The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-07-13

he so much more athletic, so much /
more astute. so much more active, |
than the giants, that II will be case
of Jack the giant-killer. Just let
some of the youngsters I know have
chance and they'll give these gentle
men points Lend them little
money. They can't get any now. See
TO 1t that when they have got local
market they can't be squeezed out of
IT, Give them a chance to capture
that market and then see them cap
ture another one and another one,
until these men who are carrying
an intolerable load of artificial Sc
curities find that they have got to
get down to hard pan to keep their
fcothold at all. I am willing to let
Jack come into the field with the
giant, and If Jack has the brains that
some Jacks that I know in America
have, then I should like to see the
giant get the better of him, with the
I load that he, the giant has to carry
the load of water. For I'll undertake
to put a water-logged giant out of
a fair field and as much credit as I
am entitled TO. and let the law do what
from time immemorial law has been
! expected TO doz-see fair play.
! As for watered stock, l know all
the sophistical arguments, and they
are many, for capitalizing earning
capacity. 1t is a very attractive and
interesting argument, and in some in
stances 1t is legitimately used. But
4 there is line you cross, above which
you are not capitalizing your earn
ing capacity, but capitalizing your
control of the market, capitalizing
the profits which you got by your
control II the market. and didn't get
by efficiency and economy These
things are not hidden even from the
Iayman. These are not half-hidden
from college men The college mems
DAYS of Innocence have passed, and
their DAYS of sophistication have
/ come They know what Is going on,
because we live in laxative world.
/ full Of statistics, full OF congressional
I inquiries. fun of trials of persons who
( have attempted to live Independently
If the statutes Of the United States:
and so n great many things have
come to light under oath. which we
must believe upon the credibility Of
the witnesses who are, indeed, In
many instances very eminent and re-
spectacle witnesses.
/ / take my stand absolutely, where
every progressive ought to take his
stand, on the proposition that private
monopoly is indefensible and intoler-
able. Andthere | will fight my battle.
And ! know how to fight 1t. Everybody
who has even read the newspapers
knows the means by which these men
built up their power and created these
monopolies. ANY decently equipped
lawyer can suggest to you statutes by
which the whole business can be stop
= ped. What these gentlemen do not
want is this: They do not want to be
compelled TO meet all corners on equal
X terms, am perfectly willing that
they should beat any competitor by
fair means. but ! know the foul means
/ they have adopted. and I know that
4 they can be stopped by law. If they
| think that coming into the market
! upon the basis OF mere efficiency, upon
the mere basis of knowing how to
/ manufacture goods better than any
| body else and to sell them cheaper
! than anybody else, they can carry the
| immense amount of water that they
| have put into their enterprises In or
| der to buy up rivals. then they are
perfectly welcome to try it. But there
must be no squeezing out of the be-
ginner, no Gripping his credit no dis
elimination against retailers who buy
from a rival; no threats against con-
Germs who sell supplies to a rival; no
! holding back OF raw material from
him. no secret arrangements against
him. All the fair competition you
choose but no unfair competition OF
any kind. And then when unfair COM
petition is eliminated, let us see these
gentlemen carry their tanks Of water
| on their backs. All that l ask and all
I shall night for is that they shall
come into the field against merit and
brains everywhere. If they can beat
other American brains. then they have
1 got the best brains.
| But II you want to know how far
/ brains go, as things now are, suppose
! you try to match your better wares
against these gentlemen. and see them
undersell you before your market Is
any bigger than the locality and make
! 1t absolutely impossible for you to get
a fast foothold. If you want to know
how brains count. originate some IN
vention which will improve the kind
of machinery borrow enough money
| to manufacture II You may be Of
| fered something for your patent by
the corporation-which will perhaps
lock II up in safe and go on using
the old machinery: but you will not
be allowed to manufacture. know
men who have tried 1t, and they could
not get the money. because the great
money lenders Of this country are in.
arrangement with the great manu-
! facturers of this country, and they
do not propose to see their control OF
the market interferred with by out
siders. And who are outsiders? Why.
all the rest of the people of the United
States are outsiders.
| They are rapidly making US outsid-
ers with respect even OF the things
| that come from the bosom of the
earth, and which belong to US in q