The Washington herald., 1911-09-03

to ten or twelve barrels. They may
flow at that rate for thirty years. My
venture has been a success. The future
looks very good other wells of the
same capacity are in the neighborhood.
The building OF a modern refinery
would require a large amount Of capi-
tai. We go to New York for the
money. but a large oil company
through its governing shareholders,
controls the banks, either directly, by
means of a mutually of interests, or
by sympathy. Like John Smith, we
walk and talk, but do not get penny.
We could compete with the oil COM
pany, once we had the refinery, but We
can't get the refinery. Thus 1t is with al
most every prospective industry re-
Quiring an unusual amount of cash.
Little Men Initiate Big Ones.
The power Of money, however, is no,
local to New York or to Boston, Phila-
delphia, or Chicago. 1t reaches into the
remote corners Of the country, little
men walking In the footsteps Of their
exemplars in the larSer cities. In my
town there are two old banks owned
by two old families. II a man desiring
100000 with which to extend his busi-
ness were refused a loan at the old
banks, he could not borrow the money
at any Of the other banks in Charleston.
am not talking platitudes, but am re-
citing facts 1 know Of cases analogous
to those I have mentioned. We censure
the trusts for their extortions and illegal
practices. Their control of the money
supply Of the country is worse"
DO the Democrats Of West Virginia
want free trader askad
No. Free trade as explained and dis
cussed by the doctrinaires Is impossi-
BILE. The national government is spend
ing thousand million dollars annually.
The money, In large part must be raised
free trade under any known circum-
stances. We are compelled, as every
one should realize, to put the tariff
high enough to bring in the required
revenue. Such a tariff, of course, will
give American products a certain meas
ure Of incidental protection. The threat
OF free trade so long a terror to labor
and capital has lost all force In West
Virginia and the rest Of the country"
Are corporations inJurious7''
"A few are; many are not. It Is gem
orally acknowledged. I think, that cor
porations are absolutely necessary II our
work Of development Is to continue. Let
US see, by an illustration. what good is
possible by using the agency of a cor
poration. Suppose that you and I are
each worth $4,000 We desire to bore for
oil. AS prudent men, we cannot teop-
ardlze our families by risking all that
we have In a single hazardous enter
prise. Each Of US is willing, however,
to risk 5000. The money may be to-
tally lost in dry holes, or workmen may
get too near the well when we explode
a charge Of dynamite and two or three
Of them be killed. You and I, in that
case, would be compelled to settle with
their heirs.
Therefore we organize a corporation.
composed Of a number Of men, and bore
the wells. II the wells fail each Of US
has $4,000 left. II We strike oil our
selves and our associates get rich. use
oil to describe a common business occur
renee. Coal or lumber would have an
swered the same purpose. Without cor
porations the United States would be a
backwoods country, having no railroads
or immense manufacturing and mercan-
tile establishments, but such organiZa-
tions must be kept within proper limits
by law and made scrupulous and humble
by publicity
Copyright. Isl. by James B. MorUwl