The Richmond Virginian. (Richmond, Va.) 1910-1920, 1914-10-19

abundant had Il not been for tbs
Europe. which affects almost every
route of trade and every market in
the world outside of the United States.
Until the wan ends and until it's ef-
fects upon manufacture and commerce
have been corrected we shall have to
impose additional taxes to make Up
for the loss OF such part OF our import
duties as the war cuts of by cutting
off the imports themselves-2 veritable
war tax. though we are not at war;
for war. and only war. is the cause CT
II.
It is fortunate that the reduction OF
the duties came first. The import
duties collected under the old tariff
constituted much larger proportion
of the whole revenue of the Govern
ment than do the duties under the
new. A still larger proportion of the
revenue would have been cut Off by
the war had the old taxes stood, and
larger war tax would have been necea-
sary as a consequence. No miscalcu-
iation. no lack of foresight, has
created the necessity for the taxes,
but only a great catastrophe world
wide In Its operation and effects.
The Trust Bills.
With similar purpose and In a like
temper the Congress has sought. in
the Trade-Commissfon bill and in the
Clayton bill, to make men in a small
way OF business as free to succeed as
men In a big way. and to kill monopoly
in the seed. Before these bills were
passed the law was already clear
enough that monopolies once formed
were illegal and could be dissolved by
direct process OF law and those who
had created them punished as for
crime. But there was no law to check
the process by which monopoly was
built UP until the tree was full grown
and its fruit developed. or. at any
rate. until the full opportunity for
monopoly had been created. With this
new legislation there Is clear and
sufficient law TO check and destroy the
noxious growth In its infancy Mo-
nopolies are built up by unfair meth
DDS OF competition. and the new Trade
Commission has power to forbid and
prevent unfair competition. whether
upon a big scale or upon a little; /
whether Just begun or grown old and
formidable. Monopoly is created also
by putting the same men In charge of
a variety OF business enterprises, !
whether apparently reiater or unre- |
lated to one another. by means OF in |
terlocking directorates. That the |
Clayton bill now in large measure pre- i
vents. Each enterprise must depend /
upon its own initiative and effective |
ness for success, and upon the tnteili- |
gence and business energy of the men |
who officer 1t. And so all along the /
line. Monopoly is to be cut off at the /
roots.
Incidentally. Justice has been done |
the laborer. Hts labor is no longer to |
be treated as If 1t were merely an In /
animate object of commerce discon- |
nected from the fortunes and happiness |
Of living human being, to be dealt /
with as an object OF sale and barter. !
But that. great as 1t is. is hardly more /
than the natural and inevitable coroi-
larry of a law whose object is individual |
freedom and initiative as against any
kind OF private domination.
The accomplishment OF this IeEisla- /
tion seems to be a singulariy signif- I
cant thing. II our party were to be |
called upon to name the particular
point of principle in which 1t differs I
from Its opponents most sharply and I
In which 1t feels itself most definitely |
sustained by experience. we should no
doubt say that 1t was this: That we
would have no dealings with monop-
oily, but reject it altogether: while our
opponents were ready to adopt II into
the realm of law, and seek merely to
IL and moderate 1t In it's op-.
GRAFTON. 1t is our purpose to destroy
and maintain competition as
the only effectual instrument OF busi-
ness liberty.
Power Of Monopoly.
We have seen the nature and the
power OF monopoly exhibited. We
know that II is more apt to control
government than to be controlled by Il:
for we have seen It control govern.
nent. dictate legislation. and dominate
executives and courts. We feel that
our people are safe only insthe fields
II free individual endeavor where
American geuius and Initiative are not
guided by few men N In recent
years, hut made rich by the activities
n multitude. as In days now almost
forgotten. We will not consent that
IN ungovernable giant should be reared
10 full stature in the very household
II the government itself.
In like manner by the currency bill
We have created a democracy OF credit
such as has never existed In this
country before. For 4 generation or
more we have known and admitted that