Daily capital journal., May 28, 1904, Page NINE, Image 9

w?
t
'ft
NINC
i
DAILY tAPCTA., JOURNAL, 8AHM, OWBQON. SATURDAY, MAY 38, H04,
yVi
www- 'im iiimi.unmi-Au'll I aw-1 iiniiiiiiiiuiiniii.iiniiin 1 1 l i .11 iiiiiibmmiiumiiimiiiiii yw."11 ,, .. t j ,
J -Vi
ARGUMENTS TOR PROTECTION
.. ---------M--------W-
' ' '"" II I I I ' " I -
Speech by Hon. Jonathan P. Dofflver, United States Senator
from Iowa.
Facts About Trusts
, "
flKr!R,MMWV 'JfT
(Speech by Hon. JonathanvK,M)oHlvor, to justify that law In all ages, for real sovereignty which holds thenr to away, bo that, speaking In gen-oral
United m".a o" i""" uwu.j wnno it has not always beon regarded their strictest 'account Is the frame
IT Is not surprising lhat the. uprising as certain that what you have earned ' and structure of things ln tho world
of public opinlou against the trusts and savd i youra, It has alwaya been governed, after all, by the everlasting
I should have taken form of a clam- ODV10Uir tnat ,t,ls not m'ne. If It has law of fair dealing among men. The
.. - ', .... '"wwo naraer to aorend the law of
or not altogether confined within party propertjPi whothep ndWdMJ
lines against tho protectlvo tariff sys-j porate, In our own times, It is not be
tem Itself, and Is , cannot be denied , cause lti foundations aro any less
that thero was something exasperat- seouro or Its rights any loss sacred';
lug beyound all patience la seeing InJ" ls because &o Invention of avarice
dustrles which had literally been ore- " ; K,Bea a "ea the hearts of
ated out of tho dust of tho earth by m,lllons ot People wdth resentment
the act of 1890 manipulated within astmt tho wool tribe of prombters,
ten years Into huge corporations seek- underwrlters, stockjobbers, and
ink to engross tho whole market eats nt c011 law. And I venture
place. But time enough' has elapsed 11 Pm,oa that tn law of property
and: things enough have happened to ?T.ch wo havo ,nherlted from' our
enable us to brings all these scare fthors' the Immemorial prescription
heads and signals of distress to the , cIvdUzat,oa which guards the earn
test of experience and! to judge with ,SB an'd' savmS& of labor, whether
some degree of accuracy how tho prln- aVestd m a farm, In a cottage, or In
clplo of protection holds Its previous 8tocks of a '", a bank, or a
reputation' In the midst of such new manufacturlnS company, nover had
and strange Influences1 as have beset mr Uefendera to "Eht for It than It
nits loaay.
progress of society from tho Itinerant
shoemaker, carrying his tools and his
stock with him, fashioning footwear
for the entire family whllo ho tarried
under their (humble roof, to the mam
moth shoe factories of Now England,
ls by far moro startling In Its effect
upon the community than tho absorp
tion of all theso great plants Into one ,
could possibly bo.
Even a Monopoly Must 8tudy Markets
When I havo reflected, therefore, up-
tenns, everything Is -a. necessity, put
tho necessity of buying things has
ono benevolent limitation upon it
It Is not alwaya necessary toNmy them
today, or this week, or oven this falL
Nearly everything, from the clothing
upon our backs to the roof over our
heads, can wait until tho structuro
of high prices yields to tho irresist
ible pressure of the market place.
Suppose, for example, that every
factory making hats In the United
States should be absorbed! by a single
corporation, which should blindly and
stupidly fix tho price of one at $10,
how long would' a monopoly Hko that
Hmft to the schemes of monopoly, i regard' the English Btatuto, which llrst
and that ls tho law of alternative con-1 outlined tho structure of tho modern
sumption. J corporation., a an opocn-maiang pieu
on what might happen to us If any l-t "eforo It would be roducedi to
of our varledi industrial fields should bankruptcy by the quiet but effectual
pass Into a single ownership, I havo ' competition of every old hat In. tho
found a good deal of comfort in Uie . United' States.
thought that even such an, Institution, Tnat Placid, undemot stratlve sec
from Its foundation up, would bo com"-' t,on ln the statute book ot human na
passed about by far-reaching llmlta-,turo called' tho law of deferred con
tlons upon1 its power to oppress and sumption has already -wrecked moro
tho Amorlcan market placo durlnc the """""' 'degrade the market nlace which It lIian one promisins capitalization! ot
Oast ton years. .' UnuanPy there Is and probably al- had beon called to servo, so that If Industry In tho United States, and In
It Is hard to understand how any- ways wiU be a PreJudce more or less,one of our modern trusts should man-some casea, at least, left tho victims
one experienced In the practical as- &eneraI against great wealth In thejage to secure and hold, by fair means ot the disaster too feeble to call for
pect of affairs can believe that tho , ' oth.ors; but a country like or foul( the exclusive production of a a receivership. So, If you should ask
effect of protectlvo laws has' been to ,1 a preJudlce ls confined wlth-lgiven artlclo of general use r.nd nee- mo to account for the fact that not-
foster, much less to engender, mon- , narrowost 1,mts and as a poll- osslty. In the very nature of tho case withstanding the shrieks of our polltl-
opoly. The Amorlcan market place l'mvea ausoiuieiy jt only Its permanent grip upon the cni piatrorms, notwiuistanaing tne
Is a unit, and every part of it, In the "u'"uv"aB- a corporation, like a market but Its profit from year to
uuun. or u. nuiroau. no loncorhna to
nature of the ca3e, shares allko la tho
advantages arising from a given
schedule. Tho object of auch. schedule
and Its uniform result has been to
produce not ono industry but many
of like kind; not lu one section of
the country alone, but everywhere
mrougnoui our ooraera. ao mat it a
contend) with the swarm of petty mis
conceptions which at ono time threat
ened to hinder the development of
these Indlspencablo agencies of com
merce and business. As 'the people
havo studied tho trust problem a
good many common errors have been
tendency toward monopoly has grown ollmlnatod from their judgment, and
a guuu iiiuujr uuramugtts in i ne so or
ganizations have found appreciation.
Savings Must Be Shared With Con
sumer. In so far as they stand for an evo
lution, for a law of progress under
once conducted
Individuals have
up In tho United States It mlust bo ex
plained on some othor principle. For
more than a century these laws which
aro tald to breed trusts had tho un-J
deniable effect to distribute through-'
out our whole territory the Industries
which they were designed to build up, wlllcn enterprise
so that from ocean to ocean the map ""ngie-nanaeo y
of the United States has beon colored fa"" huo pannersnips, into corn
all orer by tho Innumerable Industrial Ples, Into corporations, and even
activities of the American people. i'ntt 'esltlmato combinations, bringing
At Lait, Truth About Combinations. 'man' 8Parate properties under one
And even In theso late years, at the management, there is mUch to be
very time the outcry against the sat(1 ,n tno,r defense. Tho people of
trusts has silenced all tho other noises tne Un,t0Q States, with their accus
of our political strife, tho publication tomed prudence, have been slow to
of the census of 1900 has thrown the tr&mo a wholesalo Indictment against
light of definite Information upon tho tnen. fr when the record ls examined'
timidity and hesitation of our states'
men, the American people as a whole
have gone serenely about their affairs,
refusing to become panic stricken by
the apparently unobstructed advance
of the mercenaries upon them. I
explain It by their Instinctive faith
in the government of the world In
those omnipotent energies which
make for open and even-handed jus-
wide distribution of Us product rather , tlce among the children of men.
than to reap extortionate profits upon For, when you come to think of It,
a limited .sale. The government of .In moments of meditative llcsure, it
the United States, If you will allow would seem to bo rather singular that
me to mako an example of tho only ; the good God' who made us and placed
perfect monopoly thero is in tho coun- J 80,000,000 of us hero together In tho
try, has always Jealously guarded Its greatest market placo that has been
oxcluslvo right In tho manufacture and known in tho centuries of tho world's
sale of postage stamps. Again and , commerce should' havo gone off and
again tho price ot them has been put . left us In our weakness to bo robbed
year would require Its managers to
divide with the community the sav-.
Ings incident to Its infproved methods
and to put its product with the reach
of the people upon the fairest and
most equitable terms.
It ls a maxim of every great busi
ness that It moves upon tonnago and
Its whole problem1 Is to secure tho
That is a law In obedience to which
the market place turns from an artlclo
which has became irritating in price
td a similar artlclo whlcli answers the
samo purpose. Thero aro few things
which men' uso that can not, in a
plncb, bo mado to give way to some
thing equally good. If, for example,
tho manufacturing of woolen goods
should pa&s into tho control of a
single corporation a thing utterly In
credible, or at least as far as It has
been tried', uttorly unprofitable Its
product of this year would not pnly
find itself In' competition with last
year's output, but with the aggregate
supply of all tho other textile Indus
tries In the country".
If a lumber trust were possible,
combining every ono of tho 32 000 sep
arate establishments which constitute,
according to tho census the chief In
dustry of 31 states of the union and
an Important industry in all the rest
Including our territories and tho is
lands of the sea, tho market placo
would speedily bring even such a cor
poration to its terms, not only by put
ting off until tomorrow what could
In tho nroKress of society. The bank-
which represents the union of numer
ous stockholders and' accepts on do
poslt he modest savings of tho neigh
borhood , which would otherwise con
stitute a useless hoard, and puts then
to tho honorable service of tho com
munity, is a benign and not a hurtful
institution. And so that organization
of capital In corporate form wblclr, in
exchange for its stock, takes tho ac
tual money of investors, la sums great
or small, and applies them to tho pro
duction of tho things which men need,
ought not to havo an unreasonable
critic much les3 an enemy, In the
world.
Wo ought not to complain evea it
grows with success until at longthi fcy
the efficiency of its administration, ft
attains a commanding lnfluonco in Ik,
market place. The mere fact ot "H
comblnatlon with other lnstltuito8
ot Hko character ought not In Itself
to work a prejudice against It A
single, firm in Now England, still hh
agod by tho surviving mombor of
ordinary partnership, owns more thaa
a aozon cotion mnus, running uwro
be done tbday, but 'by turning to thegpindles than any corporation ire ther
brickyard, the stone quarry and tho ! world. I xefer to tho firm' of B. D. fc
other supplies of building material ( r. Knight, of Providence, It. I,
within everybody's reach.
Organizations of Capital
Good.
down from 20 cents to 15, from 15 to without benefit of clergy, with' nothing
10, from 10 fo 5, from G to 3, from 3 tl loan on except an occasional act lstratlon and the equity with which
to 2. Every one of theso reductions of congress or a Joint resolution of tho . thev distributed to the community tho
Opportunities Never So Many as Now.
Naturally Everywhere I go I find men ceming:
I to me asking whether the old oppor-
I hold It to be true that the law of . tunltleoof American business aro not
competition, whllo It may bo made gone; whether tho trusts, the corn
subject to reasonable restraint, and bines, tho presont Industrial attitude
possibly ought to be, can not be re
pealed or premanontly Impeded in Us
movements by any possible human
devices. It Is, therefore, my convic
tion that all or nearly all of these
unwieldy creations of the Incorpora
tion laws of tho country would bo
worn out by the Internal resistance of
the market place, oven If they repre
sented a legitimate investment of bona
fldo capital. In that case, If they sur
vived at all, It would only bo on ac
count of tho efficiency of their admin
has been for the purposo of Increasing .state legislature.
the postal rovenues, and every one Yet Again; Alternative Consumption.
of them' has so speedily brought about Let mo mention another of those
that result that today there are shrewd , laws, moro offectlvo than the legUla-
flights of everybody's Imagination.
Whoever now begins his tirade against
the trusts by announcing that they bo
stride our narrow industrial world
like a colossus only makes himself
ridiculous. Fortunately, we know In
this Presidential campaign what wo
did not know In the last exactly how
many trusts tljoro aro, where thoy
are located, what their capital is and
hat tholr relation1 to the business of
the country ls. At tho time tho cen
sus was taken they employed' 8.4 per
cent of tho factory labor of tho coun
try, and their total output was 14.1
per cent of the aggregate factory pro
duct of the United States.
neither political party appears to have
done very much to circumvent their
plans. If they had been In realty
hideous monsters about to seize tho
market place by the throat, does any
body doubt that the torror and dis
tress of the public mind would have
found an immediate and effective re
sponse from the law-making powers
people who think that a flat reduction
of letter postage to 1 cent would still
further Increase the recolpts of tho
service
On Lavy of Maximum Consumption.
"What law Is that? It Is tho law of
maximum consumption, by virtue of
which the "profits of a great business
are multiplied; not by the arts of ex
tortion and greed, but by deliberately
reducing the price of the artlclo until
economics in production arising from
the combination.
A corporation, very far from being
a curso to tho world, ought to bo ono
of things have not at last succeodeel
In shutting tho door of opportunity
in the face of the young people 6f tho
United States. And I find hundreds
of thousands of young men grown in
dolent and heartlfse in tho battle of
life because thoy. have been told that
the doors of opportunity have boe
at last shut. Instead of shutting the
door of opportunity In tho face of the
young mon of tho United States, mod
ern Industrial methods havo multi
plied the opportunities of life in a
thousand different directions.
Within 20 years overy railroad mag
nate in America will bo In his grave.
Within 2Q years every trust manager
in tho United States will elthor be
on tho retired list or In a sanitarium
, . .
tlvo enactments of man, which puts a J of tho chief blossIng3 of civilization1. I ( somewhere for nervous diseases
of tho government? v
Tho trust of these tlmtos ls a single its uso reaches from tho few to tho
corporation, regularly chartorod under ! unnumbered mllliona That It a law
state laws, which has acquired, In one ' which God mado and which congress
title the separate properties whlcli has not yet repealed.
Not ono of the trusts, not oven those
which, like tho Amorlcan Sugar Refin
ing company, havo approached most
nearly to a monopoly, ls oxempt from
I
constitute its plant, so that the prob
I lem of dealing with It without rewrit
ing tho whole law of corporato prop-
I do not Intend to discuss tho nriHn orty becomes at once difficult and ob-
w mo trusts. The subject 1b an lntri-1 scure- Tno trustees who rormoriy that law. Thoy watch the moro dill
te one, and I havo not finished my . managed separate properties freely ' gently than ever the signs bf tho mar
meditations upon It, but I have got committed to their control by the ket, for they know hotter than any.
iar enough Into It to see that tho pro-, owners havo disappeared', and the body else that their profit Is In tho
tectlve system is not ho mother of board of directors exorcising all tho ' Bai0 and not In tho manufacture of
thero, for that system! was a contnrv legal rights of proprietorship over. their noodia.
old beforo the first ono of thorn was combined properties have taken their EVen such a monopoly as a railroad
bora; and besldos thatj they-made p'aco. I am not suro that this trans-'has learned that Its' dividends are
their appearance in free-trado coun- 'tion of Industries from the hands of ' more secure with a big business done
tries eveni beforo thoy did here. I several corporations Into the control a a fair way with a friendly commun
itlnctly remember that Mr. Blaine, f the slpglo one,' If It could have been Jty than with a precarious business
Immediately after his return from made within certain well-defined Hm- conducted on lines which Impoverish
ropo, in 1888, opened the Harrison lto and In perfect good faith toward its patronst and loave them stripped
mpalgn by the k statement, verified the public, would have In the long run &n embUtered at every station along
T the common knowledge of every- been regarded as against the general the line. How else shall wo account
xxly, that England was even tiien welfare.. It permits so many savings for the fact that tho consolidation of
Wastored all over with trusts. Fir- in production and distribution and tho American railway Bystonv has
wermbro, very many of our trusts avoids-so many of tho wastes of tho beon accompanied with a steady do
tromi the least and meanest Hko the common methods of business that cuno Cf rates, until today thoy are
wrlcau Ice company, even unto the thore are reasons for believing that csa than DO por cent of what thoy
Potest and most successful, like the the public would havo taken no detrl- WOro 20 years ago and less by far than
. mi company nave aeait with mem, dw auvamaKe rainer irom it, 'anywhoro ouo in the wholo world.
nmodttles which havo nothing to ' It has been so uniformly true that The motto, "Chargo what the trafflp
by free trado and never have had. the process of cheapening production ' win bear," belongs to a rudimentary
There are few among us who would and facilitating transportation has stago of railway management, long
lt awa roin the business comraua-. Inured to the benefit of tho wholo Bnce superceded by tho more en-
J of the United States the modern community, that It requires no very lightened solflshnoss which studies of
pons with which w'o havo fought unusual confidence In tho laws which' tho territory upon which Its earnings
way into tho arena of tho world's ' govern this world to believe that theso ' permanently depend.
", and that man renders tho corporations, when honestly formed t There la unnthon mmnn, in. .
can people a very doubtful se'r-jand honestly administered, might bo herent In tho naturo of things which
thft tl !n hl8 nurry ta strike down a blessing to tho wholo world. I havo stands guard in tho market places of
.i.r tt8Bau"J witn indlscrlml
2kBvDldUy the great corporations
ncn have cniifWo, , ,-j
,- .4M. VUK mom at m0 gop.
or tho community. The oldest
I Known . . i.."
never beet disturbed becauso congress the earth against the exactions of
has not boon more swift, to strike -greed, evon whoa It la clothed with
them down, because I ami Bure that tho powers and opportunities of mon
thero are laws in the universe which opoly, and that ls tho law of deforrod
congress did not mako and which, consumption.
fortunately, congress had not yet re- Another Law; Deferred Consumption.
There is a sonso In which to tho
ifc of iiT nw)ns on GXC0Dt the. pealed; and without disparaging tho
& It hat T law" ot Prop-jsovoretenty of the people over these modern man tho distinction between
as been comparatively easy glgantlo creations of the state, tho luxuries and necessities has passed j
tejjr 3t IKj JmL tE? y w2
7"rit fffjri jffr"V7 PW r fcHa frV
fit ot m ft; m uA ft? ?tl isi ft' tM
ft ft Mml W IL 2 w Hll MM. i I M ft - 1
in .JL Jrini ft!lA I WkH MftL JL ftftL MB f-Jr
V iHtoNfl lialftklHVTf 1 -j-SM-fcuW j-P-TV I BKkSJmmfrl I
ltt v BKc4jo&tofo W liUii-V vikjiitRfVtKSw -hyft-i iGnviCfAiK!H nl rr
WM Psi-1 HI ildii H rJr
Wr wmM&i wi fejlM WW mM w
tix 111111111 gif IlllisS tl4. 0llirl2 ClX
I .The "Force" of Herpicide,
1
NOTHING SUCCEEDS LIKE 8UC
CES8.
Why Is
Nowbro's Herpicide a succoas
TTecauso lt has tho
"Force" or capacity to produce
an effect.
What Is tho effect?
Tho destruction or tho InvUlblo,
vllo-llke, mlcroblc growth that
lodse's in tho sebaceous glands of
the hair follicles, where Its growth
and development causes dandruff,
Itching scalp, falling hair, a"nd lator
incurable baldness.
Is Horplcldo pleasant to uso?
Clear a3 a crystal Nowbro's Herpi
cide is the daintiest, most delight
ful and refreshing application over
prepared- for tho scalp. It con
tains no oil. grease, sediment or
dye matter. Careful people who
now consider It a duty to use a
scalp prophylactic, to Insure clean
liness and freedom from dandruff
contagion, prefer Nqwbro's Herpl
cldo on account of its extreme
purity, oxqulslte fragranco and re
freshing quality, Ladles In parti
cular, become enthusiastic over It,
bocauEo is keeps the hatV light and
fluffy and gives lt a silken gloss.
STOPS ITCHING INSTANTLY.
THE FIR8T HAIR-SAVER.
Nowbro's Herpicide ls the first
"Halr-SaVer." It was not mado
until the mlcroblc and contagious
naturo of true dandruff was dis
covered. Before this dlscovory, ap
proaching, baldnoss was consider
ed inevitable, and after It came
the scalp was treated with tincture
of cautharldea , (made from dried
pllBterlng bugs) and othor Irritants
fallacy of this treatment. Save
your hair while you havo hair to
save. Kill tho dandruff germ) with
Nowbro's Herpicide and givo na.
turo a chance; marvelous results
wilt follow. Try It.
Materially Benefited By Its Use.
"I havo noticed a very materia!
benefit from the use of Herpicide
and believe lt will offoct an entire
(Signed.) CLAUDE WATKINS.
Baker City, Ore.
Marvelous, Results.
"I used a couplo or bottlos of
Nowbro's Herpicide with marvel
ous results. Dandruff disappeared
and my halrstoppod falling out."
Portland, Ore.
(Signed.) C. S. MUDGE.
f.
to mako tho hair "grow." Every
dermatologist now recognizes the
DANIEL J. FRY, Special Aent
At Drug Stores $1.00. Send 10o In stamps to tho Herpicide Co., Detroit
- mien., lor sample,
Am U-Matt-y Hak . "destroy the caU8E-,you remove the effect,"
Ilka
vffH
A rtaftky Hnt-
M