Rosebud County news. [volume] (Forsyth, Mont.) 1901-1906, 1903-05-14
THE STEEL TRUST AND THE Gov
EMINENT.


world, organized under charter
granted by the several states and the
people thereof, collected during the
calendar year 1902, for the mainte-
nance of an army, navy and
civil service of the vast extent, the sum
of $500, 27e, 900 apart from the postal
service. During the same time the
United States Steel corporation, priv
ate concern existing under a charter
granted by one of the states, collected
from the people gross sum of $780,
$40, 479. In its fiscal operations the
private corporation stands approx
mately on an equal footing with the
greatest of public corporations. 1t
levies upon the people to nearly equal
extent. Financially and industrially
it is power equal to that of the whole
people of the United States in their or
gained political state. This is fact
calculated to awaken popular reflec-
ton.
But is there the slightest danger,
can there possibly be any danger, that
this great private corporation, repre-
resenting few thousand stockholders,
will ever be able successfully to meas
ure its strength with that of the public
corporation representing all the peo-
pie of the country? For an answer
note what already is being achieved in
this direction. The United States
government is maintaining a high
tariff for the protection of the steel cor
poration from foreign competition and
enabling it the better to exploit the
home market for its own private profit;
and the government shows no DISPOSE
ton to change this policy. Whether
from the direct or indirect influence of
the power of the steel corporation, or
from no exercise of its power whatever,
it is fact that the power of the United
States government has been bent and
is being bent to the profitable uses of
the private corpor alton, and there are
no indications that a chance is to be
affected in this situation.
Largely because of the action of in
action of the United States government
the steel corporation has been enabled
to tax the people of the country for
profits of marvellous measure. It's total
net earnings for the year were over
500, 900, 900. 1t was able, from these
earnings, to make large allowance for
maintenance and sinking funds, and
then to pay per cent on the preferred
stock of $50, OOO, 900, to a very consid.
cradle extent representing the value O.
monopoly apart from any investment
Beyond this it is able to report surp
lus or undivided profits of $42, $50, 600
which is equal to about 81 per cen
additional on the total stock capitalize
ton of the concern. Upon the actua
Investment of stockholders, the concern
earned last year, above all expenses
charges, costs of maintenance. etc.
something like IS per cent.
1t was able to do this because it was
able, under the tariff proteetien of the
United States government, to exac,
prices in the home market about double
the normal prices prevailing before
combination in the iron and steel in.
dustries began. These exactions affect
all industry and all the people. They
increase the costs of building and
rents, the costs of transportation, the
costs of all manufacturing the costs OF
| living in general. 1t is not so mucf
the demands of labor for more wages
that have increased the costs of pro.
duction as the exactions of monopoly
trusts like the steel corporations, and
these exactions are very largely made
possible by extreme protective customs