Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1902-02-13
Governor Cummins Expresses
Opinion on Tariff Revision
in Speech at Lincoln.
Laws Which Result in Excluding
the Competitive Principle
Are Injurious.
Republican Party's Duty Is to
Regulate Large Combines
Of Capital.


the Young Mems Republican Club with
a banquet at the Lincoln hotel, pre-
coded by reception from s to 10
o'clock rendered by Governor and Mrs.
Savage at the executive mansion to the
guests of the club, Governor Cummins
of Iowa, Congressman Fowler of New
Jersey and Congressman Burkett of
Nebraska.
oevr 200 attended the banquet. Gov
ernor Cummlns was the principal
speaker his subject being Republican,
ism and Progress" Much of his speech
was devoted to the questions of reci-
procity, tariff revision and the trusts.
He said in part:
NO loyal hearted American can view
the stupendous growth of his country in
population, in agriculture. in manufac-
turing, in commerce. In everything that
tends to make life busy and happy. save
in the glow of national pride. To see
Uncle Sam with conscious superiority
and gracious complacency leading the
nations of the earth. excites emotions
for which our mother tongue has no
adequate expression. 1t seems almost
ungrateful in the midst of prosperity so
Astounding to suggest that there is in
these wonderful conditions a tendency
that needs checking; and yet conceive
that. lurking in the cover of this prolific
development, there is danger that de-
mands the care of the republican party.
do not intend to analyze the so-cailed
trusts and combinations The tendency
toward concentration is part of the
age in which we live and 1t cannot be
thwarted by legislation. Its effects are
sometimes good and sometimes bad;
sometimes helpful and sometimes
harmful, and we must accept 1t as one
of the conditions to which the
laws of the country should be fitted
Our duty Is not to overcome the ten
dency, but to regulate it's exercise so
that its advantages may remain and its
evils be counteracted.
1.-The motive that underlies the i'm
mense consultations which have char
acterized recent years is easy to ascer-
tain and understand 1t is the ordinary,
universal desire to make money to
make it rapidly, and to make plenty of
it. First, the promoters or organizers
see an opportunity to make fortunes
that to us seem vast in the mere oper-
alton of bringing the structure togeth-
er. This they do by the issuance of
capital stocks that have no limit but
an avaricious and capacious discretion,
and no basis save the audacity of the
seller and the credulity of the purchase
er. 1 have some knowledge of this
phase of the piracy. and am conserva-
tive when I say that at least so per
centum of the stock of the well known
consultations are in the truest sense
fictions, and in the highest sense a
crime against the fundamental laws of
business. Second, the managers believe
that if competition be limited, or bet
ter still be completely suppressed, that
economics may be practiced or prices
advanced or both. and thus the profit of
the enterprises be increased.
THAT these conditions present is
sues of grave import is obvious, for the
public mind does not fasten itself upon
trivial matters nor does public discus
sion long continue upon themes inter-
esting alone to the philosopher. 1t is
manifest that we are confronted with
real evil that invites the attention of
the reformer He who berates because
1T has done nothing is superficial agi-
tator, and sometimes I fear he Is more
"a dishonest demagogue. There is no
economic subject upon which more
thought is being now expended than
upon the one have just now outlined;
and every patriot owes it to his country
to contribute his ripest judgment to-
ward the discovery of the remedy that
must finally be applied.
"There are some conclusions which
seem to me beyond reasonable contro-
versy. The corporations which cover
with their operations the whole nation
should be national, not state, corpora
tons, and every dollar of stock that Is
issued should be paid for in money at
par, so that the capital represented in
the association would measure the act
ual value of the property 1t acquires.
Had this been done in the past many
OF the consultations which now perplex
the student of political economy would
not have been organized for 1t is part
CT their history that the opportunity to
set afloat baseless and worthless capital
stock has been more eagerly sought
than the opportunity for the transact
ton of legitimate business. l do not
suggest the amendment of the consti-
tuition and the laws of the United States
in this particular as a complete rem
edy, for I we'll know that the tempta-
ton to earn larger profits by the re-
striction of competition would have
been a potent inducement in many in
stances, even tho the capital We're linn
tied to the real value of the CONSOLE
dated property. We must. therefore,
look deeper into the subject. If expert
ence has taught us anything 1t has been
that there are but two forces which
can be safely trusted to regulate prices
first, competition: second, the law.
can not look with complacency upon the
attempt on the part of the government
to construct scale for the sale of man
utactured products. Competition is
and until we are ready to enter the last
degree of socialism, must remain the
supreme rule of industrial life, and 1t
Is our imperative duty to preserve COM
petition against the assaults of CONSOLE
dalton and monopoly. With producing
corporations properly limited as have
already suggested, 1 believe that indi-
vidual enterprise must be chiefly relied
upon and / rest with confidence upon
it's eventual victories.
II can not, however, leave the ques-
ton without uttering my conviction
that If we can not create competition by
law, we can at least make sure that 1t
10 not excluded by law. I am pro-
o.. hatt tn, IN o<av, oP