The morning journal-courier., 1908-07-29


 the mere aggregation of many existing plants under one company, unless the company thereby effects great econo- my, the benefit of which 1t shares with the public, or takes some Illegal method to avoid competition and to perpetuote n hold on the business,
 Proper Treatment Of Trusts.
 Unlawful trusts should be restrain cd with all the efficiency of injunc- tive process, and the persons engaged in maintaining them should be pun lshed with all the severity of crimi- nal prosecution, In order that the methods pursued In the operation of their business shall be brought with In the law TO destroy them and to eliminate the wealth they represent from the producing capital of the country would entail enormous loss, and would throw out of employment myrlads of workngmen and working women, Such a result Is wholly un- necessary to the accomplishment of the needed reform, and will infict up- on the innocent far greater punish ment than upon the guilty.
 Destructive Policy of Democratic
 Platform.
 The democratic platform does not propose to destroy the plants of the trusts physically, but 1t proposes to do the same thing in a different way. The business of this country is largely de- pendent on protective system of tar ifs. 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 off the tariff in all articles coming in- to 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 their business, as Is Intended 1t would not only de- stroy the trusts, but all of ther small CT competitors. The ruthless and im- practicable character of the proposition grows plainer as it's effects upon the whole community are realized.
 Effect of Democratic Plans on Busi-
 To take the course suggested by the democratic platform in these matters Is to involve the entire community in- nocent 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 par ties 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 iNlustrlal depression, This was brought about not only by the enormous expansion of business plants and business investments which could not be readily converted, but al- 80 by the waste Of capital, in extrava- gance of living, in wars and other ca tastrophes The free convertible capi- tai was exhausted, In addition to this, the confidence of the leading public in Europe and in this country had been affected by the revelations of irregu larity, breaches of trust, over-issues of stock, violations of law. and lack of rigid state or national supervision in the management of our largest cor porations. Investors withheld what loanable capital remained available. It became impossible for the soundest railroads and other enterprises to bor- row money enough for new construc- tion or reconstruction.
 Will Delay Restoration of Prosperity. Gradually business Is acquiring healthier tone. Gradually all wealth which was hoardcd ls coming out to be used, Confidence in security of busi- ness investments Is a plant of slow growth and is absolutely necessary in order that our factories may all oren again, in order that our unemployed may become employed and in order | that we may again have the prosperi- | ty which blessed us for ten years. The | identity of the interests of the capital | lst, the farmer, the business man and the wage earner in the security and profit of investments cannot be too | greatly emphasized I submit to those most interested, to wage -earners, to | farmers and to business men, whether | the introduction into power of the 1 democratic party. with Mir. Bryan at | It's head. and with the business de- struction that it openly advocates as a remedy for present evils. will bring about the needed confidence for the re- | storation of prosperity.
 Republican Doctrine of Protection.
 The republican doctrine of protection, 1 as definitely announced by the repub- | lican convention of this year and by previous conventions, is that tariff l shall be imposed on all imported pro duets. whether of the factory, farm or mine, sufficiently great to equal the difference between the cost of produce | tion abroad and at home, and that this | difference should, of course. include the difference between the higher wages paid In this country and the wages paid abroad and embrace a req sonable profit to the American produc- CT system of protection thus adopt | cd and put in force had led to the es- | tablishment of a rate of wages here that has greatly enhanced the stand ard of living of the laboring man It Is the policy of the republican party per manently to continue that standard of 1 living In 1897 the Dingley tariff bill was passed, under which we have had, as already said, period of enormous prosperity
 Necessity for Revision of Tariff.
 The consequent material development has greatly changed the conditions un- der which many articles described by the schedules of the tariff are now pro- duced. The tariff in a number of the schedules exceeds the difference be- tween the cost of production of such articles abroad and at home, includ- ing reasonable profit to the Ameri- can producer. The excess over that