The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1904-09-30

lower prices But this sharpening of for
eign competition by the removal of the
tariff would, beyond any doubt, lead
American combinations in some cases to
enter into international combinations:
Already we have the thread industry of
England and the United States, indeed
the thread industry of the world, largely
in the hands of an International combi-
nation. The bOraX trade is also organ
lied internationally, and there have been
efforts to bring about an international
iron and steel combination. In Europe
many combinations have crossed national
boundaries The advocates of lowering or
removing the tariff in any line OF IN
dustry should inquire carefully whether
its effects might be to produce an inter-
national combination, and If so, whether
such an international trust would be de-
sirable. The possible effect upon wages
OF a reduction or removal of duties must
also be considered, and the further pos
sibility of admitting to this country the
surplus stocks of European manutactur-
erS at rates so low as to seriously Grip
pie our home manufactures. If our man
ufacturers extend their foreign markets
by selling at low rates abroad, they but
follow the example of European manu-
facturers, who for years have disposed OF
surplus stocks in this country so as 10
keep their factories gong 10 thelr d il
capacity What can be gained by heIp-
ing foreign trusts in order to hurt 90
nestle trusts is not apparent" Vol. IL,
page O3O-l)
Control of Trusts.
The purpose Of and 1nducement lot,
the organization of many of their trusts
is two-fold Their promoters seek to en-
rich themselves not only by controliins
the market, but also, and that is often
the chief end in view, by hoating !arge
Quantities of unduly inflated stock. Coulo
we get at the exact figures it would no
doubt be found that the great steel trust
has directly or indirectly levied a greater
tribute on the public by the large volume
of inflated stock it put upon the marker
than by the enhancement of the price or
it's products The stock victims nave IN
many instances suffered more than the
consumers.
Owing to our dual system of govern
ment-state and federal-and the result
ing limitations of the federal conSutu-
ton it is no easy matter 10 regulate anu
control these trusts and to keep them
within proper bounds. The powers OF the
federal government are confined 10 the
control of interstate commerce and 90
not extend to purely state commerce or
to manufacturing or production The
Republican party is the only party that
has enacted any material federal legis-
lative restraints, and sought to enforce
them through judicial proceedings.
Trust Legislation.
The following is brief summary of all
federal antitrust legislation:
a. The interstate commerce law or
1887, enacted by u Democratic house and
Republican senate.
% A clause in the Wilson tariff law Of
1894 prohibiting combination among inn
porters. And this was the only attempt
at antitrust legislation made by the
Democratic party when they were in
power.
law of 1890, passed during HarrisonS ad-
miniStration by a Republican house and
Republican senate. and which il clear
terms prohibits monopolies and comblna-
lions in restraint of interstate commerce
(4 The act of Feb. IL, 1903, expeditlng
trials of suits to enforce the Sherman
law.
(5) The act of Feb. IA, 1904, establish
ing the department of commerce and Ia
Dor with q bureau of corporations hav-
ing power to gather, secure and publish
thorough information in regard to the
organization and operation of all cor
porations engaged in interstate COM
(6) The act of Feb. 49, 1904, amending
the interstate commerce law by enlarglng
the powers of the commission and the
courts and prohibiting rebates and draw
backs of every kind.
IN On Feb. % 1904 an act was
passed appropriating 100000 to enforce
the provisions of the antitrust law and
vesting the attorney general with power
to employ special counsel and agents to
conduct suits and prosecutions under the
law: and
passed providing for the appointment OF
an assistant attorney general to assist
in the enforcement of the antitrust law.
Blocked by Democrats.
Not only has the Republican party
given the country all this antitrust legis-
Iation but in 1900 it aimed in the house
to secure the adoption of a constitutional
amendment giving congress ampler pow
err to regulate and control trusts. On the
passage of this amendment las Repub-
licans voted for it, 2 against it, and 120
Democrats voted against it and only 5
for it. 1t failed to pass for the lack Of
a two-third vote in its favor. In dis
cussing this amendment Mr.. Richardson,
the Democratic leader of the house, read
from the Washington Post, Democratic
paper. the following:
by supporting this constitutional
amendment Democrats would have de-
liberately connived at the permanent re-
tirement of the trust issue. withdrawn it
from the campaign, and thereby robbed
their party of one of its most powerful
engines of war;
Then he said:
eff we pass this constitutional amend
ment, the effect of it will be to do just
what the dominant party desires us to do,
and that is to eliminate the trust issue
from the campaign this year. Now, ara
we going to help to do it? hope not.
Parker on Trusts.
OF all this antitrust legislation there
combinations among importers, that the
Democratic party can claim the credit
for The party has all along evidently
been possessed of the view, recently an
nounced by their candidate in response
to the official notification of his nominal
ton. that the common law, derived from
judicial precedents and decisions, is all
sufficient as a weapon against the anti
trust evil. OF course he and his party
would supplement it with a tariff for
revenue only. Fortunately, Judge Parker