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upon the pretense that said protection would "protect" the workingman. As the upcome of that Protection, what has happened to the workingman? Take a year's figures from Ohio. One year is as good as any other. Ohio had invested in manufacturing $856,585,023. It employed in those manufactories 354,298 men. To these men it paid an annual wage of $182,249,425, or under $500 a man. Quite a step from that income of $500 to a Carnegie income of $25,000,000!

The year's product of those Ohio manufactories sold for $960,811,857. Of this, $432,365,134 was the raw returns from Protection. That was under the Dingley bill. And the Payne-Aldrich bill was revision upward.

With a round intake of $960,811,857, of which. $432,365,134 was "Protection," the aggregate wages paid the 354,298 workmen was only $182,249,425! Plainly, somebody other than the workingman got most of that fat Protection.

Also, at the time of that Protection, the products of those Ohio manufactories, in the guise of locomotives, bridges, steel rails, agricultural implements, and a hundred other expressions, were conquering a competing world. They won their trade. battles in China, in Siberia, along the Nile, on the Black Sea, in every corner of the earth.

Is there no second Protection thought in that?

Carnegie's Trust Remedy

MR.

R. CARNEGIE, before the Stanley Committee, urged the commission plan as a method of trust reformation. There has been for years an Inter-state Commerce Commision for the rebating railroads to hide behind. Mr. Carnegie thought that a trust commission should be created for the criminal trusts to hide behind. Especially should the Sherman law-he said -be sent in an amendatory spirit to the congressional dentists to have its teeth pulled.

Mr. Carnegie, in his recommendation of a trust commission, advanced nothing new. The commission idea in government is an old one, and came originally from Criminal Money. The people have never yet asked for a commission. Government by commission is always a failure. Which is pre

cisely why Criminal Money believes in and urges it. "No commission!" should become a general war-cry.

When a public officer goes conniving something against the people's interest, and is afraid to face the storm that he knows his wrongdoing will provoke, he saves himself by jumping sideways and recommending a commission. He risks nothing. For incidentally, the commission being created, he usually names the commission. What river, even of principle, rises higher than its head? Thus does our conniving officer do through a commission what he fears to do in person. He gets the work done, the commission gets the blame. Commonly, your commission is but a law-born Oliver Twist, conceived in commercial sin, brought forth in official weakness if not iniquity, which the Bill Sikeses of Special Privilege shove through the window, to open to their burglarious entrance the door of public weal.

The Free Trade Spear

THE Democrats and progressive Repub

licans in Congress, instead of listening to the trust-commission singing of siren Carnegie, should pattern their antitrust action upon the stark example of the long-ago Dutch. The enemy was in Holland. The Dutch cut the dikes, and making an ally of the ocean, drowned out the foe.

Let the Democrats and progressive Republicans make a list-there should be no difficulty about it-of what trusts ask more for their wares here at home than they ask for them abroad. As launching that list, they might, with propriety and perfect safety, set down the Salt Trust, the Beef Trust, the Sugar Trust, the Spool Cotton Trust, the Leather Trust, the Steel Trust, the Paper Trust, the Sewing-machine Trust, the Harvester Trust, the Oil Trust, the Cotton Trust, the Woolen Trust. Having arranged the cormorant muster-roll, they should free-list what commodities are produced by those trusts. That indeed would be a gallant cutting of the dikes! It would let in as to those especial trust robbers the competition of the world. The late Havemeyer declared, that "Protection is the mother of trusts.' What St. George rides forth to slay the trust dragon must fight with a free-trade spear.

Mr. Hearst and the Trusts

lent stocks are not bought by the fools are
described-it is Mr. Morgan's word-as

BY the political way, Mr. Harmon is quoted "undigested securities."
as saying that he is "against centrali-
zation," favors "states' rights," and that
"not the federal Government, but the state
governments should be left to deal with the
trusts." By which, Special Privilege under-
stands Mr. Harmon to mean that he is dis-
tinctly and with emphasis against a federal
incorporation act.

Mr. Harmon should have gone further. He should have defined "centralization," expounded "states' rights" and explained how a well-ordered state government might successfully "deal with the trusts." Take the question of overcapitalization. How should a state go about it to discover the "water" in any given stock? How proceed to remedy the wrong?

Differing squarely with Mr. Harmon, as to the propriety of a federal incorporation law, Mr. Hearst who favors such a measure, said in a recent interview: "Every civilized country, except our own, realizes and deals with the evil of overcapitalization. Overcapitalization is responsible, not only for panics, but for high prices, poor service, deterioration of properties, limitation of wages, and insecurity of investments. Overcapitalization, and a frantic effort to pay. interest on an inflated (watered) issue of stocks and bonds, inevitably result in high prices and small returns for the public, in the neglect and deterioration of the property of the enterprises, and in the swindling of people through unsound investments. These evils are the evils of the business world, evils to which legitimate business men should be and are as much opposed as is the general public. For legitimate business interests are injured when public confidence is destroyed."

During the coming autumn, the federal control of corporations, and, per incident, overcapitalization will engross many a stump. Overcapitalization is the goldbrick game, criminally improved, and made to reappear in the guise of stocks and bonds that have no foundational value. When played under the cloak of an apparently reputable corporation, by what Morgans and Rockefellers act as the Hungry Joes and Grand Central Petes of the enterprise, the gold brick game of overcapitalization, is called "stock watering" and "indefensible finance." What left-over fraudu

Here are a few concrete examples. The Tobacco Trust, formed upon an aggregate plant value of less than $500,000, issued stocks and bonds for $25,000,000. The Georgia Central Railroad possessed an actual investment value of $3,500,000. Morganization "watered" it to $52,000,000. The Ship Trust based its bond and stock issues of $71,000,000 upon properties not worth $5,000,000. The street railways of Manhattan Island show bond and stock issues aggregating $375,000,000. They cost-new -under $75,000,000. The Steel Trust in a recent year supported a bond and stock situation, the gold-brick total of which was $1,436,722,135. Four-fifths was "water." The story of any one of these gold bricks is the story of the sugar gold brick and those one thousand and one other gold bricks, which the Grand Central Petes and Hungry Joes of Wall Street are handing mankind every day.

In the old Red Sea pirate times, Kidd, · Avery, Singleton, and their black flag fellows found harborage on the Madagascar coast. New Jersey-Trenton-has been for two decades the Madagascar of the trusts. In one year at the Trenton yards, pirate companies were launched with a total bond and stock issue of more than $6,000,000,000. Only $500,000,000 of this was honestly founded; the balance ($5,500,000,000) was overcapitalization-"water"-gold bricks. What has been done with these gold bricks-this overcapitalization?

Sold to

the people! It was as though Mr. Morgan called every nickel in his capacious pockets a 50-cent piece, and wheedled and blinded and flimflammed the public into accepting it for fifty cents.

When the Hungry Joes couldn't wheedle and defraud and flimflam the public into buying or borrowing their gold bricks, they got control of banks, took the deposits, leaving those overcapitalization gold bricks as "security."

What has been the effect?

Having directly swindled the public by selling it the aforesaid gold bricks, the Hungry Joes-in support of the swindle and to save their smug faces and open the way to further similar gold-brick swindles-did what they might to force a dividend. It was as Mr. Hearst has said. If it were a

railroad, they raised freight and passenger rates, cut wages, reduced the service, let the equipment go to wreck and ruin-did everything, in brief, that would bring a dollar, save a dollar. When the employees went on strike, they cried "Anarchist!" and called for bayonets and injunctions.

When the overcapitalization-the gold brick-occurred in steel or sugar or beef or oil, the public having been robbed by direct sales of the bogus stocks and bonds, and the employees robbed by wage cuts, congresses were corrupted and "protection" was obtained. Also, White Houses were controlled in the selection of United States judges.

Hark!

There comes a shocked voice, saying "Speak no ill of the bench!" The rebuke is proper. Some little boneless trust pettifogger, who had bowed before the breath of our trust-manipulating Hungry Joes like a willow before the wind, would of course become as bendless as an oak, once he ascended the bench. The mere touch of the black-too often a very proper color, that! -robe, as it lay on the judicial shoulders, would change the man to superman. Also,

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What is the difference between overcapitalization and "green goods"? Or between overcapitalization and "raising" a check? Or between robbing a bank from the outside with centerbit and jimmy, and robbing it from the inside with watered stock? Or between picking your pocket, and forcing you through overcapitalization to pay for railway, street-car, telephone and telegraph service tenfold more than you should? You are against green goods, bank robbery, forgery, pocket-picking. Why, then, should you not be against overcapi

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talization which, including within its evil self every crime that has been named, corrupts, in the courts, the legislatures, and the chief magistracies, the very wellheads of government?

There are remedies, but no state could either contrive or apply them. It will require the strong federal eye to detect, and the long, strong federal arm to arrest in their villainies our stock-watering Hungry Joes.

Distributing Wealth by Law

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But you wealth by law, for example,

can distribute

a Payne-Aldrich law.

There lies the heaped-up production of the country for a year. The people, those who produced and piled it up, gather about. Not one must touch a dollar until he has the law-word so to do. The law superintends the distribution. The law lifts its wand. Mr. Rockefeller steps forwardsmug, benevolent, a Bible under his arm, income $40,000,000-and takes what is equal to the shares of eighty thousand common people. Mr. Carnegie has fifty thousand common people's shares; Mr. Morgan has forty thousand. So on through the Schwabs, the Armours, the Dukes, the Havemeyers, the Weyerhaeusers, the Guggenheims, down to the last and latest in the hungry file of "protected" and trust-mongering multimillionaires. Ten thousand individuals are given half the total production of the country. The other half, now the big wolves are fed and have departed, is scrambled for and wrangled over by the remaining 91,990,000.

For all that, as Mr. Lodge says, you cannot produce wealth by law.

A

Varieties of Honesty

PROPOS of the Harmon canvass, Mr. Haskell of Louisville asks somewhat feverishly "Is Governor Harmon honest?"

Absolutely!

140.000.000. INCOME A YEAR

BIBLE

"Mr. Rockefeller steps forward-smug, benevolent, a Bible under his arm, income $40,000,000-and takes what is equal to the shares of eighty thousand common people "

Mr. Harmon is honest. And yet, to be wholly safe, Mr. Haskell should not forget a bias. An illustration of what is meant might be found in those oft-quoted words of the late Colonel Morrison:

"There are two kinds of honesty," said Colonel Morrison. "Sam Randall, who used to fight my tariff efforts in the House,

he should serve Big Business and not the people, Money and not mankind?

Why so Mute Mr. Bailey?

was honest. Mr. McKinley, up in the WHAT has become of Mr. Bailey

White House, is honest. Also, for the sake of argument, we'll say that I am honest. But there's this difference: if I were to die, a lot of rich men wouldn't give Mrs. Morrison several hundred thousand dollars as they did Mrs. Randall. Or if I were to blunder into bankruptcy, a lot of rich men wouldn't fish me out, as they fished out Mr. McKinley. And for this reason: My kind of honesty never did that kind of fellow a blanked bit of good."

Mr. Harmon is honest.

And yet was it written that in his honesty

Senator Bailey of Texas? The papers these days do not carry his name. It was known that at the expiration of his term he would lose his seat, but no one supposed that, pending that seat loss, he would lose his voice. Time was, and not so long ago, when no day went by without Mr. Bailey engaging himself in some fashion of Senate calisthenics. He was the right arm of Wall Street in Washington, the Congressional champion of the trusts.

Mr. Bailey, in his latter days, aimed to construct for himself the reputation of

being a Senate bad man. He was given to lip-ferocities and verbal thunderings. To be sure, such action by Mr. Bailey was but a bluff, and meant to frighten timid Senators. An empty terrorist, a face-maker, Mr. Bailey, to succeed, must be feared. With folk who had no fear of him-and their name, like their fast-growing number, was legion-Mr. Bailey was powerless.

The military education of the oldtime Chinaman favored hideous masks, and fearful noises and a dragon-like front as a best method of battle. You were to fill the foe with terror, frighten him from the field. By the same argument, all whom you failed to frighten you were to fly from. Thus taught the ancient Chinese.

If there be aught in the old Greek's claim concerning the transmigration of souls, Mr. Bailey, in some former life not too remote, must have flourished as a Chinaman. Instead of the bad man, he became the Chinaman of the Senate, with all of the

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old-day Chinese war methods and war instincts. He first tried to frighten, and, failing to frighten, he fled. For all that, he contributed greatly to the gayety of nations and there are many among us who regret that he is these days so mute. Perhaps Mr. Bailey, after the manner of a gray squirrel, has but gone to sleep, outspread, upon some sun-bathed Senate bough. It would be taken gratefully if some Senator, not otherwise engaged, would with some club of rhetoric pound upon the tree of Mr. Bailey's greatness, and wake that Lone Star statesman up.

Unnecessary Bills in Congress

CONGRESS is complaining of a multiplicity of bills. As exhibiting something of the length and breadth of what one might call the bill-resolution industry, some genius has discovered that, during a late and not overbusy Congress, thirty-six thousand bills and resolutions were offered in the House and about nine thousand in the Senate.

The congressional day begins at noon, and might last five hours.

But does it?

Give each bill and resolution twenty minutes for consideration and a vote, and figure up the chance of any particular bill.

"Perhaps Mr. Bailey, after the manner of a gray squirrel, has but gone to sleep, outspread, upon some sun-bathed Senate bough"

Many bills are introduced by Congressmen for apparently no reason other than just to see their names in print. There are bills that the authors, however addled of a baseless optimism, could have had no hope of passing. Take the bills, offered regularly with the beginning of every Congress, to abolish mileage. charges. Our statesmen are paid ten cents a mile, going and coming, between the capital and their humble homes. In a more elastic and less watchful public hour, there have been enterprising publicists who did not

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