New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-05-07

have the power to enforce, and which in the full
ness of time they Will enforce
TRUE SPIRIT OF PROTECTION.
He had not abandoned jot title of his
faith in the doctrine of protection. but he could
not discern the true spirit Of this benehcent pol
icy" in many Of the discussions he had heard by
Republican Senator's
I am somewhat bewidered.' he said, when l
hear it gravely announced that protection required
a duty on everything that can, by any possibility
and in quantity however limited, be produced IN
the United States that will enable the home pro-
Queer to carry on his business without risk or
hazard just l bewiIdered when I hear
Senator upon the other side of the chamber declare
that a duty upon a competitive product high
enough TO practically exclude importatons is
duty for revenue only
Passing to consideration of the lumber schedule
he said il mad little difference whether there was
a duty not. so far as the preservation of the
forests was concerned. With respect to the cost
OF production il the greater part of the United
States at least, he said, the American had the ad-
vantage Of the Canadian, and duty was only
necessary to equalize disparity in rates OF trans
portation. OF the iron and steel industry he said;
Fortunately we have a safer guide with respect
10 this business than we have In many othef m
quStries that we are required TO investisate. Ne
have one corporation whose output IS suoStantlaty
Sne-half of the whole l am not one OF those VINO
restrict the profits of capital invested IN private
business nor am one Of those who nenete II ,nE Is
tS NulN OF te government 10 insure ~ oeliN 49,
return whatsoever.
ATTACKS Steel. CORPORATION.
I trust, therefore. that I will be looked upon as
conservative when I say If the government in
such an enterprise as this to earn per cent per
annun, il will have performed its full duty under
and good, but it cannot ask the government 10
keep away competitor so that it viii make more.
With this understanding. have it in mind 10 in
quire into the capital Of the United States Steel
It gpems in the pr0Eess of the discussion desr
BILE will be able 10 supply the details Of my in
The COMPANY when it began business a., on april J.
mate did not exceed in value $6ooC0o~O although
II represented capitalization consisting Of stocks
go This value has heen increased since that time.
but it has Erown Wholly from the
people
Referring TO various consultations Of plants by
the United States Steel Corporation. Mr.. Cummns
said that # that corporation had been honestly
capitalized. the capital to he rewarded with re-
turn from the profits of the business. would have
been less than t700OoO0O0.
The United States Steel Corporation could have
sold its entire output in the United States at the
prices prevailing in the markets Of Europe, he
continued and would still have made more than
per cent upon its lawful capital and that in the
Improbable year Of its existence. 1t seems
that to assert in the light Of this history
that the United States Steel Corporation has need
Of any protection Is invite the Indignation Of
any thinking man.
IF the United States Steel Corporation needs no
protection he said. the independent companies
cannot need the duties imposed by this bill They
would be amply cared for If the proposed duties
were divided in twain; but to be conservative. and
Yet hold in mind the interests Of the consumers
OF these products. l shall when these paragraphs
reached. propose amendments reducing the
duties below those shown in the report Of the
Finance Committee substantially 80 1-3 per cent
When Mr.. Cummins said he had special Oppor-
tunities for understanding the affairs of the Amer
Steel and Wire Company Mr.. Owen inquired
how he had gained such special information
4 attorney for the company replied the
Iowa Senator.
Mr.. Scott inquired whether the Senator had re-
ceived his fee as attorney in money or in stock
If I had lived in West Virginia." responded Mt.
Cummins, and had been ounded with the in
fuences prevalent there. fear I would be ashamed
70 But as I live in Iowa where there is
honest atmosphere 1 can reply that my pay
was cash and I had nothing whatever to do
with the capital stock issued by that company
Further replying to Mr. Scott Mr.. Cummins said
that the stock OF the steel corporation had gone
up high because Of its unlawful! PROFITS I'm
lawful from moral standpoint, I mean" he said.
He further declared that from a moral point OF
view the profits were dishonest. He said that cor
poratiOn could not produce a single ton Of steel
more cheapIy than could its constituent companies
or than the so-caled independent companies can
He denied that II cooperative TO any extent.
saying that its employees had been allowed to pur-
chase stock as any else could do.
Mr.. Cummins continuing, secuted the idea that
adherence 10 the wool schedule was necessary In
order 10 maintain the protective principle He said
he had been one OF the Republicans who had fought
Tor a revision Of the tariff.
CRITICISEs FINANCE COMMITTEE.
And intend to defend my faith" he continued
with all the vigor of which I am capable. The
Finance Committee, composed Of honorable. in
teIligent, bright minded and experienced men. is
still not the ark and the covenant Of Republican
doctrine I Is the only repository Of Repub-
lican faith" Not a single member Of that com
rnittea he said, had been among those Republicans
who had demanded a revision Of the Dingley bill.
They not believe revision necessary. and 1t
was no wonder that they should not now favor
changes in duties
Unlike the chairman Of the committee, he said
4 was born a Republican. I came from rae
of abolitionists who were Republicans not because
Of any industrial commercial financial considera-
ton, but because they believed the Republican
party deeply devoted to the cause OF
huna nifty"
Senator Beverdge joined Mr. Cummins in asking
from the Committee Finance an explanation OF
the fact that the duty oilcloths had been
doubled by making It apply to narrow widths
Mr. Flint. OF the committee, replied that the |
answer would be made in due time, and added that
if members Of the Finance Committee had the