Waterbury evening Democrat., 1908-07-28

ownership Of one corporation. IL is important therefore. that such large aggregations of capital and combina- ton should he controlled so that the public may have the advantage of req sonable prices and that the avenues of enterprise may be kept open to the in- dividual and the smaller corporation wishing to engage In business.
 Mere Aggregation of Capital Not
 Violation R Anss-Trust Law.
 Tn a country like this. where. in good times, there Is as enormous floating capital awaiting investment, the period before which effective competition, by constructor of new plants. can be in- troduced into any business. is compara- lively short, rarely exceeding year. and is usually even less than that. Ex- istence of actual plant is not. therefore. necessary to potential competition. Many enterprises have been organized on the theory that mere aggregation or all, or nearly all. existing plants In line of manufacture. without regard to economy of production. destroys con- petition. They have. most of them. gone into bankruptcy. Competition in a profitable business will not be affect ed by the mere aggregation of many existing plants under one company. un- less the company thereby effects great economy, the benefit of which 1t shares with the public, or takes some illegal method to avoid competition and to perpetuate hold on the business.
 Proper Treatment of Trusts.
 Unlawful trusts should be restrained with all the efficiency of injunctive process, and the persons engaged in maintaining them should be punished l with all the severity of criminal pros ecution, 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 produc- ing capital of the country would entail enormous loss, and would throw out Of employment myriads of workingmen and workingwomen. Such result is wholly unnecessary to the accomplish ment of the needed reform, and will inflict upon the innocent far 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. butNt proposes to do the same thing in different way. The business of this country is largely de pendent 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 proposes to take of the tariff in all articles coming into competition with those produced by the so called trusts" and to put them on the free list. If such course would be utterly destructive of theil business, as is intended. it would moi only destroy the trusts. but all of theil smaller competitors. The ruthless and impracticable character of the proposi ton grows plainer as its effects upon the whole community are realized.
 Effect of Democratic Plans on Business
 To take the course suggested by tht Democratic platform in these matter. is to involve the entire community, in
 nocent as it is. in the punishment o
 the guilty, while our policy is to stamI out the specific evil This differenc,
 between the policies of the two grea
 parties is of especial importance il
 view of the present condition of busi
 ness. After ten years of the most re
 markable material development o
 prosperity, there came a fnancia
 stringency, a panic and an industria
 depression. This was brought abou
 not only by the enormous expansion
 If business plants and business invest
 ments which could not be readil
 converted. but also by the waste o
 capital, in extravagance of living. !
 wars aud other catastrophies. The fire
 convertible capital was exhausted. | addition to this, the confidence of th
 lending public in Europe and in thi
 country had been affected by the rey
 citations of irTegularity, breaches c trust, overIssues of stock. violations c . law, and lack of rigid State or nations supervision In the management of ou
 largest corna,ations. Investors will held what ioanable capital remaine . available. It became impossible fc , the soundest railroads and other CT terprises to borrow money enough fc new construction or reconstruction. 3 Will Delay Restoration of Prospsrit Gradually business is acquiring healthier tone. Gradually all wealt which was boarded is coming out be used. Confidence in security { ! business investments Is plant of slo growth and is absolutely necessary
 order that our factories may all ope ' again, fin order that our unemploye 3 may become employed, and in ord' that we may again have the prosperii ' which blessed US for ten years. 1T ! identity of the interests of the capita 2 Ist. the farmer. the business man ar l the wage earner in the security ar : profit of investments cannot be t 2 greatly emphasized I submit to tho n most interested. to wage eaners. + farmers and to business men. wheth r the introduction into power of il f Democratic party. with Mfr. Bryan | its head, and with the business | D struction thas 1t openly advocates as D remedy for present evils. will bril L- l nhnrtf fhn needed cnr,haenca fnr n