Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1908-08-01

they have practiced.
| 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 of the parts of a
machine to the economical and more
rapid manufacture of what in old
times was made by hand. The Gov
eminent should not interfere with one
any more than the other, when
such aggregations of capital are legiti-
mate and are properly controlled, for
they are then the natural results Of
modern enterprise and are beneficial
to the public. In the proper operation
Of competition the public will soon
share with the manufacturer the adj
vantage in economy of operation and
lower prices.
What Is an Unlawful Trust?
When, however, such combinations
are not based on any economic prin-
ciple, but are made merely for the pur-
pose Of controlling the market, to
maintain or raise prices, restrict out
lie derives no benefit and we have q
monopoly. There must be some use
by the company Of the comparatively
great size of its capital and plant and
extent of it's output, either to coerce
persons to buy OF It rather than Of
some 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 its business toward
the customers in the trade and it's COM
petitors before mere aggregation of
capital or plant becomes an unlawful
monopoly. 1t Is perfectly conceivable
that in the interest Of economy Of pro-
duction a great number of plants may
be legitimately assembled under the
ownership Of one corporation. 1t is
important, therefore, that such large
aggregations of capital and combina-
ton should be controlled so that the
public may have the advantage of rea-
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 a
Violation Of Anti Trust Law
In a country like this, where, in good
times, there is an enormous floating
capital awaiting investment, the period
before which effective competition, by
construction of new plants, can be In
troduced into any business, is compare
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 Of
all, or nearly all, existing plants in a
line Of manufacture, without regard to
economy Of production, destroys COM
petition. They have, most Of them,
gone into bankruptcy. Competition in
a profitable business viii 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 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 efficiency Of injuncttve
process, and the persons engaged I'm
maintaining them should be punished
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. ToI
destroy them and to eliminate the
wealth they represent from tine prodnc
ing capital of the country would entail
enormous loss, and would throw out OF
employment myriad5 Of workingmen
and wOrkingwomen. Such a result is.
wholly unnecessary to the accomplish
ment of the needed reform, and VILE
inf1ict upon the innocent far greater
punishment than upon the guilty.
Destructive Policy Of DerSucratics
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 way. The
DuSluCSS VI LlAAS Guilty Id AcA SLY NC-
pendent on protective system Of
tariffs. The business done by many of
the so called trusts iss protected with
the other businesses of the country.
The Democratic platform proposes, to
take off the tariff in alb articles coming
into competition with those produced
by the so called trusts" and to- put
them an the free list. If such course
would be utterly destructive Of their
business, as Is intended, it would not
only destroy the trusts, but alb of their
smaller competitors. The ruthless anG
impracticable character of the PROPOSE
ton 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