The independent., 1903-04-23
News OF the Week

Dlnef eastern cities the captains OL
industry" have concluded that the
course to be pursued in regard to
"trust-busting" will be to threaten the
administration with destruction, IL 1t
1oes not stop and 'let well enough
alone" Before any other prosecutions
are instituted the whole power of the
financial and investment world In the
United States will be brought to bear
ON congress to modify the antitrust
act OF 1890. They never will submit
10 to an eHforceiD ent of that act. Com
petition must be destroyed and all
laws tending to preserve 1t must be
repealed or allowed to remain on the
statute books as dead letters. The
trusts believe, and they have good
foundation for their belief, that the
congress that meets in December, or
sooner If called in extra session, will
prove tractable and the antitrust
laws will be modified. Morgan, Hill.
Hartman and the rest of the gang
have suddenly found out that no con-
stitutional amendments are necessary
to bust the trusts, that there are suf-
ficient laws now on the statute books
to destroy every one of them. So
they want those laws repealed.
Last week the painters union OF
Springfield, Mass, decided mot to
recognize the master painters organi-
kation, but to treat with the members
of 1t only as individuals" Labor un-
ions are adopting the tricks Of the
capitalists.
The investing public seems to have
changed it's view of Morgan's finan-
cial ability. The new per cent bonds
of his steel trust are selling at below
84 The preferred shares of his trans
Atlantic steamship combination are
quoted at about 81 and the common at
IL. These figures must be accepted
as rejecting the current investment
estimate of. Mr.. Morgan's work in de-
stroying competition.
The Philippines seem to be the
grave of the hopes and honor of a
good many officers of the army. Cen
eral Baldwin, at present located in
the command of the department at
Denver, is in trouble up to his eyes.
The service in the Philippines so de-
moralized him that when he arrived
In Denver he declared to a reporter
that a negro or Filipino soldier never
gave an officer any trouble for it
made no difference whether they were
killed or not and in explanation added
that If man had prize dog and a
cur, he would naturally be more
solicitOus for the high bred animal
He has been called to account for his
brutal talk and denied it. The re-
porter, however, has made affidavit
to the truth of the statement as pub
lished and the war department says
that the easy way of denying pub
lie interview don't let General Bald
win off. He is expected to ask for
court of inquiry, and if he don't,
the war department will order a
court-martial. When the government
sends men on such duty as has been
demanded of them In the Philippines,
the government ought to expect them
to become degraded and brutal, and
not court-martial them for something
that the nature of the service pro-
duced.
Prof. Albert H. Putney of the H.
linois college of law in a public ad-
dress in Chicago last week said:
"The panic of 1893 was brought about
entirely by the action of the national
banks, which were the sole benefic-
iaries Of it." 1t is only ten years since
that panic was ordered by the clear
ing house ring. and although that ring
is still the dominant power in the
land, yet here and there prominent
nan is foun1 who dares to tell the
truth about the crime. Fifty years
hence the name of every man who
aad anything to do with it will be ex-
scrated by all mankind.
II goes without saying that there
are very many more trusts doing bus
mess in direct violation of the anti
trust act besides the Northern Securi-
ties company, prominent among them
being the merging of the anthracite
coal roads, the Vanderbilt lines, the
Pennsylvania systems and the New
York, Hartford and New Haven. But
no more trust-busting will be en-
gagged in. Enough has been done to
hold every galoot in line to vote ''er
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