Daily capital journal. (Salem, Oregon) 1903-1919, 1906-08-16


o find in the New York Times, one o
o the ablest and most uncompromis-
: ing organs of tariff revision, an ed
$ itorial, showing that the giant stee
trust is no longer looked upon b!
. free-traders as a monopoly, and tha
, it has steadily declined in its proper
ton Of steel produced since its or
ganization. The Times says:
Steel Trade.
The widest interest in the stee
corporation report attaches to what
is least discussed-that is, the con
ditions in the trade as reflected by
the frst-hand facts now available
It is true that the steel corporation
is not a steel trade. Big as it is,
it is neither the majority interest
nor even the controlling interest.
In fact, its proportion of the trade
/ is relatively declining, while concur
rently it is breaking it's own records
of production and earnings. Its pro-
/ duction of pig has fuctuated since
| its organization within narrow
range and without decided trend,
standing now at A per cent of the
countrys total. It's production of
open-hearth and Bessemer castings
has fallen by about per cent to AZ
per cent. It's dominance is greatest
in the wire nail product, which, al
though declining, remains at &C per
cent. In short. the trust is not by
any means a monopoly, and yet it
is impossible that the trust should
prosper and the trade languish."
All legislation, and especially rev.
enue legislation, is the result of COM
promise 1t must inevitably be so
in order to command, as, of course,
is necessary, a majority vote in both
house and senate. 1t is therefore
to secure perfection in
each schedule of a tariff bill; but I !
have no hesitation in saying that
the present revenue law, known as |
the Dingley law, all things consid-
cred, is the most perfect and Just
customs-revenue laws ever enacted. |
The general distress and industrial
conditions prevailing throughout the
country at the time of it's enactment
leiped to make it so, because II
brought all the people together. In
lines of prosperity, when it at
empted to enact tariff legislation.
ne selfishness of the people is an
'ealed to. but when there is indus-
rial depression different interests
ire more inclined to get together
or the general good.
The Dingley bill was substan-
lally the first legislation under the
administration of William McKinIev
was enacted at a time when the
eVenues of the government were
hort' when all our people, on farm !
NINE and in factory, were unable
realize reasonable profits upon
'elr respective products, and when
assumption was at minimum for
lie want OF steady employment bvl
UT people at fair wages. In its
perations that law has spread more
'enly and justly over all produc-
on IN the United States than anv
'riH law previously enacted. Under IT
. Workings there came hope, conf
'hce' employment. profitable pro.
ucuon' and universal prosperitv Ii
"''n mas grown and increased from o.
at TO year up to the present time fc
nder 1t the people worked out their CO
wn salvation. '' il
II uid not and does not, please OF
'' De"'ocratic party. That Marty ly
S'o!nces the policy OF protection al
'oooery and declares for n tor,r OF
. revenue only, This has been tho ii
,S.''on OF the Democratic party for fo
ANY years 1t is its position todav es
~ tne position of all its leaders te
'luu'ng William J, Bryan and ,Jobn W
i"'p Williams, the leader Of tha pr
ihority in the house of renroso,.a
YES who time and again dnring tha OF
q Do,,e,' 'on OF congress proclaimed ed
: poIlcy OF his party to be. II cloth =