Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1902-01-23

| we do not desire the government TO assume
| the power OF fixing the prices of Industrial
products. 1t must be clear that II single
| corporation owned and controlled all the
transportation facilities OF the United
| States, 1t would be absolutely necessary for
| the government to prescribe and enforce the
rates for transportation service. II Is equal
ly clear that II single corporation con
rolled me manufacture OF the important
the monopoly was likely to he long contin-
ued. IL would I've necessary for the govern
ment to fix the price at which such com
modlties should be sold 1t cannot be sue
cessfully denied that every consolidation.
even though II does not draw In all the
products In which Il deals, parrows the field
| Of competition. There may he sharp and
effective competition with two competitors:
1t is, however, not so likely with n great
er number; | have mentioned these things,
not to indicate that think there Is per-
| feet remedy within our reach, for much
must be RENTED to the natural laws of in
dlyidual enterprise; but rather to point out
the lines along which interference Is not
| only permissible. but demanded First, the
motive to organize such corporations could
he. and should be- limited to the natural de-
sire TO make profit from the business In
which the cooperation Is to engage. My OBJ
| seryatlon leads me to believe that many of
the large industrial combinations would not
have been proposed or Effected had 1t not
been for the knowledge that the promoters
or organizers could make stupendous for
tunes In the mere operation Of consolidation.
| IL is said. and believe IL to be true, that
| lloit tnun Oh peTceulu1n OF tne STOCK OF
every trade combination now In existence
Is pure fiction, and the opportunity to gam
Bile upon the stock exchanges In worthless
stocks has been uppermost in the minds Of
| those who have been most active In bring
ing together these organizations. Every
| cooperation should be required to have Its
capital stock paid for at par. in money, he
| fore 1t is authorized to transact business.
| The genius for deception has too often been
| accepted as legal tender for stock and IL
| should be declared the counterfeit II Is. The
ny af nj t, tI.st. sxtll
| serious phase 1t furnishes an Legitimate
| motive for excessive prices. IL Is perfectly
natural for the managers of corporation
| so organized TO endeavor to pay dividends
not only upon the real capital Invested in
| the business, but also upon the basrless
| stock which represents nothing put the au-
daelty OF promoters and the weakness of the
law.
These suggestions would he idle II there
| were no practicable remedy for the obvious
wrong. There is no hopes Of attaining uni
In which the greater number Of these com
panies Is organized secures 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 national one, and
that the time has come to nationalist It,
| recognize the difficulty Of amending the con-
| stitution of the United States; but know
| that whenever the people are sufficiently In
earnest, 1t can, and will he done. Before
| corporations which are to do business
throughout the country, and in which the
people Of one state are quite as much inter-
ested as the people of another, are per-
PEELED to show that their capital stock has
been paid for In money. and that the real
| value OF the property they acquire Is as
great rs the stock which represents 1t.
| am unable to agree that we cure
| whatever evils may exist In these organiza-
lions, by publicity. Their affairs are al
ready sufficiently public SO that every intel.
| ligent man understands In general way Of
what they are composed, what they are
| doing, and what they are earning. 1t Is well
| enough to req"ire them 10 make statements,
and submit to examinations, but if we are
| to limit our regulation to mere publicity.
| the outcome will not justify the attention
we are bestOwlng upon the subject.
| l recur to an expression of a moment ago,
| that competition is the force upon which we
must rely to regulate the prices of the prod
| ucts OF industry, for cunnot consider with
competency the alternative to which we
would be driven IL competition were elm
mated. / sincerely hope that we will find
| sufficient protection against the efforts to
| monopolze or unduly restrict the field Of
profitable business; and II these copora-
| lions, however large. can be put and main
| tanned upon lawful basis, ] confidently be-
| lieve that industrial monopolies cannot en-
| dure.
Pursuing the subject one step further
am led to observe that II We accept the
proposition that competition, and that alone,
will preserve the people from undue exnc-
! TONS must see to II that IL we cannot
| least be certain that we do not artihcially
exclude IL. We have limited competition In
the past through tariff duties. believing and
well believing, that the general interests OF
the people would be better served by deyel-
oplng our own resources to the fullest ex-
tent. even though In so doing the American
price rose highe< than the foreign price: be-
| lieving also thrf home competition would
| hold every commodity manufactured here
| upon a fair American level. TO me, how
| ever. II seems plain that whenever q CONSOLE
dalton of manufacturers with respect to any
| commodity stiles competition at home. or
so restricts its operation that Its force is not
| fairly felt then IL is the imperative duty OF
congress to Immediately remove the artii
| cial restraints we have created. am not an
advocate of general revision OF the tariff ;
| but | stand for competition, the competition
of the republic il possible, but OF the world
| IL necessary. j regard the consequences of
| a monopoly, or substantial monopoly, In any
| important product. as Infinitely more disas-
trous than the consequences OF foreign Inn
portations.
Permit me also brief consideration Of
! the tariff and OF reciprocity. In this pres
ence | need hardly relterate my profound
| which has levied tariff duties, not for reve
nue. alone, but TO equaliZe the conditions
under which manufacturing has been es.
| tablished and carried on in the United
| States and the conditions which have ex-
| listed elsewhere. l firmly believe that we
are more deeply indebted to this doctrine
| for the gratifying position 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 protective
duties has been to enable us to probably
produce that which we have consumed
paying for Its production the superior wages
which are the birthright Of the American
laborer. The point of view. however has
somewhat changed. and We are now feely
| exporting not only agricultural, but manu-
| featured products; and we must look, there
fore, not alone to the things we consume,
| but to the things we export. Our tariff.
| therefore. should always be adjusted SO as
| to give the greatest possible amount OF
work to our own people, whether the pro-
duct Of their labor be intended for home
or foreign use. We have come gradually to
| feel that there Is little danger Of an In
vasicn 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 protec
| ton; viz the employment. not OF part,
| but of all the men and women OF America.
| This. ! submit. Is the spirit In which re-
| cprocal treaties should be examined. II
We can make trade that will enlarge our
markets; that Is to say, increase the amount
the trade should he made, even though
some particular industry Is curtailed In Its
production. While we shall hold fast to
cardinal principles, We are not blind wor.
| established for man. not man for protec
ton Reciprocity that takes without giving
Is an idle dream and contradiction In
| terms; and IL its scope embraces only non
competitive products, II Is of little 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 d.
reetly. said recently In a public address,
and | repeat II, that there Is one condi-
ton which the consumers of this country
will not endure They are patriotic enough
to see American goods sold In foreign mar
kets cheaper than they are sold at home.
If the purpose Is to establish a trade or 10
unload an unexpected surplus; but they will
not tolerate, as a permanent trade policy,
the selling Of goods abroad at a less price
than they are sold at home" II Is believed
this practice is likely to become permanent.
and " congress so finds, IL ought, and
doubt not WILL declare they no longer need
the fostering care Of protective duties. In
no other way can we render justice to all