The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1908-07-28

capital and com blnation should be
controlled SO that the public may have
the advantage of reasonable prices
and that the avenues of enterprise may
be kept open to the individual and the
smaller corporation wishing to engage
in business
Aggregation of Capital.
In 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,
can be introduced into any business. is
comparatively short, rarely exceeding
a year, and is usually even less than
that. Existence of actual plant is not,
therefore, necessary to potential COM
petition. Many enterprises have been
organized on the theory that mere ag-
gregation of all, or nearly all, existing
plants in line of manufacturer with
out regard to economy of production,
destroys competition. They have
most of them, gone into bankruptcy
Competition in profitable business
will not be affected by the mere ag-
gregation of many existing plants I'M
der one company, unless 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 perpet-
uate hold on the business
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
prosecution, in order that the methods
pursued in the operation of their bust
ness shall be brought within the law.
To 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
workingmen and working-women.
Such result is wholly unnecessary to
the accomplishment of the needed re-
form, and will inflict upon the inno-
cent far greater punishment than up
on the guilty.
Policy of Democratic Platform.
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 businesses of the country.
The Democratic platform proposes to
take off the tariff in all articles COM
ing into competition with those pro-
duced 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, it
would not only destroy the trusts, but
all of their smaller competitors. The
ruthless and impracticable character
of the proposition grows palmer as it's
effects upon the whole community are
realized.
Democratic Plans on Business.
To take the course suggested by the
Democratic platform in these matters
is to involve the entire community,
innocent as it is, in the punishment of
the guilty, while our policy is to stamp
out the specific evil. This difference
between the policies of the two great
parties is Of especial importance in
view of the present condition of bust
ness. After ten years Of the most
remarkable material development and
prosperity, there came financial
stringency, panic and an industrial
depression. This was brought about
not only by the enormous expansion
of business plants and business in
vestments which could not be readily
converted, but also by the waste of
capital, in extravaganza of living, in
wars and other catastrophes. The
free convertible capital was exhausted.
In addition to this. the confidence of
the lending public in Europe and in
this country had been affected by the
revelations of irregularity, breaches
of trust, overissues of stock, violations
of law, and lack of rigid State or ma
tional supervision in the management
of our largest corporations. Invest
ors withheld what loanable capital re-
manned available. 1t became impossi-
BILE for the soundest railroads and 9th
err enterprises to borrow money
enough for new construction or recon
struction.
Restoration of Prosperity.
Gradually business is acquiring a
healthier tone. Gradually all wealth
which was boarded is coming out to be
used. Confidence in security Of bust
ness investments is plant of slow
growth and is absolutely necessary in
order that our factories may all open
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 CAPT
talist, the farmer. the business man
and the wage Garner in the security
and profit of investments cannot be
too greatly emphasized. l submit TO
those most interested, to wage earn
ers, to farmers and to business men,
whether the Introduction into power
Of the Democratic party. with Mr. Bry-
an at its head, and with the business
destruction that it openly advocates as
remedy for present evils, will bring
about the needed confidence far tba