Los Angeles herald., 1909-11-14
TELLS HOW TO
DEFEAT S.P. RULE
1cnnt,nueh from Page vns,


powerful groups of banks, one of the
Standard Oil, the other the Morgan,
and these groups are not hostile by
any means. These groups, headed by
the National City bank Of New YORK
and the National Bank Of Commerce
the New York, control the richest, the
most powerful banks and trust COM
panies not only in New York, but IN
every financial center and large city
in the United States.
Banking Credit Concentrated
"S1xty-two men constitute the bords
of directors of these two groups of
banks. The banking credits OF the
country are concentrated in the hands
Of these few men, who are not bank
ers. but in the banking business Tor
speculation. You could ruin the
strongest bank in Los Angeles by
spreading the report that the bank
was speculating, but you can't break
the power of the Standard Oil and the
Morgan group by that statement,
which is a fact"
"The formation of the United States
Steel corporation shows the iniquity of
these huge mergers. 1t cost less than
S4OO O0O, 900 to buy every actual asset
now in that corporation. Yet that cor
poration is capitalized at more than
81, 400 900, 600. The organizers admit
they did not capitalize the assets of the
company, but the earning capacity.
They have raised the price of certain
of their products 100 per cent because
they control the star industry exact
ing an unjust profits engaging in
dishonest business. There is a day or
reckoning coming for the men who
1lch their dirty dollars from the Amer
the people not only their commercial
rights, but their rights Of self-gov-
ernment.
81 believe that capital should organ
ize and l believe that the capitalists
should have a fair return upon money
invested and I believe that the law
should protect the people against any
further encroachments and against
these huge mergers.
This vast power is growing and
growing. There is not a man in Los
Angeles or anywhere who can stand
against it. If this power goes on for
another ten years, increasing as II mas
i'm the past, everyone of you will go to
work for these men of power, Tor a sal
ary. | appeal to you--all of you-to
lay hold of this problem and settle it
now. You can settle it now with your
ballot and you ought to do 1t. You
have let this thing come on from the
time the corporation began to destroy
representative government and you
have let it do unlawful things until
now It controls the government but
you can determine the whole problem
with your ballot If you will do 1t now.
But If you wait another generation, it
NAV mean bloodshed. Settle it with the
ballot. We have no business to leave
it to our children. l have some chill
dren of my own and 1 want them to
have a happy life.
I'VE have allowed these interests to
take control of our government so that
we are no longer free. 1t is our duty
to free ourselves, to clean up this busi-
ness and hand the government over to
our children, before we are called out
Of this life, unto God, just as our faith
ers gave it to their children"
Senator La Toilette discussed the
tariff and called the present tariq law
unjust and subservient to the inter-
ests which are controlling the CONNER
cial life of the nation today.