they would reach.
| To do this they know the wall that shelters
1t must be battered down at the place
our tariff system below n revenue basis they
would help to build 1t higher whenever or
wherever trust Is not sheltered behind 1t.
This is the prescntday doctrine Of tariff
| for revenue only as understand 1t, and as
| shall interpret 1t If i go to Congress-
Do not understand that would do moth
| Ing more. There Is not n missile any human
! could to drive these monsters from every
inch of our soil, and scatter them Mt once
into their deponent parts. Every measure.
originate. that would help to accomplish
| this would have my utmost and never.ceas-
Ing support.
1t is unnecessary to extend this letter fur.
them. The creed of Iowa Democrats Is
plainly written In their State platform.
With every line and letter of that instru.
ment my heart and conscience alike nre In
full accord.
Eligible.
A lady who spends her leisure time In
organizing anti-cigarette leagues was
/ rncantly snaakinD to n n mud iancn af