The Leon reporter., 1902-10-02
'golEs Nal!Es HIS ACCEPTANCE!
Favors Radical Reduction of the
\ Tariff Schedules.

Ex-Governor Horace Boies, who was
nominated by the democrats for con-
gress in the Third Congressional district
has made public his letter of acceptance.
The letter will attract national attention
on account Of speaker Henderson de.
clining the republican nomination with.
in a week after Boies was nominated by
the democrats to make the race against
him. The letter of acceptance is as
follows:
z Messrs. P. j. Quigly, Henry Parrott
and l.. f. Springer-Gentlemen: Yours
Of the 18th inst, officially notifying me
as the action of the recent convention
at Dubuque, in unanimously selecting
me as the democratic candidate for con-
gress in this district, and expressing the
hope that would accept the same is
received.
, In no sense unmindful of the honor
'wuch nomination confers, or the kind
ly feelings of those who tender it, l
want to consider the question it presents
from the standpoint of duty, which
every citizen in government like our
own owes to the commonwealth of
which he is a member.
In doing this l am compelled to
recognize the fundamental principle
upon which our institutions rest that
source of all official authority from the
lowest to the highest of public servants
is the people and this being true, it
seems necessarily to follow that they,
through the sources nearest the seat of
that power, should, in the absence of
reasonable excuse on the part of candi-
dates, be permitted to select those
whom they desire to represent them in
public positions. beg therefore to as
sure you that profoundly impressed as
/ am by the responsibilities my nomina
ton imposes, and grateful as | shall
ever remain for the confidence it implies,
feel it is matter of duty on my part
to accept the same, regardless of any
personal desires of my own.
In doing this it seems appropriate, if
not necessary, inasmuch as no platform
of principles was suggested by the con-
]. comes, that should at some length in
dicate my personal views on what seems
to me the most important question that
now agitates the public mind.
TRUSTS AN ISSUE.
This, in my judgment, is the nations
duty in dealing with the great combina-
tions of capital that have been and are
still being rapidly organized in many Of
of our industrial pursuits, and which
have come to be generally known as
N'trusts."
mass of our people are greatly disturbed
by what seems to them the impending
e Iop ~
Of our business enterprises.
The serious question that confuse
and hopelessly divides us is the relned,
that must be found for the dangers they
threaten.
I Ii approaching solution of tina
auestion we should endeavor to correct
pm prehend its exact nature.
S.b do this it is necessary to frs
understand of what trust in the ordi
nary acceptation of that term consists
In its most Objectionable form, it is
combination of the properties of con
siderable numbers of individuals or cor
porations, originally operated inde
pendently of each other, into on
larger corporation controlled through
its officers by single manager.
"a. Tho danger which results from tbes
greater combinations are more than one
The mere statement of their constit
uent parts demonstrates that they
must Of necessity limit, if they do no
destroy, competition in every line O
business in which they are organized.
Another is the established fact tina
separate owners of distinct propertie
who consent to merge the same in th
common property Of q greater combina
ton, and accept in lieu thereof, as
usually done, the bonds or stock of tn
new corporation, universally insis
upon exorbitant estimates of the value
Of that which they contribute. thereb
compelling the managers of the ne,
enterprise to so conduct its bushes
that it will pay reasonable dividends 9
least on its enormously watered stock
THE STEEL TRUST.
s.E A notable example of this evil
Mound IN what is known as ''The Amel
ican Steel Trust" under which separat
properties, the original cost of which
4, is said, did not exceed four hundre
million dollars, have been capitalized 8
the incom prehensible sum of fourtee
hundred millions, and its bonds an
stocks to that extent placed upon th
markets for sale.
At the head of that huge concern is
single individual whose annual salary
" reputed to be round million Of dollars
&wlth long line of other officers an
4gents munifcently compensated fo
their services, and still the business {
this monster combination is SO manage
that it pays these extraordinary sum
to its officers and agents together wit
most liberal dividends upon its enol
NOUS volumes Of bonds and stock.
It requires little foresight to compre
hend that in order to do this it mus
sell the output of its business to som
aof its customers at least, at price
Enormously in excess Of their actus
cost of production.
II That this is done to home consumer
is conclusively established by the fat
that large quantities Of its products al
shipped abroad and sold in foreig
& markets at little more than one.half th
price exacted for them here.
sThe evil of excessive prices to HON
commerce is not the only one that
theatened. If reports are true, il