Omaha daily bee., 1902-09-21

MIhNs NnEu ENNuuAAthhAhN hNhAa ~ INV
this policy to prevail in part Is. / dare say,
better than for the United States alone to
undertake all the political mission work
which the world needs; but | cannot agree
with those who deem II our duty or even
our privilege to renounce that mission work
altogether.
I beg to remind you again that ! am not
finding fault with those who point out and
emphasize national dangers or what they
conceive to be such. That kind Of critt-
cism IL to be desired; It is perfectly con-
sistent with patriotism, It may be the high
est patriotism. To repress 1t, to decry the
citizens who offer It, is to betray the state.
Our rulers need all the light they can get,
and, with other light, they need that sort
which makes darkness visible. 1t is not
denunciation Of present policies which l
condemn. but the tone Of pessimism in
which men so often denounce.
Trusts Not So Dangerous.
II we turn now to that other hobgoblin.
the trusts, we shall see in them equally
little which is calculated to make a
thoughtful patriot leap from the ship. The
serious dangers with which monopolies
menace the public are but three: Monopo-
lies may raise the selling prices Of their
commodities above the level where compe-
tition would place those prices; they may
TO some extent yassalize society; and they
may retard inventiveness and inventions.
contend that these are real and not
imaginary dangers, which need and must
have attention from thoughtful citizens.
That such perils are exaggerated through
ignorance OF for political ends gives no
right to dismiss them as not perils at all.
any more than the reality Of the peril
~justlnes one in suppoeing It mortal. The
production and distribution Of goods under
monopoly may. and unless looked after
will, prove indefinitely disastrous. MY be-
lief is that monopolistlc agencies Will In
the course Of time be effectively looked
after, their mischiefs abated and the agen-
cies themselves turned into public bless
ings. You can never suppress them and
you ought not to desire to.
I suppose It open to no doubt that mo-
nopolistic methods have greatly ch%eapened
and are greatly cheapening the produc-
Dtion OF goods and that their tendency is
to make the amassing Of wealth by the ma
ton as a whole more rapid and %volurninous
than Il would be under the old-fashioned
competition. But, while monopoly works
good In the creation Of wealth, unless
looked after II tends to work Ill in the dis
tribution Of wealth, piling up riches in too
few hands. Unless there is oversight or
regulation, the prices Of goods to con-
sumers will, other conditions being the
same In the two cases, range higher II
production occurs under monopoly than IL
Il occurs under competition. The excess
naturally goes into the pockets OF syndi-
cate stockholders at the expense OF con-
sumers. II all consumers were at the sam
time syndicate stockholders and all syndi-
Gates equally strong. the losses would offset
each other, but, hs a great many con-
sumers cannot combine, losses due to the
higher prices enforced by syndicates are
moi ali thus offset, but the portion 81 them
falling upon unsyndicated consumers has
to be permanently borne by such, so thai
those higher prices set up a special tend
ency, unknown before trusts came, to en-
rich one class and to impoverish another.
Remedy is Not Difficult.
But nothing is easier than for society Il
counterfeit this tendency and 1t is sure t.
do so the moment the real situation II
understood. Were there created by con
gressional act a Just. able, non-partisal
board or bureau with the authority and thu
duty, in the case Of any trust, ~ to as
certain once a year by Just appraisal an
to publish the actual value Of that trust
property, (2) to compare that with the fac,
value OF It's stock and to publish the re
suits, and (3) to ascertain by an examina
ton Of accounts, and to publish its gros
and its net earnings, the tendency woul'
be through the mere operation OF publ
opinion to prevent both profits and price
from becoming extortionate. Quite posi-
bly, no further remedy would ever b
needed. II is distinctly conceivable that
under the silent regulation Of such pub
licity, monopoly production would 60 o.
creating wealth with unprecedented rapid
ity and in unprecedented volume, tn
wealth getting for itself q distribution n
less Just, no less democratic than that I
which we are accustomed when old-tim
competition was at its height.
Should a further corrective be required,
system Of taxing syndicate businesse
could easily be enforced which could nc
fail to effect essential Justice. Monopol
prices, like competitive prices. are subjeC
to q law. only the law governing monopol
prices Is a different aw-the law OF tn
tolerance of the market, to the effect tina
when the prices Of a commodity have rise
to a given notch, charging more adds moth
Ing to profits, what you gain on give
pieces or portions being offset by the mar
IONlhk Va ~ AAnAh " ~ - 49,
when prices in any line are up to the toler
ance Of the market, II the state lays a Ia
on the business the business must pay this
Il cannot possibly relieve itself of the tar
the tax cannot be thrown on the consume
| by increasing the price. Therefore tn
public can, at any time. take over, in tn
way Of a tax, any part It pleases Of tn
] advance which monopoly prices exhibit owe
> what competitive prices would probably B
l at the time.
Z DimcuIty of Administration.
The only serious dificulty in such an ad
justment would be administrative. TIL
taxation described would have to be a stat
anAir, whereas nearly every syndicate trai
|. ncs in several states. It IL precisely at thi
: point that many despair OF ever seeurin
: justice from these great aggregations {
| wealth. Congress cannot fscally regulat
them. while. should the states attempt I
J do 80, their plans would be so various this
q any monopoly might be sure Of a safe re
> treat in some state or other.
From this perplexity there Is a resourC
az yet untried which promises much-cC
? operative, harmonious action by the state
through a joint commission or bureau. 81
curing the taxation Of interstate corpora
Z tiona state-wise. vet everywhere accordir