Daily Kennebec journal., 1908-12-22
THE STEEL KING.
Continued from Page One)

ought to know, Mr.. Carnegie protest.
| ed.
Replying to a question from Mr..
Cochran, Mr. Carnegie declared that
| the removal Of the duty on steel would
not necessarily affect the price because
| Europe could not successful compete
with the American product He said
| also that if the figures given by former
| witnesses were absolutely correct, Steel
stock would be selling far below par.
| Mr. Carnegie asserted that, at the
rate at which iron ores are being ex-
tracted, the supply would be exhaust
cd in 40 years and England would be
in the same condition in seven years.
| The testimony of Mr.. Gary was fire.
quently referred to and reference was
made particularly to statement that
| the duty on steel could be taken off
| as far as the steel corporation is con-
cerned and Mr. Carnegie said that this
portion should be accepted by the COM
mittee. This statement brought an ar
gument between Messrs. Payne and
Dalzell on one side claiming that Judge
Gary said that the duty could be re
moved on all steel products and Mr..
| Cochran on the other hand, claiming
| that Judge Gary's testimony was to
| that effect
Judge Gary has summarized the
facts for YOU" said Mr.. Carnegie. "and
I should depend on them. He has told
YOU that they don't need the duty. Ii
the cost of steel rails has increased
abroad as it has increased here, you
will find Judge Gary's statement quite
| true and that he could stand free trade.
Judge Gary has testified that the
price is as high abroad" said Chair
man Payne.
| "Then doesn't that show that you
| have nothing to fear from free trade" !"
was the prompt rejoinder. Mr.. Car
negie was questioned regarding the
cost Of producing steel but declared
| that honest men easily could differ on
| that question. The steel business. he
said was a business by itself and the
cost to one man was a very different
thing from the cost to another. When
Il gentleman of Judge Gary's charac-
ter" he said. "comes to YOU and tells
you he does not need z tariff you ought
to believe him"
He insisted in reply to questions by
| Mr.. ROnynge that the railways We're
not paying too much for steel rails.
The steel rail makers, he thought. We're
making a fair profit.
| "How about other steel products he
sides steel rails?" Mr.. Boynnge in
Iuired
| II haven't a word to say Mr.. Car
negie replied "That's out of my prov
| ince"
| The Laird Of Skibo Castle testified in
! support of the statements he made in
his magazine article declaring persist
emily that the facts show that the steel
| industry needs no protection. Mr.. Car
ncgie proved the most interesting wit
ness that has appeared before the COM
Inittee intcrspersing his testimony
with humorous remarks.
| Praising Charles NJ Schwab, Mr.
Carnegie suggested that Congress
should extend a vote of thanks to Mr..
Schwab for his work in improving the
methods OF steel making in this coun-
try. II never met his equal" said Mr..
Carnegie in speaking of Mr.. Schwab,
land when we We're partners, we were
q great team
THAT is very apparent" remarked
Chairman Payne.
Speaking of the testimony of Z. H.
Gary before the committee. Mr.. Carne-
gle said: you should not place any
real value on the testimony of inter
ested parties Judge Gary said that the
United States Steel Corporation could
stand for reduction in the tariff on
steel but that the smaller steel manu-
| facturers could not survive with low
cred duties. That is like one of Aesop's
fables. Judge Gary is like the monkey
who desired the chestnuts but wanted
the cat to pull them out of the fire"
Would you recommend an income
tax to make up the deficit In the rev.