The labor world. [volume] (Duluth, Minn.) 1896-current, 1908-07-04
Tariff P(licy of the Republican
Party Must be Emph1 tical-
lily Condemned
CONCEIVED IN 1MBEc1L1TY
sHAPEN IN sELF1sHNEss
Market Destroying Financial Pol
10y That Cannot Too Soon
be Abandoned.


and underselling abroad can not long
Withstand the fury of an outraged
people, and soon we will witness many
of these hothouse Industries, now
growing rich by robbing at home and
dumping abroad, eating the bitter
fruit from the tree they have planted.
AS certain as fate the time will come
when they will have to face the COM
petition Of the world and have the
prices Of their whole production fixed
hy the prices Of their surplus sold
abroad, however insignificant it may
be. Then they will have realized the
folly of protection and the necessity OF
fruitful foreign markets.
The Peoples Concern.
The voters of our nation are much
concerned about tariff revision, and
who shall be entrusted with the re-
vising. ii a. cia.ssa =.
Shall it be by the servants Of the
people or the emissaries OF the trusts?
I'm considering this question shall con-
gress be organized into a high court
Of justice in which all the rights Of
all the people in all sections will be
respected. or shall it's proceedings be
like those of a star chamber? Shall
the millions of consumers be given a
voice in making the law, or shall 1t be
prepared by the trusts before congress
convenes and then railroaded through.
These are questions that must be an
swered at the November election?
Parent Of Monopoly.
It is conceded by many Of our best
thinkers that 80 per cent Of the trusts,
Of which there are more than 300 in
the United States are the direct fruits
Of protection. All opposition from
abroad being destroyed by the protec-
tion schedules of the Dingley law,
home industries combine to destroy all
local -cnmpetition-hence. trust. As
the tariff profits. OF trust increases,
in order to keep from the public their
outragings dividends; stheySwater their
stock by increasing it, ofttifnes ten
fold, and hence $40 worth Of credit is
suddenly thrown upon the market
with only 81 in cash to back it, and
when the least misfortune appears,
the dividends fade, the watered stocks
so to the wall; then comes the panic.
A Concrete Illustration.
For instance, take an article which
is used In everyday life, upon which
there IS a tariff tax Of so per cent,
which Is a modest rate compared with
some of the Dingley schedules, and
suppose that you, I, and another
should form a corporation of a hun
dred thousand dollars capital to manu-.
facture that article and then suppose
we should form a trust by taking in
all competitors in the protected home
market, which would enable us to add
the so per cent duty as extra profit
After all competition has been de-
stroyed and this excessive dutv has
been added in the way Of additional
profits, we find the stock is paying a
dividend of Is per. cent. Instead OF
being satisfied with this, the stock is
Immediately converted-watered-
$5OO;OOO, paying a per cent dividend
being transacted on 81 in actual capt.
tai, and In this manner hundreds OF
trusts were formed, sheltered under
the protecting wings Of Dingleyism
and multiplied millions of watered
stocks and inflated credits Of every
description were thrown upon the
market, and since it takes just the
same amount of cash to manipulate
these inflated stocks and credits upon
the markets as it does those that are
legitimate, our money supply was
wholly inadequate to sustain the
bloated volume Of commerce.