Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1899-1903, 1903-09-29

the limits of any political speech it is
impossible to consider the subject with
fultness which its Importance deserves
but when we do discuss the affairs of
these corporations, it is in the high
est degree necessary that we maintain
our composure. 1t is somewhat diff
cult to do this. because hysteria seems
to be in the atmosphere as we ap-
proach the topic. | will do the best |
can to talk of them uninfuenced by
the fear which they seem to beget. 1t
is admitted that there is economy in
Capitalization 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 a corporation for the purpose of re-
ducing the cost Of things which it pro-
duces. There is a point however, be-
yond 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 combina-
ton. The vast increase of wealth in
modern times and the intimacy of
those who possess it have introduced
two other elements into those comhin-
atoms. The first is the desire to make
money out of the mere organization
through the medium OF gross overcapi-
talization. This is utterly indefensible
disastrous to the country, and demands
the speediest and the most effectual
remedy that can be devised. l think
there is remedy, and believe it will
be applied. but inasmuch as it is not
an issue between the parties, / do not
dwell upon it. pause only to remark
that in the republican platform of this
year is to be found the only suggestion
that commits any political party to re-
form in the organization OF such cor
porations. 1t is in these words:
We believe that the large corpora
tons commonly calledtrusts, Should be
SO regulated and supervised, both in
their organization and operation, that
their evil tendencies may be checked
and their evil practices prevented"
1t is my firm belief that If all cor.
porations 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 cor
pOA%e IhC tluoG AuSSIlOll Will IlOU
long vex the people of the United
States, and fervently hope that all
parties will unite to hasten this much
needed reform.
The second element in these corpo-
rations to which have referred is the
desire to stif1e or restrict competition.
1t is as natural for producers to seek
the death of competition as it for them
to breathe. 1t is the common, ordina-
ry, motive of business enterprise, and
the man who will voluntarily share his
market when he can monopolize it, is
too good for this world. The individ-
ual or the corporation that can over
come actual competition by producing
better wares or by selling at a lower
price or by superior management, is
not the enemy, but the friend of man.
kind, for there always remains. the po-
tential competition which insures alb
solute safety for the public. The cor
poration or association, however, that
is brought into existence for the ex-
press purpose of suppressing compe-
tition by> the purchase or consolida-
ton of independent plants covering
the whole field, and that proposes to
destroy the force of potential compe-
tition by the same method, is vicious
and unlawful combination, and all the
powers of government should be en-
ployed for its humiliation. What has
the democratic party ever done or
proposed to do in this direction?
Nothing except to clamor for free
trade, a remedy whose blighting eff
fects, like the showers of Heaven, fall
upon the just and unjust alike. On
the contrary, the republican party has
set itself courageously and intelli-
gently at the work, and with the Sher-
man act and it's recent amendments
it will solve the problem, slowly and
laboriously, it is true, but in the end
it will be settled, and settled right.
Admitting freely that the most
strenuous attempts have been made
to establish monopolies, it is yet true
that they have been generally thwart-
ed by natural causes. Trusts are very
many, monopolies are very rare, and
he who does not distinguish between
them is poor guide in the labyrinth
of modern affairs. He who would de-
stroy all the so-called trusts in order
to disintegrate the occasional monop-
oily, has given little thought to the
gravity of the undertaking, and he
who, believing in protection at all,
would abolish the duty on all trust
made goods because the trust may
ripen into monopoly. would remain
childless lest his offspring may be-
come criminals.
] illustrate with commodity often
mentioned by Mr.. Sullivan. The
United Steel corporation manufactures
steel rails. There are at least three
other great corporations which also
manufacture steel rails, and there is
substantial competition. If duty is
necessary to enable steel rails to be
made in this country, why remove the
duty because they are made by trusts ?
If, however, the United Steel corpora
ton should purchase it's competitors
and thus establish and maintain a
monopoly in steel rails SO that every
buyer must be subjected to its arbi-
trary will, then, there is reason for the
removal of the duty, and it is therefore
that our platform declares that tariff
schedules must be opposed to domes-
tic monopoly.
cannot leave this subject without
reference to the reiterated state
ments of the democratic platform, am
plified in the speech of the democratic