The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-03-12
and commercial business in open and legi-

H. -. y 5# 49,
4 There Is no longer competition, either
lin production or in distribution.
The intelligent average Citizen with |
out whom no democratic government may
survive, has been largely eliminated by
combinations of industrial capital, which
have driven him to the wall. He is now
either clerk; a salesman or in the grave.
His place has been taken by gigantic or
EXAMINATIONS in restraint Of trade. With a
practically prohibitory tariff on the one
side, and no competition on the other.
these organizations have raised the price
of alb manufactures from 80 to SO per
cent above their cost, based on fair and
non1al profit. Not content with this, they
have capitalized these enormous profits
under the tremendous issues of inflated
securities which hang as a constant men
ace over the financial and industrial con-
editions of the people
How Competition is Killed.
To-day many staple articles manu-
featured in the United States are sold as
| cheaply in England, Japan Or India as
they are supplied to the people Of the
| United States Iron rails have been shipped
| to England, returned to the United
States, and then paid the duty and
| been placed on the market at 81 less than
our own rails. An iron manufacturer in
[ forms me that he sells his surplus abroad
at cost, SO that the prices may not be re-
| QuceQ ny competition Ol THESE dlLlCleS III
| the home market. BY fair price at
home, he means a price that will pay 80
per cent on his real capital, and 10 per
cent on his stock and bonds, which are
three times what the property is worth
Competition under the protective system
| is therefore dead letter.
| 1.-The American working man whose for
! bears fought with Washington or Grant
has disappeared. In his place one finds
| italians, Poles and miscellaneous mixed
races, whose inheritance Of bad morals
| and bad government is a menace to demo-
cratic government In one Of the large
manufacturing cities of Connecticut a
leading manufacturer told me that he had
largely supplanted American laborers with
Italians. He said they were treacherous
| and deceitful but worked cheap. At New
Haven saw twenty Slav workingrlen es-
corted from the New York train, all bear
ing numbered tags. ..~.-.. - -,
| 1.-The manufacturer thus secures the
unique advantage of cheap labor and ex
orbitant prices for articles of his pro-
duction. The occasional advance In
| wages bears relation whatever to the
! enormous advance in profits. ~, -"
1T is apparent therefore that ~Hamil-
toms dream of high-priced labor and
high minded working men has not alto
gether reached it's realization under the
| protective system. 55t%
! 1T is ridiculous to suppose that Europe
| will indefinitely submit to our present pro-
| hbitory tariff and still give us free &C
cess to her own markets. She will not
indefinitely trade gold for food products
She could not. even if she would
while reciprocity has been promised in
the Mississippi valley in every party plat
form for ten years, am informed by a
well known and very practical politician
in Washington that the protective element
Of the party has not even a remote inten-
twas t1y
| whatever or taking any step toward the
reduction of the present tariff.
Where the Mississippi Valley Comes In.
I'm nutshell, the Mississippi valley
gives everything and gets nothing, under
the existing system. It sells cheap and
buys high. It produces all the vast wealth
without which the manufacturing east
could not sustain itself for a day. But
Flor it's continued and colossal railroad
earnings, and it's increasing production of
natural wealth, Wall street would have
to close it's doors at once. The Missis-
sippi valley is producer of wealth. I'm
der the existing system the money chan
gers of New York and the eastern manu-
facturers are the consumers Under the
} so-called trust system, few magnates
| have proceeded to. capitalize the brain
and Drawn of the Continent for the bene-
| | fit of a few. The continual consolidate,
| of railroads and Industrial enterprises, an6
| the issuance Of Watered stock on the
basis of the present prosperity, is an at
> tempt to- discount the future Of an entire
} people Of producers for the benefit Of q
few who produce nothing.
~ Depression Feared.
1.-The crest of the wave of prosperit,
has passed, even in the west. Neithe
) railroad nor industrial securities will rul
as, high as hitherto. Industrial securitie
must slowly decline until they reach tn
point where they will pay a fair dividen,
Y in average times. This means absolut
e obliteration in some stocks and heav,
: losses in others. A bad crop next fal
n would certainly bring harder times. Al
Y attact upon the protective system ut tn
i next session of congress must shake to tn
IL foundations such CT the trusts as depen
IL upon exorbitant profits to pay interest o.
: watered stocks. Altogether, we can hard
: ly escape commercial depression within
: the next few years. 81.
y notwithstanding the opinions of som
! senator's from New England poke
= boroughs, the people of the Mississippi
= valley stand almost as a unit in favor @
Q radical tariff reform and real reciprocit
k which they have been promised but hay
l. not yet secured ID" .a-.-, =.
e ,..., Nv. W. Jerrnane.