Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1909-05-06

until it became intolepable, they began
to move with irresistible strength along
the pathway Of reform. They have
made some progress toward the regu-
lation of transportation and the re-
preston of corporate evils, The last
administration will be remembered, so
long as the history of our country is
preserved, for its victories in the
struggle for rate regulation and for
corporate fair-dealing.
Has Hope in Taft.
''The work has just begun, and sin
cerely hope that the present admins
tration will be no less distinguished
than the last one for it's energy in deal
ing with these perplexing problems.
One part, however, of the program was
assigned by common consent to this
administration, and it's conspicuous
leader assumed without hesitation the
task Of tariff revision. The people know
what they want with respect to revis-
ion just as we'll as they knew what
they wanted with respect to railways
and to industrial combinations; and
their intelligent, educated, patriotic in
stinct Is just as certain with respect
to the tariff as 1t was with respect to
transportation or monopolies. If we fall
now to substantially reduce the duties
upon the important schedules, we but
postpone the justice due to the people
a justice which, thanks to the genius of
our institutions, they have the power
to enforce, and which in the fullness
of time they will enforce"
An Analysis Of Protection.
He had not abandoned one jot or I'll
tie OF his faith in the doctrine of pro-
lection but he could not discern the
true spirit of this beneficent policy" in
many of the discussions he had heard
by republican senator's
II am somewhat bewildered," he
said, when hear it gravely announced
that protection requires a duty on ev-
erything that can. by any possibility
and in quantity, however limited, be
produced in the United States, that
will enable the home producer to car
ry on his business without risk or haz-
ard; just as 1 am bewildered when I
hear a senator upon the other side of
the chamber declare that duty upon
a competitive product high enough to
practically exclude importation, Is
duty for revenue only"
As to Lumber and Steel.
Passing to a consideration of the
lumber schedule he said it made little
difference whether there was a duty or
not so far as the preservation Of the
forests was concerned. With respect to
the cost of production in the greater
part of the United States at least, he
said, the American had the advantage
of the Canandian, and a duty was only
necessary to equalize a disparity in
rates of transportation. OF the iron and
steel industry, he said:
Fortunately, we have a safer guide
with respect to this business than we
have in many other industries that we
are required to investigate. We have
one corporation whose output is sub
stantially one-haf of the whole. 1 am
not one of those who believe that it is
the Office of the government to restrict
the profits of capital invested in private
business, nor am. I one of, those swho
believe 1t Is the duty Of the govern
ment to insure to capital any return
whatsoever. r.
Claims 70 Be Conservative.
Il trust therefore, that 1 will be
looked upon as conservative when
say that If the government interferes
with foreign competition so as to per-
NIT such an enterprise as this to earn
per centum per annum, it will have
performed its full duty under the poll
icy of protection. If it can make more,
we'll and good; but it can not ask the
government to keep away a competi-
tor so that it will make more. With
this understanding, have it in mind
to inquire into the capital of the I'm.
tied States Steel Corporation. 1 know
something about it, and if it seems
in the progress of the discussion de-
sirable, will be able to supply the
details Of my Information.
''The company, when it began busi-
ness on the 1st of April, 1901, had
property which upon the most liberal
estimate did not exceed in value $780,
100000, aftho 1t represented capi-
bonds aggregating in round numbers
&1S3VU,VVV,VVVb Ills value HAS OoSH III.
creased since that time, but it has
grown wholly from the extraordinary
profits which 1t has extorted from a
defenseless people"
Steel Needs No Protection.
Referring to various consultations
Of plants by the United States Steel
Corporation, Mr.. Cummins said if that
corporation had been honestly capi-
talized, the capital to be renewed with
return from the profits of the bus
mess would have been less than $780,
100000.
"The United States Steel Corpora
ton could have sold its entire output
in the United States at the prices pre-
vailing in the markets OF Europe" he
continued, "and would still have made
more than per centum upon its
lawful capital, and that in the most
improbable year of its existence. 1t
seems to me that to assert in the light
of this history that the United States
Steel Corporation has need Of any
protection, is to invite the indignation
Of. any right-thinking man.
eff the United States Steel Corpora
ton needs no protection,n he said, "the
Independent companies can not need
the duties imposed by this bill. They
would be amply cared for if the pro-
posed duties were divided in twain;