The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-07-28


The chief difference between the Re
pi Dlican and the Democratic platforms
Is the difference which has heretofore
been seen between the policies Of Ny.
advocated by the Democratic candidate.
Mr. Bryan. Mr.. ROOseVelts policies
have been progressive and regulative;
Mr. Bryan's destructive Mr.. Roosevelt
has favored regulation Of the business
IN which evils have grown uD so as TO
stamp out the evils and permit the busl-
ness TO continue. The tendency of Mr.
Bryan's proposals have generally been
destructive Of the business with respect
70 which he is demanding reform. Mr.
Roosevelt would compel the trusts 10
conduct their business in lawful man
ner and secure the benefits of their
operation and the maintenance OF the
prosperity of the country; while Mr..
Bryan would extirpate and destroy the
entire business in order to stamp out
the evils which they have practiced-
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
machine to the economical and more
rapid manufacture of what in old times
was made by hand. The Government
should rot interfere with one any more
than the other, when such aggregatlons
% capital are legitimate and are prop
erly controlled, for they are then the
natural results of modern enterprise
and are beneficial to the public. In the
proper operation OF competition the
public will soon snare with the manu-
facturer the advantage in economy Of
operation and lower prices.
What Is An Unlawful Trust?
When. however. such combinations
are not based on any economic principle
but are made merely for the purpose Of
controlling the market. to maintain or
raise prices. restrict output and drive
l.
benefit and we have a monopoly.
There must be some use by the COM
pluy OF the comparatively great size Of
It's capital and plant and extent of It's
output, either to cOerCS persons 70 buy
OF Il rather than of some cOmpe tor or
10 ccerce those who would compete
with II 10 give up their business
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 and its competitors
before mere aggregation OF capital or
plant becomes an unlawful monopoly.
II Is perfectly conceivable that in the
interest OF economy Of production a
great number Of plants may be legiti-
Uately assembled under the ownership
OF one corporation.
II is important. therefore, that such
large aRgrcEatiOuS of capital ard com
binatiOn should be controlled so that
the public may have the adV2uta-e OF
reasOna bic prices and that the avenues
of enterprise may be kept open 10 the
individual and the smaller corporation
wishing TO engage in business.
~ country Ike this. where m good
| times there IS an enormous floating
capital awaiting investment the period
( before which effective competition. by
co Il5..l, , OF new plants. can be in
| troduced into any business. is compare
| lively short. rarely exceeding a year
and IS usually even less than that EN-
istence Of actual plant is not, therefore,
necessary 70 potential competition.
Many enterprises have been organized
on the theory that mere aggregation Of
| all or nearly all. existing plants in a
| line % manufacture. without regard q
! economy Of production. destroys cOmpe-
7 titiOn- They have, most OF them gone
l into bankruptcy. Competition i'm a
I profitable business will not be affected
I by tie mere aggregation OF many exist
! the company thereby effects great econ
Omy. tho benefit OF which fl shares witt
the public. or takes some Illegal method
I 20 avoid competition anG to perpetuate
| hold on the business.
Treatment of Trusts.
! Unlawful trusts should be restraine-
with all the efficiency OF Injunctive
/ process, and che persons engaged ir
/ maintaining them should be punished
/ with all the severity OF criminal prose
/ cUtion. I'm order that the methods pur
Q
! shah be brought within the law.
/ To destroy them and TO eliminate tt,
wealth they represent from the produc
! ing capital OF the country would entail
/ enormous loss, and would throw out Of
/ employment myriads of worllingmeT
/ and wOrking-w Such a result &
/ wholly unnecessary TO the accomplish
ment OF the needed reform, and viii in
1 tiict upon the innocent far greater pun
I ishment than upon the guilty.
/ The Democratic platform does no
/ propose TO destroy the plants OF tn
! trusts physically. but Il proposes 20 d.
/ the same thing in a different way Tit
| business Of this country IS largely de
] pendent on a protective system o.
/ tariffs. The business done by many o
I the SO-called trusts is protected viii
( the other businesses Of the country
! The Democratic platform proposes Z
take of the tariff in all articles comini
I into competition with those produced h7
/ the SO-called trusts and 70 put then
on the free list. II such course wou.S
be utterly destructive of their business
/ as is intended. Il would not only de
| strOv the trusts, but all Of their Smalle
! competitors. The ruthless and lmqrac
ticable character OF the proposition
grows palmer as its effects upon In
I whole community are realized
! To take the course suggested by IN
/ Democratic platform in these matter
is to involve the entire community, IN
nOceuI rs II II. III lLLC punishment "
the guilty. while our policy is 10 stunt
out the specific evil This difference be
I tween the policies Of the two great par
ties IS Of especial importance IN view o
! the present condition Of business.
/ After ten years Of the most fre1nar k
able material development and pros
I perity, there came a financial Stringen
( cy. a panic and an Industrial depres
sion. This was brought about not onl,
! by the enormous expansion OF buSl
I ness plants and business investment
I which could not be readily converted
but also by the waste Of capital. Il
\ eXtravagant living, in wars, and othe
catastrophies. The free convertible cap
ital was exhausted.
: In addition 10 this. the confidence .
the leading public IN Europe and IN TN
! country had been affected by the reve
lations Of irregularity, breaches Of trust
! over-issues of stock. violations OF law
and lack OF rigid State or national su
! pervisiOn in the management OF on
| largest corporations Investors with
held what lOanable capital RENAME
available.
! It became impossible for the soundes
railroads and other enterprises TO Dor
row money enough for new consruc
ton or reconstruction.
VIII Delay Restoration.
Gradually business is acquiring
healthier tone. Gradually all wealt
which was boarded is coming out to b
used Confidence in security of bust
. ness investments is a plant Of sloI
growth and is absolutely necessary 4