The Billings gazette. [volume] (Billings, Mont.) 1896-1919, 1908-07-31

ant part. While Mr.. Bryan would ex-
tirpate and destroy the entire bust
ness; stamp out the evils which they
have practiced.
What 10 an Unlawful Trust.
When, however, such combinations
are not based on any economic prin-
ciples. but are made merely for the
purpose Of controlling the market, to
maintain. to raise prices. restrict out
puts and drive out competition, the
public derives no benefit and we have
a monopoly. There must be some use
by the company Of the comparatively
great size OF It's capital and plant and
the extent OF its output, either to
coerce persons to buy of 1t, rather
than Of some other competitor or to
coerce those who would compete with
it to give UP their business. There
must usually, in other words, be
shown an element of duress In the
conduct Of It's business toward the
customers In the trade and its com.
petitors before more aggregation Of
capital or plant becomes an unlawful
monopoly. It is perfectly conceivable
that in the interest Of economy, Of pro-
duction q great number OF plants may
be l~egttimately assembled under the
ownership Of one corporation. It is
important, therefore, that such q large
aggregation Of capital and combina,
ton should be controlled SO that the
public may have the advantage Of
reasonable prices, and that the i've
nues OF enterprise may be kept open
to the individual and the smaller cor
porations wishing to engage in bust
ness.
Proper Treatment Of Trusts.
In law, trusts should be restrained
with all the efficiency OF injunctive
process and the persons engaged in
maintaining them should be punished
with all the severity of criminal prose
cution, in order that the methods pur-
sued in the operation OF their business
shall be brought within the law. To
destroy them and to eliminate the
wealth they represent from the pro-
ducing capital Of the country would en-
tail enormous loss and would throw
out OF employment myriads Of working
men and women. Such a result is
wholly unnecessary to the accomplish
ment Of the needed reform and will in
fict upon the innocent lar greater
punishment than upon the guilty.
Destructive Policy Of Democratic
Platform.
The democratic platform. does not
propose to destroy the plants of the
trusts physically, but it proposes to
do the same thing in a different way.
The business of this country is large.
ly dependent on a protective system
of tariffs.
Effect Of Democratic Policies on
Sa Business.
To take the course suggested by
the democratic platform in these mat
tiers is to involve the entire com.
munity, innocent as it is, in the pun
ishment Of the guilty, while Jul policy
is to stamp u the specific evil.
This difference between the policies
of the two great parties is of especial
Importance in view of the present con
dition of business. After ten years o.
the most remarkable material develop
ment and prosperity there comes fl
nancial stringency, panic and an in
dustrial depression. This was brought
about not only by the enormous ex
pansion Of business plants and bust
ness investments, which could not bt
readily converted, but also by tht
waste Of capital then, extravaganza o
living, in wars and other catastrophes
The free convertible capital was ex
hausted. In addition to this the con
fdence of the public IN Europe and II
this country had been affected by thu
revelations of irregularities, breach o
trust, overissues of stock, violations o
law and lack of rigid state or nationa
supervision in the management o
our largest corporations. Investors
withheld what loanable capital re
manned available. It became impos
sible for the soundest railroads an,
other enterprises to borrow none.
enough for new construction and re
construction.
Will Delay Restoration Of Prosperity
Gradually business Is acquiring
healthier tone. Gradually wealth
which was boarded is coming out t,
be used. Confidence in the securit,
Of business investments Is q plant Q
slow growth and Is absolutely neces
sary that our factories may all opel
again, in order that our unemploye
may become employed and in orde
that we may again have the %prosperit
which blessed us for ten years. TIL
identity of the interests Of the capita.
list and the farmer, the business ma
and the wage Garner In the eecurit
and profit OF investments cannot b
too largely emphasized. submit t
those most Interested. to wage carr
ers. to farmers and to business mel