Jasper County Democrat, Volume 2, Number 34, Rensselaer, Jasper County, 25 November 1899 — POLITICS OF THE DAY [ARTICLE+ILLUSTRATION]

POLITICS OF THE DAY

REAL EVIL OF TRUSTS A citizen of sufficient consideration to bo consulted and quoted on the subject of trusts lately raid that,he considered them very objectionable and hurtful to the interests of the people, because they had to pay dividends on a capitalisation more than twice as great as the value of their plants—that is, because they had to pay dividends on stock which was more than half water. If this was the worst that could be said of the combines, commonly called trusts, they would not be deserving of .the popular condemnation under which they abide. The truth is that they do not have to pay dividends on their stock, however much It may be diluted. If they did have to the holders of mnch of their common stock would have cause to rejoice. A corporation cannot make dividends for any great length of time except out of its earnings. If it earns nothing it has nothing to divide. If it earns mnch if ean make large dividends. Its earning power does not depend at all upon the amount of its capitalization. If it issues stock nine parts In ten water It cannot earn a dollar more than If its capitalisation is only half the value of its plant. Bat its power to declare dividends—to make earnings depends very greatly on its power to fix prices arbitrarily. If it Ims that power it may declare large dividends on a very excessive capitalization. It is this power to control prices that is the objectionable thing about trusts. Divest them of this power and the public win not rare a fig how muck they water their stock.—Chicago Chronicle.

Next Tear. The issue of imperialism or anti-im-perialism. of the Declaration of Independence against national frvebooting, of American- traditions ns opposed to British policies, will be the supreme question of the hour next year. The assailants of the Constitution, the vouW lie destroyers of the Declaration, me welcome to whatever they can get out of their so-called victories in Ohio and elsewhere. In (Milo they have elected a minority Governor, and whether Jones drew most heavily from the Democrats, as Mark Hanna confesses he did, or from the Bepublicans. the fact stands out conspicuously that Jones himself is an anti-expansionist. In Maryland the most popular Republican of the State was up for re-deo*ion as Governor. He had given a very creditable administration, and all the power of the National Government was used to promote his interests. Bet his party made the fatal mistake of indorsing expansion and upholding McKinley's jungle war. This cooked his In Massachusetts the Republican platform was a riddle. Even the SpringHeld Republican indorsed it on the ground that it was a good anti-expan-sion document. So did Senator Hoar, whose views are too well known for And yet merely because the declaration was not positive, because it was susceptible of two meanings, 25,009 Republicans voted against it. In Nebraska, where the issue was distinctly one of whether the Philippine bargain should have been ratified or not, and where the forces of nature really seemed to work in favor of the Republicans, there was a fusion landslide. In Kentucky the Democrats would certainly have carried the State, per haps they have carried it. but for the bolt led by former Gov. Brown, (for. Bradley, the Republican leader of Kentucky, Is an anti-expansionist, therefore the issues were principally local to that State. As a mater of fact Nebraska alone of all the States passed judgment absolute upon the President's policy. It was formerly a Republican stronghold, ne Democrat ever carried it as such for any State office, and McKinley was snowed under. The next President will not only be a Democrat, bnt he will be elected because he believes In the fundamental principles of Democracy, in the Declaration of Independence, the Constitution and Thomas Jefferson.—New York Newsu The ejections have settled at least two Important questions. William J. Bryan will be the Democratic candidate for President in 1906, and William McKinley will be renominated by the Republicans. Bryan's victory in his home State of Nebraska assures his position as the logical candidate of the Democracy, and McKinley's success in Ohio makes his renomination certain. Aside from thode two Important matters the elections showed that the Democrats have gained strength. Discussing this matter William J. Bryan In an interview given out at |Jneotn. Neto, says: “The elections have shown a decreasing confidence in the policy of the administration and n growing opposition to all for which the Republican party stands, which will result in the overthrow of that policy In He declares the mult ia Ohio favorable to the national Democracy because of the decreased Republican plurality, and as yet wfossff to admit defeat in Ohloteconreroed the

their victory, but are busy explaining why Hanna was repudiated by his home city and county. As a matter of fact, it appears that Hanna stands higher in those localities where he is least known. On the whole, Dembcratn can find much of encouragement in the results of the election. Wherever national questions were made prominent the people expressed dissatisfaction with the administration and this is an. indigestion of a Democratic victory in the national election of 1900.—Chicago Itemoerat. The PhilippinelOatragr, When Admiral Dewey'was in control of the situation in the Philippine® he expressed the opinion that 5,000 men would be all we should need to maintain our authority in the islands. And If he had remained in authority we should have had no occasion for any more. The Filipinos admired and trusted him. They did whatever he told them to do. As long as he represented our Government in their eyes there was perfect peace. Now we are sending 504)00 men to the Philippines, and we do not know that that will be enough. By a simple computation we see that the administration considered it worth 45,000 men to exchange Dewey for Otis. The revenues of the Government are increasing so that, if It were not for the drain of the needless war in the Philippines, incurred through the incompetence of a “fussy old woman,” we should be laying aside such • surplus every luonth as would enable ua to resume the almost forgotten practice of paying off the national debt. That debt is nearly twice as large now as it was six years ago,"but a few years of peace and prosperity would dispose of it Gen. Otis has cost us 45,000 men and about $15,000,000 a month. The naval estimates for the coming year are three times as large as they were a few years ago. and the increase is largely due to the demands of the Philippine service. We expect to keep a fleet of fifty vessels on blockading duty for an indefinite time, and that costs as much as it cost ! to maintain our whole navy not long ago.—New York Verdict. - Finance* ns “Firm u a Rock?” John Hay. Secretary of State, in his letter to “My dear Dick,” tells us some things that are generally believed to be quite the opposite even by a large section of his own party. After pitching into the Democrats, which, of course, was to be expected of him, he says: “With a sufficiency of money to meet the demands of a volume of business unprecedently vast and profitable.” * * * “With our finances as firm as a rock,” and so forth. At the same time that he must have been writing this letter, the bankers of New York were appealing to the Secretary of the Treasury to help them, money in that center being ao scarce that the banks there had but a few dollars over and above what they are obliged to keep on handr according to law. On or about the same day the Secretary of the Treasury did help them by advancing over $5,000,000, not due for some months. About the same date the Bankers’ Association met in Cleveland and put forth a platform urging Congress to amend or pass currency legislation, because our financial affairs were not “as as a rock,” but were likely at any tithe to give us trouble.—Jeffersonian Democrat. - Chicago Platform Victory. In Nebraska the Bepublicans sakl Bryan wasfhe issue. Judge Reese, head of the Republican ticket, was a strong ami popular man. There was no opposition to his nomination. The Republicans united on their strongest man to - defeat Bryan- On the other hand, Holcomb, the head of the Fusion ticket, although a strong man, has.many bitter opponents within his party. His nomination was only secured through the personal intervention of Mr. Bryan to prevent a split in the party. For these reasons Mr. Holcomb was weaker than his party. Nevertheless, he is selected by a majority of 15.000. a substantial Democratic gain. Mr. Bryan accepted the gage thrown down by the Republicans that Bryan was the issue, and the result of yesterday’s voting show's ♦he effect of the magnificent campaign he made. He has attempted to trim on no Democratic issue. He has not pandered for a single vote. The rictory In Nebraska is a clean, superb victory for W. J. Bryan and the Chicago platform, and a complete rout of the gold standard and imperialism.— Grand Rapids Democrat. Briton* Cannot Bluff the Boer. Military experts In England, as well as in Europe, are suggesting that the/ experience of Gen. White and other officer* of the Indian army in fadng'AslatIcs, who can be “bluffed’’ and "rushed,” Is a positive disadvantage Ita confronting an army of stolid Dutchmen, who spit on their hands and go Into battle as placidly as they would hoe their corn Is it not possible that the fact that our own officer® have been occupied to largely with Indians may have prompted that rash rush at Santiago, which only a lncky fluke kept from being a disaster?—Springfield (Mass.) Republican. In Germany, during the year ending Julwiwe, out of 387,991 persons looking for employment, 222,596 found occupation by means of free employment