Los Angeles herald., 1907-08-01
THE STEEL TRUST.

HE ln1qu1tOuS steel trust blazonS
to the outraged business world its
- quarterly wages of shameful trade
piracy and invites the victims notice
to the growing evil. The net earnings
for the first quarter of this year are
45,5O3,705. being an increase of S5,37S, ,672
over the earnings in the corresponding
quarter of 1906. This marvellous sum,
after all demands were paid, and all
dividends and charges allowed still
afforded the power of $1S,50O,O0O for in
crease Of plant and extension of facil-
ities providing for the spreading of the
mercial cunning; and the criminal
stand patters'' of the senate lift no
voice, nor raise a hand, to stay the
atrocious robbery. This vast earning is
made by corporation which is capital
lied in stock and bonds at $1,700, 900, 900.
OF this amount $60O,00O0O0 was bonds
known to have been paid for every bit
of property owned, leaving S1,100, 900
| in stock which was absolute water and
represented nothing except the adroit-
ness of this group Of manipulators of
finance. Under the trust fostering tariff
the great steel corporation has been
permitted to make these gigantic divi-
dends by selling steel rails abroad at
SIS per ton and at home at $27, thus
levying a tax upon the people of the
United States for every pound of
freight carried and every mile of pas
senger service. This brings the robbery
home particularly strong to Californians
who are dependent upon the railways
for so many of the commodities manu-
factured in the east and for reasonable
rates on citrus fruit and other products
sent to the east.
The national congress of the United
States has the power to break this
strangling hold on the commercial life
of the people by the simple means of
reducing the tariff on steel of all
grades, thus affording a healthy COM
petition as the only corrective. Mem
bers of the lower house have from time
to time shown desire to apply this cor
rective measure, but it is known any
such measure would meet with speedy
death in the senate. In view of these
facts may the people look to the senate
for any measure of relief? Those COM
petent to forecast the action of that
body say no. The power behind the
senators which makes of them 1egisla-
tive automatons is that of an oligarchy,
exercising imperial mastery over the
financial and business worlds without
any sense of responsibility to the peo-
Pile. 1t is the religion of this monopoly
to play up tariff revision as a politi-
cal bugbear, using prosperity as a
lever on the fulcrum of partisanship,
thus binding the people to their best
interests.
Tariff revision is not new thing in
this republic, having been freely exer-
cised in 1910, and frequently since that
time, and always by the political party,
then and now, opposed to centraliza-
ton, and always at the demand of the
mass of the people, but times and
political conditions are changed, and
centralized wealth and power, con-
trolling the federal senate, flout the
popular will and continue to bleed the
people.
A tariff with incidental protection to
industries which could not thrive with
out it, is the great desideratum now in
demand, and all reasonable analyses OF
this vital subject prove it; but a sub
servient senate, under cover of legisla-
tive forms, impudently' def1es public
opinion and makes the steel trust |
piracy possible.
Bayard of Delaware in 1872, when
speaking on tariff revision-a horizon
tai 10 per cent reduction-claimed such |
revision could not be made to stick,
for the same reason that now blocks
the way to relief, viz, that the senate,
under the dominant power of financial |
and political interests-both PARTISAN
could not enact a just tariff bill The |
senatorial cry then was and now is |
"If you cut the tariff on steel why not |
on other things?" which drew from
Sunset" Cox of New York the follow
ing sarcastic reply, very applicable just
now to the lame ducks in the senate
who cloak subserviency to the steel
magnates with specious pleas:
Let us be to each other instruments
of reciprocal rapine. Michigan steals
on copper, Maine on lumber, Pennsyl-
vania on iron, North Carolina on pea
nuts, Massachusetts, on cotton goods,
Connecticut on hairpins, New Jersey on
spool thread, Louisiana on sugar, and
so ON. Why not let the gentleman from
Maryland steal coal from them? True,
but a comparative few get the benefit,
and it comes out of the body of the
people; true, it tends to high prices, but
does not stealing encourage industry?
Let us, as moralists If not as poll
ticians, rewrite the eighth command
ment: Thou shalt steal; because steal
ing is right when common How happy
we should be when we can all look each
other in the face here, clasp hands, as
now I look into the face of the gentle
man from Massachusetts, and say:
God hlesS vOIl NV brother. Won have