The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-07-01

l. The American Invasion. ( - :.
American products of the farm and factory,
under the momentum of enlarged production,
resulting from a good home market, are in
vading with irresistible force all countries
OF the civilized world. And this. is merely
the overflow of our production over the home
demand. = .S~:s -. -, -.
The domestic trade of our country since
1897, resulting from our great Industrial re-
viyal and increased productive capacity, has
more than kept pace with our foreign cont
MERGE, and has increased with even greater
force and volume. Capital has been and still
is abundant; and labor finds no lack of en-
ployment at fair wages And in many indus
tries the demand for, the output Is in excess
of and outruns the productive capacity Many
mills and factories have received orders for
months in, advance of the time In which they
can be filed. And there have been many in
stances and localities where there has been
scarcity of labor. If -, l~.. 80.
This high degree of prosperity among our
own people: is all the more renarkab BILE be-
cause it occurs at time when many Of the
countries of the old world are suffering from
industrial stagnation, which Is: attested by
the fact that immigration is pouring to our
shores from those countries in greater volume
than ever. .-. 'r =. :: 8: 80; 49,. : T..
. All this shows the solid basis and. founda-
ton which our industrial life rests, and
-
system in its entirety and as a, whole.
onea Gold Basis: - -
The important and needed tariff legislation
of 1897 was supplemented and given new
vigor by the currency act Of March, 1900,
making gold the standard unit Of value, pro-
viding for. the refunding of our bonded debt
in new q per cent: bonds, and providing for
the increase of our national bank currency
by allowing circulation UP to the parxvalue
OF the bonds deposited. and by permitting
the establishment of banks with only 81, 900
capital In the smaller towns, thereby de-
centralizing the system, and bringing bank
ing facilities near to the homes Of the people.
This act extingushed the silver heresy,
and put us once for all on a gold basis. The
refunding Of the debt provided, for in the act
has proved great success. .*On the 31sts of
May, 1902 our bonded debt amounted: to $751;
07o.34o and of this $455.s4o,75o was in the: new
2 per cent bonds, thus reducing our interest
charge by several millions, ..... - :
On the 14th of March, 1900 when this act
was passed, there were in existence, 3,617
national banks, with capital of ss16, s0s, 095.
and with Outstanding circulation of $751;
4o2, 730 and. on. the 18th Of May this year,
there We're 4,494 banks with a capital of
$676,926695 and q circulation OF 1857, 116, 1856,
of which banks $40 we're of the smaller class
provided for in the act. It thus appears that
.,
$4,000 in capital, and s1o2712,s5s in circula-
ton since March, 1900. -
Our treasury Is in the most prosperous
condition-the envy and wonder of other ma
tons. -. :. >. e.
The fiscal year ending yesterday closed with
surplus OF revenue oyer expenditure Of
$S0,000,000 in round numbers; and on the 30th
day of June, 1902. there was in the treasury
over and above all current liabilities: and
over and above the $4,000, 900 gold redemp-
tion fund, balance Of nearly $500, 900 900,
During Cleveland's administration we were
a debtor nation, suffering with gold withdraw
ais to Europe and had great difficulty and
had to borrow to maintain the gold redemp-
ton reserve.
Since those days, under republican auspices,
we have become creditor nation, the large
balance of trade has turned the tide of gold
to our shores in great abundance, and we
have become the financial center of, the world
Money Is plentier and interest lower here
than in any other country, and to-day ,oul
country dominates the financial and industrial
world. Under the leadership Of Washington
we gained our political independence, and
under the leadership Of Mckinley and Roose:
welt we have gained our industrial and fnan:
! cial independence. -. =:
The Trust Question.
| One of the important and engrossing ques
| lions pressing the American people in recen
years, and at the present time Us that 81
| trusts and monopolies, and how to regulats
| and control them as not to become Cypress
| i've and our masters. We are living In the
midst of economic and industrial revolu
ton. Old methods, numerous but il
| each case limited scale, have given; way tt
| new methods on an enlarged and more con
| centrated scale :. 49,:
The tendency of the age is combination ant
| iond u,ho he hief n
this is to lessen the cost Of production SO a,
to cheaper the cost To- the. consumer and no
! to obtain monopoly suppress competition OF
check the reduction: of price to the consumer
the public will not be injured and has no fall
ground for complaint. =: = >.>G- III z.
| But combination. which; becomes IN on!
form or another an absolute monopoly, o.
nearly such, shutting off all substantia
competition, is in its very essence a menac!
and a danger, because of human selt1shnes
and human greed common to all, as 1t place
| the public at the mercy and under the heel
i of a single concern. None of us would Xix
| to be the subject of an absolute monarch
however gentle, kind and humane he; Nigh
be- because we would be in his power, subjec
to his whims and his caprice at all times.
Charles J. Bonaparte. the eminent lawye
of Baltimore, at the great conference { o
trusts, held in Chicago In September. 1888
clearly stated the case and the distinction il
! the following language: -.
| II. therefore, the combination of cproducin
| agencies does not affect the freedom Of com
petition, the consumer will benefit by the re
duction in the cost of production thereb
caused II the combination creates virtua
| MONOPOLY the consumer will not ordanaril
benefit by the decrease of cost. :on the: con
trary, the tendency of such a combination /
to increase the price whilst reducing the cos
The Republican party has not been un
| mindful of it's duty to protect the America
people from the dangerous consequences o
| monopolies so far as the same can be don
by legislation. #~I
In 1890 during the administration Of Presi
/ dent Harrison, when congress was republi
t can in both branches, the Aso-called Sherma
1 nti-trust law was enacted, proh1o1tln
monopoles and combinations in restraint c
s trade, in interstate commerce. which law
! substantially the only anti-monopoly leglsia
ton on our federal statute books. ~
Limited Powers of Congress.
Il In passing, upon cases brought under thi
law, the supreme court Of the United State
). has, in substance held that under the FED
eral constitution congress has no power y
: regulate combinations or monopolies IN mar
ufacture as distinguished from combin alto
or monopoly in traffic, and no power to res
, ulate or control combination or monopo]
j in other than interstate traffic, and that tt
|, | power of regulating combinations or nonoI
. oIy in manufacture and local traffic res
! with the several states and not IN the sfeder!
, government.
From this it is apparent that the actss
1890 has substantially exhausted the poWs
s of congress in the premises, and that 1t s
{ far from affording adequate relief. There al
,sn,,7S ffyxyrS