East Oregonian : E.O. (Pendleton, OR) 1888-current, 1912-03-21

ests He felt and knew he was part
and parcel of the great and new
form of government. If he wished he
could take new home upon fertile
land could start factory, could
open bank if he had the money
or credit, build a railroad, without
being first compelled to ask and have
the consent of Wall street. The free
air and free conditions. the hope of
reward, aroused spirit of invention
that will be the marvel of ages yet
TO be. BY these inventions we have
been enriched beyond the widest
dreams of our fathers. The printing
press, the steam engine, electricity
and hundreds of other inventions
make life in America today more
pleasant and comfortable than was
ever before enjoyed by human be-
ings. 1t is plain deception to claim
the greatness of our country to be
the creation of any political party.
During the early years of our ma
Uonal existence, business was tram
Sacted by individual and then by
partnership If money was borrow
ed it was with the expectation of
paying the debt. But as business
grew. the corporation idea came, sew
eral persons came together forming
the corporation The Civil War gave
this modern idea, corporation. a
great stimulus. 1t increased the ia
cilities for doing business with limit
ed ability. With the coming of cor
porations came the influence of mon
ey and business upon congress ana
legislatures. Early in our history
our fathers asked. "is it right" rs
Ii best for our country When busi-
hess assumed the reins of govern
ment, the question asked and ans
Wer demanded from every legislator.
was will it pay?" What will be
the dividends?" One corporation
would want a law practically pro-
hibiting the importation of steel. an
other one glass. another wool and
still another would demand an en-
pire of land to build railroad. Most
of these demands were granted bv
congress and legislatures. Legisla-
tive bodies were too, often filled with
men who were the special agents OF
these interests.
During the last quarter of a CEN
tury we have been unwilling wit
nesses to another growth in our eco
nomic affairs, the trusts, where sew
eral corporations in the same line of
business come together. either with
gentlemen's agreement, or a hard
and fast contract limiting production.
controlling prices, and regulating
Profits. The demands upon legisIa-
tive bodies and the courts by this
modern invention, the trust, has in
creased, and in almost every instance
thelr demands have been granted. In
deed, they have gone farther and
nave made rules and DEGREES far
more effective than ever monarch of
old, regulating the price of those ar
ucles which we have to sell and of
those articles which we have to buy
until today practically one half of the
wealth of the United States, actual
valuation of one hundred and thirty
billions of dollars is in the hands of
these trusts that absolutely control
their respective lines. They have re-
pealed and established the natural
law of supply and demand so far as
tnat law pertains to the articles they
handle, until they can and do pay
enormous annual dividends upon in
ilated valuations of their property.
The steel trust is the most striking
example with it's billion and a half
dollar capitalization earning in nine
Years net profit of one billion one
hundred million dollars with an or
iginal actual investmen of less than
seven hundred million. After re-
building its plants. and acquiring
vast quantities of new property. they
have gathered and distributed eigh-
teen per cent during the nine years
Of their existence. They have charg-
ed the people Of the United States
tWenty-eight dollars a ton for steel
rails, while selling to the people of
Canada the identical rail for twen-
Jy-one dollars per ton. The labor
cost of the production of their steel
Is S1.7S a ton. They have manu-
factured at net profit of $11.OO a
ton. No wonder they have made
eighteen per cent annually.
In 1907 that corporation was strong
enough to go to what is generally
called a great and brave president
Years of Suffering