The Denison review. [volume] (Denison, Iowa) 1867-current, 1903-09-30

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borne in mind that any person or any
corporation can import tin with ex-
actly the same privilege. With re-
spect to the product itself, there is no
duty upon it, and if there were. it
would be dead letter, for there is
not an oil field in the world that can
import into the United States petro-
leum and compete with the Standard
Oil company if its product were admit
ted free. But l repeat, that there is
no duty on petroleum. There is pro-
vision of the law which declares that
If any country imposes duty upon pc
troleum exported from the United
States, that a similar duty shall be
imposed by the United States upon pc
troleum exported from such country
into the United States. There is no
country which can import petroleum,
the law is of no consequence whatever.
to the users of the article, and the
tariff has nothing whatever to do with
the greatness, the exactions, or the
injustice,-in a word, the monopoly,
of the Standard Oil company. 1t is
perfectly fair for public speaker to
point out the evil effects of so inn
mense and successful a combination,
but it is wholly unfair to impute what
ever evils he may discover to the op-
GRAFTON of ...e tariff.
Trusts.
I pass from this altogether too ex-
tended consideration of our tariff sys-
tenn, to another principal feature of
the democratic platform. The repub-
lican administration is arraigned in
the severest terms on account of the
existence of certain corporations,
which, though widely different in ev-
cry respect, have been, by loose gen.
eralization grouped together and
termed trusts" 1t is alleged that
they are bad and ought to be extermi-
mated from the business world. 1t is
further alleged that they spring from
the protective system and that there
fore the system ought to be abolished.
Within the limits of any political
speech it is impossible to consider the
subject with that fullness which it's
Importance deserves, but when we do
discuss the affairs of these corpora
lions, it is in the highest degree nee
essary that we maintain our compos-
ure. 1t is somewhat difficult to do
this, because hysteria seems to be in
the atmosphere as we approach the
topic. will do the best can to talk
of them uninfluenced by the fear
which they seem to beget. 1t is adj
mitted that there is economy in CEN
tralization, and unquestionably many
of the consultations have been
brought about to reduce the cost of
production. No reasonable man will
or can complain of the enlargement of
corporation for the purpose of re-
ducing the cost of the things which 1t
produces. There is point, however,
beyond which it is not economical to
aggregate industries, and many of the
so-called trusts have passed that
point, and we must therefore seek for
some other motive underlying the
combination. The vast increase of
wealth in modern times and the init
macy of those who possess it have in
troduced two. other elements into these
combinations. The first is the desire
20 make money out of the mere organ
ization through the medium of gross
overcapitaliZation. This is utterly in
defensible, disastrous to the country,
and demands the speediest and the
most effectual remedy that can be de-
vised. think there is remedy, and
| believe it will be applied, but mas
much as it is not an issue between the
parties, l do not dwell upon it. I
pause only to remark that in the re-
publican platform Of this year is to be
found the only suggestion that COM
mits any political party to reform in
the organization of such corporations.
1t is in these words:
eve believe that the large corpora
"tions commonly called trusts should
"be so regulated and supervised, both
Gin their organization and operation,
that their evil tendencies may be
Checked and their evil practices pre-
vented"
1t is my firm belief that if all corpor-
atoms are so organized that the ag-
gregate par value of their bonds and
stocks is limited to the actual value Of
the capital contributed to the corpora
ton, the trust question will not long
yex the people of the United States,
and l fervently hope that all parties
will unite to hasten this much needed
reform
The second element in these corpor-
ations to which l have referred is the
desire to stifie or restrict competition.
It is as natural for producers to seek
the death of competition as it for them
to breathe. 1t is the common, ordi-
nary, motive of business enterprise,
and the man who will voluntarily
share his market when he can monop-
oize it, is too good for this world.
The individual or the corporation
that can overcome actual competition
by producing better wares or by sell
ing at lower price or by superior
management, is not the enemy, but
the friend of mankind, for there al
ways remains the potential competi-
tion which insures absolute safety for
the public. The corporation or asso-
citation, however, that is brought into
existence for the express purpose or
suppressing competition by the pur-
chase or consolidation of Independent
plants covering the whole field, and
that proposes to destroy the force of
potential competition by the same
method, is vicious and unlawful COM
bination, and all the powers of gov
eminent should be employed for its
humiliation. What has the demo
cratic party ever done or proposed to
do in this direction? Nothing except
to clamor for free trade, a remedy