The Leon reporter. (Leon, Iowa) 1887-1930, 1902-01-23

/
tionss and industrial trusts have provoked
much thought which, as yet, has produced
little result. Originally they We're. as the
panies acting through agreements controll-
| ing the business of the several constituent
parts In that sense they have. suhstan-
TALLY disappeared, and there have been sub
sstitnted for them interpretations that nave
become rhe absolute owners of the property
and business affected by them. | shall not
| pause to inquire whether these vast incor-
perationS are wise or 'nwisc. The cXtinc-.
tion of the Independent trader, merchant
and .nanufetnrcr may ultimately impair
4 the STANDARD of manhood so essential to free
institutions. If this shall be it's effect. we
may depiore the tendency: but If it be Who'll
Y overcome. II will not he through the pro-
ceptible warming which changes the eur
| rents OF the world and teaches humanity to
avoid ,, approaching danger. do not believe
right of association under established
| forms: nor am ready to concede that in
| dGStrial organizations however large their
capital or extend their operation ii com
prosperity and welfare of the people. The
| motive which underlies the so-cailed trusts
nary selfish desire tn make money. coupled
| with the belief that ii can be more readily.
surely and largely made in that manner
| than by any other do not cliticisc the mo
| tlTe: for II is the nainSpriny of material
| progress. and 10 eliminate ii would be To
par:llyzc the arm of industry, fatal alike TO
dltIitloH anu Improvement. the most man
itcst evil Of these tremendous aggregations
| is their effect upon competition. Competi-
| tion Is the paramount law of industrial life.
Il may. and very often does. destroy: but III
| my Judgment II must exist IN full vigOr ii
We do not desire the government to assume
the power of fixing the prices OF industrial
products; II must be clear that if a single
/ corporation. owned and controlled all the
transportation facilities of the United
states. it would be absolutely necessary for
the government to prescribe and enforce the
l ~ 10
| ~ clear that If single corporation con
| trolcd the manufacture of the Important
the monopoly was likely to be long contin-
| neu. II would be necessary for the govern
nrnt TO fix the price at which such com
modtics should be sold. 1t cannot be sue
| ceSSfully denied that every consolidation.
even though II does not draw in all the
products in which II deals. narrows the field
OF competition. There may be sharp and
effective competition with two competitors:
| 1t is. however, not so likely as with a great
or number: have mentioned these things.
not to Indicate that I think there is per-
| feet remedy within our reach. for much
| must be RENTED to the natural laws of in
uividnal enterprise: hut rather t" point ont
the lines along which interference is not
only permissible, but demanded. First. the
motive TO organize such corporations could
! hr, and should be- limited to the natural de-
sire to max" profit from the business in
which the cooperation is to engage. My oh
starvation leads mo to believe that many of
the large industrial combinations would not
have been proposed or effected. had it not
/ Gecn for the knowledge that the promoters
or organizers could make StupendouS for
tunes in the mere operation of consolidation.
II is said. and believe it to be true. that
| mere th:an 30 prrccntuM of the stock OF
! every trade combination now i'll existence
! Is pare fiction. and the opportunity to gam
/ hlH 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 he required to have its
! ilr1 {,,p,
| fore 1t is authorized to transact business.
III" genius fo. deception has too often been
accepted rs legal tender for stock and ii
evil of decentralization has still another
serious phase. 1t furnishes an illegitmatc
motive for excessive prices. lit is perfectly
so oi'ghnlZed I" cndeavrr to pay dividends
not Only upon the real capital invested in
tn" business. but also upon the bascless
stock which represents nothing nut the au-
| law.
| These suggestions would be idle If there
! We're no practicable remedy for the obvious
wrong Iherc is no hopes of attaining uni
/ fornity through state legislation. The state
4 In which the greater number of these com
/ plnips IS organized secures Il revenue from
| them more than sufficient to defray the cx-
penses OF its state government. and seems
easil, convinced OF the Justice of its laws. ]
| that the time hhs come to n.tionalize it.
recognize the difficulty of amending the con
siitutinn of the United States; bur know
that whenever the people are sufficiently in
earnest. ii cali. and will lie done. Before
corporations which are to do business
throughout the country, and in which the
! people OF one state are quite much inter
mittci to organize, they should be COM
PEELED t" show that their capital stock has
! been paid for in money. and that the real
value Of the property they acquire is as
great the stock which represents it.
AN unable to agree that we can cure
/ ~ evils may exist in these GrganiZa-
items. by publicity Their affairs are al
ready sufficiently public so that every intel
ilSen; men understands In Il general way of
doiu2, and what they are earning. 1T is we'll
enough to require them to make statements,
and submit to examinations, but if we are
1.-the outcome will not Justify the attention
We are be:;towing upon the subject.
reeur To an expression of a moment ago
that competition is tile force upon which we
ucts Of industry. for cannot consider with
lcGmplaccncy the alternative to which we
mated. l sincerely hope that we will find
sufficient protection against the efforts to
monopolizs or undnly restrict the field of
Ia. profitable business: and If these copora
tions however largc. can be put ana min
tanned upon a lawful basis. l confidently be-
lieve that industrial monopolics cannot en-
durc.
Pursuing the subject one step further.
am led to observe that If we accept the
proposition that competition, ard that alone
will preserve the people from undue cxlc-
tons We must see to 1t that If we cannot
artiicially induce competition, we can at
least be certain that we do not artiiciuly
exclude it; 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 devel-
Gping our own resources to the fullest ey-
tent. even though in so doing the American
price rose higher than the foreign price; be-
liering also that hc'ne cor"n"+it'nn wc-'ld
old every commodity manufactured here
upon fair American Lever. 10 me- hos.
ever. 1t seems plain that whenever II consoli-
dation OF manufacturers with respect to any
commodity STILES competition at home, or
20 restricts it's operation that its force is not
fairly felt. then it is the Imperative duty Of
congress to Immediately remove the nrtif-
cinl restraints we have created. am not an
advocate of general revision of the tariff
but stant! for competition. the competition
of the rephblic il possible. but Of the world
II necessary. regard the consequences of
II monopoly. or substantial monopoly. In any
important product. as infinitely more disas-
trous thnn the consequences Of foreign I'M
pOrtations.
Permit me also n brief consideration of
the tariff and of reciproct@. In this pres
anpn | nnpu hardly rpitarntC my nrnfnunfl