New-York tribune., 1908-07-29

and in another part of the country. where II mas
none at an exorbtant price, this is evidence
that n is attempting an unlawful monopoly,
and justifies conviction under the anl-truse
law: but the proposal to supervise the business
of corporations in such way as to FIX the price
of commodities and compel the sale at sucn
price is as absurd and socialistfc plank as was
ever inserted in a Democratic political PLATFORM
Difference Between Republican and Democratic
Policies and Platforms: Former Progressive
and Resuative; Latter Radical and Oestruo-
tive.
The chief difference between the Republican
and the Democratic platforms is the diHerenGe
which has heretofore been seen between the poll
cies of Mr. Roosevelt and those which nave
been advocated by the democrats bae bean
progressive and regulative; Mr.. Bryan de-
structive Mr. Roosevelt has favored regulation
of the business in which evils have grown up
so es TO stamp out the evils and permit the
business to continue. The tendency OF MT
Bryan's proposals has generally been oestruc-
five Of the business with respect to which ne Is
demanding reform Mr.. Roosevelt would COM
pei the trusts to conduct their business IN a
lawful manner and secure the benefits or their
operation and the maintenance of the prosperity
of the country of which they are an important
part while Mr. Bryan would extirpate and de-
stroy the entire business In order to stamp OUT
the evils which they have practlsed
ADVANTAGE of Combination of Capital.
The combination of capital in large plants to
manufacture goods with the greatest economy
Is Just as necessary as the assembling Oh the
parts Of q machine to the econoIn1cal ana more
rapid manufacture of what In old times was
made by hand The government should not
interfere with any more than the other'
when such aggregatons of capital are legltln1ate
and are properly controlled they are then
the natural results of modern enterprise and are
beneficial to the public. In the proper operaIion .
of connection the public will soon share with
the manufacturer the advantage In economy OF
operation and lower prices.
What Is an Unlawful Trust7
When. however such combinations not
based on any economic principle. but are mace
merely for the purpose of controlling the mar
ket 10 maintain or raise prices, restrict output
and drive out competitors, the public derives no
benefit and monopoly There must
be some by the company of the compara-
lively great size of its capital and plant and
extent of it's output. either to coerce persons TO
buy of II rather than OF some competltor, OF
TO coerce those who would compete with 1t TO
give up their business. There must usually, IN
other words. be shown an element of duress IN
the conduct of its business toward the Gus
toners in the trade and its competitors before
mere aggregation of capital or plant becomes an
unlawful monopoly 1t is perfectly concelVaple
that in the interest of economy Of production a
great number of plants may be legitimateiy
assembled under the ownership OF one corpora
ton It IS important, therefore, that such large
aggregat tions of capital and combination should
be controlled so that the public may have the
advantage of reasonable prices and tnat the
avenues of enterprise may be kept open TO the
individual and the smaller corporation wishing
to engage in business
Mere Aggregation of Capital Not Violation of
Anti Trust Law.
In country like this, where. in good times.
there is an enormous floating capital awaiting
investment. the period before which effectlve
competition by construction of plants, can
be introduced into any business is compare
lively snort. rarely exceeding a year ana Is
usually even less than that Existence of actual
plant is not, therefore, necessary to potential
competition. Many enterprises have been or
sanfzed on the theory that mere aggregation
of all or nearly all existing plants in line Of
manufacture, without regard TO economy of pro
duction destroys competition They have, most
of them gone into bankruptcy Competition IN
a profitable business will not be affected by the
mere aggregation of many existing plants under
one company unless the company thereby effects
great economy the benefit Of which it shares
with the public. or takes some illegal method to
avoid competition and to perpetuate a hold on
the business
Proper Treatment of Trusts.
Unlawful trusts should be restrained with all
the efaciencv of injunctive process, and the per
sons engaged in maintaining them should be
punished with all the severity of criminal pros
ecution. in order that the methods pursued IN
the operation of their business shall be brought
within tde law. To destroy them and to elm
mate the wealth they represent from the pro
ducing capital of the country would entail
enormous loss and would throw out of employ
ment myriads of workingmen and working wo-
men. Such q result is wholly unnecessary 10
the accomplishment or the needed reform. ana
will inHict upon the innocent far greater pun
ishment than upon the guilty
Destructive Policy of Democratic Platform.
The Democratic platform does not propose to
destroy the plants of the trusts physically, but
| il proposes to do the same thing in a different
wav The business of this country is largely
dependent on a protective system of tariffs The
business done by many of the so-called trusts
is protested with the other businesses OF the
country The Democratic platform proposes to
take off the tariff in all articles coming into
conlpetitop with those produced by the so-called
trusts and to put them the free list. If
such a course would be utterly destructive OF
their business as is intended it would not only
DESTROY the trusts but all of their smaller COM
petitors The ruthless and impracticable char
acter of the proposition grows palmer as Its
effects upon the whole community are realized.
Effect of Democratic Plans Business.
To take the course suggested by the Demo-
cratic platform in these matters is to involve
tile entire community, innocent as 1t is, in the
punishment of the guilty. while our policy is to
stamp out the specific evil This difference be-
tween the policies of the two great parties is
of especial Importance in view of the present
condition of business After ten years of the
most remarkable material development and
prosperity there came a financial stringency,
panic and an industrial depression. This was
brought a bout not only by the enormous ex-
panson of business plants and business invest
ments which could not he readily converted,
but also by the waste OF capital. in extrava-
gance OF living in wars and other catastrophes
The free convertible capital was exhausted. In
addition TO this the confidence of the lending
miblic in Europe and in this country had been
affected by the revelations of irregularty
breaches of trust overissues of stock, violations
of law and lack of rigid state or national super
vision in the management of our largest
norations Investors withheld what loanabIe
capital remained available. 1t became impos-
sihle for the soundest railroads and other enter
prses to borrow money enough for new con-
struction or reconstruction