The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1908-07-28


stamp out the evils and permit the
business to continue. The tendency of
Mr.. Bryan's proposals have generally
been destructive of the business with
respect to which he is demanding re-
form. 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
entire 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
tinnes was made by hand. The
government should not interfere with
one any more than the other. and
when such aggregations of capital
are legitimate and are properly con-
trolled. 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 share with the manufacturer
the advantage in economy of operation
and lower prices
What Is an Unlawful Trust?
When, however. such combinations
are not based on any economic princi-
pie 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 no benefit and we have
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. There must usually,
In other words, be shown an element
of duress In the conduct of its business
toward the customers in the trade and
its competitors before mere aggrega-
ton of capital or plant becomes an I'M
lawful monopoly. 1t is perfectly con-
ceivable that in the interest of econ
omy of production a great number of
plants may be legitimately assembled
under the ownership of one corpora
ton. 1t is important, therefore, that
such large aggregations of capital and
animation should be controlled so
that the public may have the advant-
age of reasonable prices and that the
avenues of enterprise may be kept
open to the individual and the smaller
corporation wishing to engage in bust
ness.
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
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-
cvA fav, Of oil I'll ictf inc
plants in a line of manufacture, with |
out regard to economy of production, |
destroys competition. They have, most |
of them, gone into bankruptcy. Com |
petition in a profitable business Will |
not be affected by the mere aggrega- |
ton of many existing plants under 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 perpetuate hold
on the business.
Proper Treatment of Trusts.
Unlawful trusts should be restrained |
with all the efficiency of injunctive |
process, and the persons engaged in |
them should be punished /
with all the severity of criminal prose-
cutiOn in order that the methods pur
sued in the operation of their business
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 work.
ingmen and workingwomen. Such
result is wholly unnecessa ~ to the ac-
of the needed reform,
and will fnfiict upon the innocent far
greater punishment than upon the
guilty. .-.ss-fs.-.. -. s.
Police Democrat Platform
"a nj
propose to destroy the plants of the
trusts physically, but it proposes to do
the same thing in different way. The
business of this country is largely de-
pendent on a protective system of
tariffs. The business done by many
of the so-called trusts" is protected
with the other business 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 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
grows palmer as it's effects
upon the whole community are re-
allied.
Effect Democratic Plans on Business.
To take the course suggested by the
Democratic platform in these matters
Is to involve the entire community in
nocent as 1t 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 re-
material development and
there came a financial
a panic and an industrial
This was brought about
not only by the enormous expansion of
business plants and business invest
ments which could not be readily con-
verted. but also by the waste of capt.
tai, in extravaganza of living, in wars