Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1902-07-25
A DIFFICULT PROBLEM
Hepburn Says There Are Many
Difficulties in the Way OF
Trust Legislation.
Law That Will Not Harm the
Proper and Legitimate Conn
binations Needed.
Littlefield's Chances for the
Speakership Are Considered
Very Remote.

| Washington, July 25.-Col. Hepburn
WAS in Washington yesterday fresh
| from Il conference with the president at
oyster Bay, and there is significance in
his reply To an inquiry ii he thought
Litteiield had been commissioned TO
take charge of anti-trust legislation.
The president is Very much inter-
ested in the question: said Mr.. Hep
burn, but | think that it viii be found
that he is willing TO let the appropriate
committee of the house have full juris-
diction OF the subject
AS Col. Hepburn is chairman of the
committee on interstate and foreign
commerce he probably knows what he
is talking about. The colonel frankly
acknowledges the difficulties that at
tach to any effort To deal with the sub
ject by legislation. He said: III seems
TO me that we are in the condition OF
the man out in the country who wanted
Il rifle that would hit a deer and miss
a calf. We want a law that will hit the
perniciouS injurious trusts and yet not
harm the proper and legitimate combi-
nations of capital. The man who can
devise that kind of law viii solve the
problem.
1T seems to me- he continued, that
the whole trouble lies IN the amount of
stock in these vast combinations which
does not represent money actually paid
in. For instance, l do not believe that
Pierpont Morgan would have interested
himself in organizing the great steel
trust if il had not been for the 81, 100,-
100000 in stock unrepresented by cash.
Ii we could tax this kind of stock out of
existence just as we tax state bank
bills, | believe we might find a remedy.
At any rate / believe there would not be
so great an incentive for forming these
huge combinations. l would have no
watered stock at all. In nearly all of
these trusts the common stock is all
watered. I would tax out of existence
all stock that does not represent money
actually paid in
Asked If he thought there was any
thing in the talk OF Littlefield for
speaker, Col. Hepburn said:
II can not. of course, pretend to
know what Mr.. Littleield's ambitions
are. but he seems to have an energetic
and Industrious press agent, who is
keeping him before the public. do be-
lieve, however, that / can predict that
the house will re-elect General Hender-
son TO the speakership. General Hem
derson is personally very popular, and
he is always in line with his party. Not
only is this the case but do not re-
member an instance where Speaker
has bene turned by the republican party.
The democrats once substituted car
Isle for Randall. but that was due to
fractional fight in the party over the
tariff AS for General Henderson, he
has naturally excited some animosities
because he has not allowed everybody
to do everything that was asked. but on
the whole he has exercised his power
with great tact and the least amount of
friction. You must remember, too, that
he is not a tyrant He has not usurped
power All the authority which he eN-
ercised has been given to him by the
house. and can be taken from him by
the house, If the latter SO desires. Per
sonally, I do not see why a speaker
should want so much power, but as the
house gives it to him, | suppose he is
not to blame for exercising it,
There is good reason to believe that
the problem of the friars in the Philip
pines will work out tremendously. 1t
would not be practicable for the atl-
thorities at Rome to abruptly conclude
an arrangement involving the transfer
of the property belinging to these or
ders and the retirement of the members
from the islands without negotiations
with the orders themselves. Time is
REQUIRED to accomplish the desired re-
Ill