The Washington herald., 1908-07-29

] Ilelr SffIorL n Llls clIunaiall. because ne l
reasous for their uueakinE the bonds q
party are stronger to-day than ever befoTe3
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operation and the maintenance OF the
prosperity OF the country OF which they
are an important part. while Mr. Bryan
would extirpate and destroy the entire
business in order 20 stamp out the evils
which they have practiced-
Advantages 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 OF the parts OK a machine
TO the economical and more rapid manu-
facture OF what in old times was made By
hand The government should not inter
fere with one any more than the other.
Wnen such aggregstions OF capital are
legitimate and are properly controlled for
they are then the natural results OF mod
ern enterprise and are beneficial TO the
public In the proper operation Of com
petition the public viii soon share with
the manufacture the advantage IN econ
onny OF operation and lower prices
What Is an Unlawful TrUsts
When. however. such combinations are
not based on any economic principle but
are made merely for the purpose Of con
trolling the market, 20 maintain or raise
prices, restrict output and drive out com
petitors. the public derives no benefit and
We have q monopoly There must be
some use by the company OF the com
paratively great size OF its capital and
plant AID extent Of its output. either TO
coerce persons 20 buy OF IL rather than
OF some competitor or 10 c0erce those
Who would compete with 4 10 give I'd
their business. There must usually. IN
other words, be shown au element OF
duress IN the conduct Of It's business
toward the customers n the trade and
its competitors before mere aggregati0u
OF capital or plant becomes an unlawful
monopoly It IS perfectly conceivable that
in the interest Of economy Of production
q great number of plans may be legIti-
mately assembled under the ownership
of one corporation Il is important. there
fore, that such large aggregatious of cap
iial and combination should be controlled
so that The public may have the advau-
tage OF reasonable prices and that the
avenues Of enterprise may be kept open
70 the individual and the smaller corpora
ton wishing 20 engage IN business.
Mere Aggregation OF Capital Not Vio-
Iation of Antitrust Law
IN country Ike this. where, n good
times. there is an enormous floating capt
tai awaiting investment. the period before
which effective competition. by c0rstruc-
ton ct new plants, can De introduced into
any business. IS comparatively short.
rarely exceeding a year. and Is usually
even less than that. Existence OF actual
plant is not. therefore. necessary 10 Do
tential competition. Many enterprises
have been organized on the theory that
mere aggregation Of al. OF nearly all.
existing plants in line OF manufacture.
without regard 10 economy OF p-51uc-
ton. destroys competition. They have.
most Of them. gone into bankruptcy.
Competition IN a profitable business VIII
not be affected by the mere aggregation
Of many existing plants under one com
pany, unless the company thereby effects
great economy. the benefit Of which Il
shares with the public. or takes some
Illegal method 20 avoid competition and
70 perpetuate hold on the business
Proper Treatment OF Trusts.
Unlawful trusts should be restrained
with all the efficiency OF inyunctive
process, and the persons engaged in main
tanning them should be punished wiki al
the severity OF criminal prosecution, in
order that the methods pursued in the
operation OF their business shall be
brought within the law. To destroy them
and 10 eliminate The wealth they repre-
sent from the producing capital os the
country would entail enormous loss. and
would throw out Of employment ulyTiads
Of Workingmeu and working women such
a result IS wholly unnecessary TO the ac-
cOmplishueut OF the needed reform. and
VIII infict upon the innocent far greater
punishment than upon the guilty
Destructive Policy OF Democratic Plat
fo=m.
The Democratic platform does not pro-
pose TO destroy the plants Of the trusts
physically, hut Il proposes 20 do the same
thing in a different way. 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
protected with the other businesses OF the
country The Democratic platform pro-
poses 10 take of the tariff on all articles
coming into competition with those pro
duced by the sO-Called trusts and TO
put them on 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 ali Of
their smaller competitors The ruthless
and impracticable character Of til propo-
SitiOn grows palmer as its effects upon
the whole community are realized
Effect of Democratic Plans on business.
To take the course suggested by the
Democratic platform IN these matters is
TO involve the entire community. fnno-
cent as it is. in the punishment OF the
guilty, while our policy IS TO stamp out
the specific evil This difference between
the policies OF the Two great parties IS
Of especial Importance. IN view OF the
present conditions Of business After ten
years OF the most remarkable material
development and prosperity, there came a
financial stringency. a panic. and an in
dUstrial depression. This was brought
about not only by the enormous expan-
sion Of business plants and business in
vestments which could not be readily
converted. but also by the waste Of capi-
tai. in extravaganza of living, in wars.
aid other catastrophies. The free con
DIFFERENCE BETWEEN PARTIES