, 1908-07-28

idllNe, Mr., Bryan destructive MI.
Roosevelt has favored regulation OF
tie business in which evils have
grown up so as TO stamp II the evils
and permit the business to continue.
Destructive Proposals.
The tendency of Mr.. Bryan's propos-
ais have generally been destructive OF
the business with respect to which he
Is demanding reform. Mr.. Roosevelt
would compel the trusts to conduct
| their business in a lawful manner and
secure the benefits of their operation
and the maintenance of the prosperity
Of the country of which they are an
important part; while Mr.. Bryan
would extirpate and destroy the en-
tire business in order to stamp out the
evils which 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 govern.
ment should not interfere with one
any more than the other, N when
such aggregations of capital are legiti.
mate ana are properly controlled, for
they are then the natural results of
modern enterprise and are beneficial
10 the public. In the proper operation
of competition In the public will soon
share with the manufacturer the ad-
vantage in economy of operation and
lower prices.
What Is an Unlawful Trust7
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
put and drive out competitors, the
public derives nc benefit and we have
a monopoly. There must be some use
by the company of the comparatively
great size of its capital and plant and
extent OF Its 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.
An Element of Duress.
There must usually, in other words,
be shown an element of duress in the
conduct of its business toward the Gus,
toners in the trade n its competi.
tors before mere aggregation of CAPT.
tal or plant becomes an unlawful mo.
nopoly. 1t is perfectly conceivable
that in the interest of economy of pro
duction a great number of plants may
be leyitimately assembled under the
ownership of one corporation.
Advantage to the Public.
1t is important, therefore, that such
large agsregations of capital and com.
h'nation should be controlled so that
the public may have the advantage Of
reasonable prices and that the ave
nues of enterprise may be kept open
to the individual and the smaller cor
porat,on wishing to engage in bust
ness.
Aggregation Violation of Law.
In u country like this, where, in
good times, there is an enormous float
ing capital awaiting investment, the
period before which effective competi
ton, by construction of new plants, car
be introduced in any business, is com
p%aratively short, rarely exceeding q
year, AMI is usually even less than
that. Existence of actual plant is not
therefore, necessary to potential com
petition. Many enterprises have beer
organized on the theory that mere ag
%gregation of all. or nearly all, existing
plants in a line of manufacture, with
out regard to economy of production
destroys competition. They have
most of them. gone into bankruptcy.
win Not Affect Competition.
Competition in a profitable business
will not be affected by mere aggrega
ton of many existing plants under one
comTany, unless the company thereby
effects great economy, the benefit Of
sshares public
takes some Illegal method to avoid
competition and to perpetuate a hold
IN the business.
Proper Treatment of Trusts.
Unlawful trusts should be restrain
ed with all The efficiency OF injunctive
process, and the persons engaged in
maintaining them should be punished
with all the severity of criminal prose
%cution. Ia order hat the methods pur.
sued in the operation of their business
shall be brought within the law. TIC
destroy them and to eliminate >the
wealth they represent from the pro
ducing capital of the country would
entail enormous loss, and would throw
out of employment myriads of work
ingmen and workingwomen. Such a
icSull 10 Windy ulutccSSdIy " lllt dS-
comIlishment of the needed reform,
and will infiict upon the innocent far
greater punishment than upon the
guilty.
Destructive Policy of Democratic Plat.
form.
The democratic platform does not
propose TO destroy the plants of the
trusts physically. but it proposes TO do
the same thing in a different way. The
business of this country is largely de-
pendent on a protective system of tar
ifs. The business done by many of
the SO called trusts is protected with
the other business of the country.
Would Destroy All.
The democratic platform proposes to
take off the tariff in all articles COM
ing into comretition with those pro-
duced by the so called trusts and to
put them on the free list. If such a
course would be utterly destructive Of
their business, as is intended. it would
not only destroy the trusts, but all of
their smaller competitors. The ruth
less and impracticable character of
the proposition grows palmer as its
effects upon the whole community
are realized.
Effect of Democratic Plans on Bust
ness.
To take the course suggested by the
democratic platform in these matters