New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-11-01

QUlTed
shall be permitted to control as much az rs per
cent of the products in which it deals. and that
these licenses shall require all the concerns
which hold them to sell TO ali purchasers IN all
parts of the country the same terms after
making due allowance for cost of transportation
All the leading concerns making or dealng IN
any of the tens OF thousands of particular KINDS
OF articles made and sold in this country are 10
be subject to this limitation.
will not dwell upon how the facts are to be
determined for the purpose of enforcing such a
provision. That must necessarily be by some
executive officer in Washington for manifesty
1t would be impossible that the courts should
perform such an enormous task relating to all
the great business of the country. I will not
dwell upon the tremendous Capitalization OF
power in Washington which would be involved
in this; but point to the fact that such pro-
posal would destroy the right Of private con-
tract on the part of the great producers and
merchants of the country, and would impose
upon ali business the same limitations which are
properly imposed upon common carriers in the
performance OF their public duty OF transporta-
ton for which they have received franchises
from the public. Under such provision no
great manufacturer or merchant could make
and requirements of his trade. No matter how
important Il might be for him to reduce his
stock no matter how great might be the neces-
sity of making sales to raise money Tor the
continuance of his business. no matter how i'm
portant il might be for him to keep his work
men employed, he could not shave prices for the
purpose of securing advantageous contract
below the prices at which he had sold to some
body else in some other state.
IL
sary that merchants and manufacturers should
file schedules of their prices and then be subject
to prosecution If they sold at any dlrerent
prices There is no manufacturer or merchant
who will not recognize the impossib1lity or con-
Quoting the business of the country under any
such system
which Mr.. Bryan has become known to US as
the advocate of measures which the plain, COM
mon sense Of the business men OF the country
recognize measures inconsistent with the
success Of enterprise and the safety OF invest
rnent. These specific measures are the free COIN
age of silver initiative and referendum, the gov
eminent ownership of railroads, the enforced
guarantee of bank deposits the arbitrary fixing
of railroad rates without inquiry into facts, the
putting of trust controlled articles on the free
list to the ruin of American competitors the
withdrawal of the protective element In the
American tariff, the requirement OF federal IL
censes Most OF these are violations OF those
universal laws which control the development
and progress Of the business Of the world, here
and everywhere-not laws voluntarily adopted.
elements In the great processes Of production
and trade and not subject TO the control of any
government whatsoever
MUST MAINTAIN GOLD STANDARD.
Now, ask you to consider the effect upon the
business of the country OF putting in control at
Washington q man who has the will and the
power to do all these things.
What manufacturer will have the confidence
to risk money in the purchase Of raw material
and of machinery and payment of wages for
I~ANieANNNNO ~
into power party which believes In withdraw
ing all protection from manufactured articles
and in putting all such articles as some execu-
tive officer in Washington is moved to declare
under trust control upon the free list, so that at
any moment the product Of manufacture may
De subjected to unrestricted foreign competition
What merchant will have confidence to risk
money in the purchase Of stocks of goods from
foreign from American producers If some ex-
ecutive officer in Washington IS liable at any
moment to destroy their value by the removal
OF the duty under which they Were purchased
and has power to prevent their owner from SELL
ing them according to the needs Of his business
to such customers as he can find and at such
prices as he can get?
Who is to put money into the extension and
equipment of railroads necessary for the conduct
of the business Of the country If we put into
power in Washington party whose all power
full leader in the Presidents chair proposes to
take the property over into the hands OF the
government at the governments own valuation,
and is in favor OF limiting the rates to be
charged for its use by perfectly arbitrary legis-
lation adopted without any regard whatever to
the cost Of transacttng the business or to the
rates necessary to produce a profit?
Who is to have confidence to put his money
into the banking business when It is to be sub
ject not merely TO the risks involved in the judg
ment and integrity Of the men whom he selects
to manage 1t, but to be made guarantee for
the credit of all the unknown who may find
IT useful for their schemes OF speculation dis
honesty to go through the forms OF taking out a
charter under the free banking system?
What confidence would there be in any bust
ness under a government with the will and the
power to destroy the gold standard and inaugu-
rate the free coinage of silver, and threatening
the destruction Of old and We'll considered
methods Of representative legislation by the
adoption Of the unknown and untried system of
the initiative and referendum?
Nor are these specific proposals in themselves
the only causes for the destruction of confidence
which would be found in the election of Mr..
Bryan. The character and quality of the man
indicated by them is such that can tell
what patent remedy he may seize upon at
any time to meet the political exigencies of the
moment or do away with conditions which
tee
lowers. Unacquainted with the difficulties of
administration and unfamiliar with the comp-
chinery Of our vast industrial life. the habit OF
his mind is to seek cheap and easy remedies to
cure deep seated tendencies which require pa
thence, the considerate wisdom or men who know
the subject with which they are dealing firm
and persistent administration and popular In
struction and education His tendency is to be-
lieve his own advertisements and to kill his
patient with quack remedies
The business world distrusts a man Of that
temperament and justly distrusts him, for he
can do infinite harm
The news OF his election would bring doubt
and distrust to the mind Of every man hav-
ing money to invest in American enterprises.
1t would prevent all new enterprise It would
reduce the activity OF al existing enterprises.
Lack Of confidence, contraction business de-
PRESTON business failures, the stopping of in
terest and dividends. reduction in the expense
of salaries and wages. more and still more work
men out Of employment reduced purchasing
power of the people and a reduced market for
farm and factory products-all these in neces-
sary succession would be the inevitable recut
Of endowing this dangerous apostle OF half truths
with the tremendous power Of the national gov
eminent to rule and to ruin.
But the courtsi
Would not the courts set a limit upon Mr..
Bryan's interference with the conduct Of bust
ness? Cannot the business men OF the country
rely upon the courts to protect them in their
constitutional rights?
To that answer. first. that very little capital
will be invested upon the understanding that 1t
will be lost unless the investor defeats the ma
tr CfT71nT
already made may seek to protect themselves
by litigation, but investments not yet made will