The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1906-10-12

corporations had been united under
boards Of directors. This had revolution
Iized everything. The pufposs Of these
great combinations Of capital vas to
control The market prise Of the output
and also of the raw material and Of
labor There was no considerable line
OF production but what was now con-
trolled by trusts and combinations. The
speaker said that this was the history
of the trusts, and he believed that they
had some relation to the government
They maintained Hobbies in the legisla-
lures and in congress. and had elected to
both branches of congress men who were
interested financially in the trusts. In
this way they have become q menace in
the last five years.
The people had always had within the
country an enemy to contend with. Not
having a strong central government like
a monarchy or empire, the country had
been weak, and it had been easy for per-
sons to organize to secure control of the
government. 1t was difficult to arouse
the people. This had been the history
of all democracies and republics.
The speaker told how the corporations
issued watered stock and bonds and por.
coed to make the people pay interest and
dividends on the whole capitalization,
thus making the watercd stocks and
bonds equal in value to those represent
ing investments of money. This was
a common practice of traction, street
car, electric light, gas and railway com.
panies. That was the secret of the
building up of immense fortunes. 1t
had been done by dishonesty rather than
superior business ability The United
States Steel company had cornercd all
of the iron in the world. If all the iron
supplies were to be swept away civil
zation would fail. "Cod never made a
board OF directors good enough to have
control over the lives of people," de-
clared the speaker, while the audience
applauded. 81 don't know how we are
to grapple with the question, but if any
amendments are needed to the constitu-
ton they will have to be made. The
capitalization of the steel trust was
placed at $l,2OO,OOO,OOO, and has since
been increased to $l,40O,O00, 600, but
| 81 600, 100000 of this is water The beef
trust was formed in Chicago, and today
| half dozen men there make the price
of every pound of beef or mutton sold
on the farm. In three years they have
reduced the amount paid the farmers
for. meat by $l63. 100000, and at the
same time put up the prices of meat
as sold by the butchers. The trans
portation companies have become iden-
titled with the owners of other trusts,
notably of the grain trusts" There was
no longer a competitive market for
grain. The railways and the elevator
lines were owned by the same persons,
| which was fact that the speaker
hoped would be disclosed in few
months by an investigation now going
Ion at Washington. Gin Minnesota the
conditions have been investigated, and
The report shows that 1900 elevators
/ entered the combination, drove out COM
petition and then put down the price of
grain six cents below what it should
| have been. The old law of supply and
demand has been set aside. There is now
industrial slavery, and this will be soon
followed by political servitude. Less
| than one hundred men control the price
of everything That you buy. Eight men
control $9,OO0.OO0,OOO to $lO,OO0,O 100000
Of railway capitalization, and own most
of it absolutely. Here in southern Min
nesota villages and townships are voting
70 secure the building of road to Sc.
| 1ure competition. This is utter folly, for
| the road will be absorbed soon after it
is built by the trusts.
:'The people of the country have built
| the railroads through state and county
donations and individual subscriptions.
In Wisconsin the farmers mortgaged
their farms to contribute to the build
ing of the railroads, and the national
government has donated l93,OOO,OOOl
| acres to the railroads What business
| had our fathers to give the peoples
| ands to the railroads? 1t was because
he railroads were rendering public SER
rice. For the same reason, vast sums
have been expended in improving rivers
| and harbors. However, / am not going to
! advocate public ownership Of the rail
roads. (Applause.) We cannot permit
the control of transportation to remain
in the hands Of few men. That is
not to be considered. We must regulate
not only the rates but the service as
well and compel those who own and
operate the highways to render good,
adequate service to all individuals, or
we must own the roads. (Applause.)
We cannot permit the roads to remain
under the control of private corpora
tions.