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The Commoner.
VOLUME 8, NUMBER 1$
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The Commoner.
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THE COMMONER, Lincoln, Nob.
Tho United States steel corporation's 1907
earnings wore tho greatest in its history. You
would look a long while for a tariff revisionist
among the managers of that corporation.
Several representatives of puhlic Interests
At Washington no doubt wish some of the
American newspaper reporters would go on
Btriko like those German newspaper men.
Tho congressional majority will have to
do more than adopt "gag rules" if it expects
to keep tho country in ignorance of the ma
jority's failure to enact beneficial legislation. '
The Pennsylvania man whd has just com
pleted v a patchwork quilt containing 11,700
pieces ought to be sent to congress and assigned
to tho task of drafting a republican financial
"Indiana republicans have warmed up to
Mr. Fairbanks," declares a contemporary. Yes.
:And what is warming up to Mr. Fairbanks would
bo a red hot campaign for almost .any other
man.
The proposed plan to havo a com
mission revise tho tariff is not nearly so good
as tho plan of letting the people elect a con
gress that will revise it in tho interests of tho
people.
John Smith' and others went to Virginia
something like three hundred years ago expect
ing to find gold. Tho Duke of Abruzzi followed
up a few days ago and seems to havo located
tho mine.
A Chicago gentleman who was very promi
nent in his "defonso of the national honor"
about eight years ago is now looking to the
supreme court to save him from a penitentiary
sentence. J
The Now York Evening Post Insists that
Organized labor demands the legalizing of tho
boycott. The Post is unable to see what organ
ized labor demands is merely that a member of
& union may legally do what ho might legally
do if not a member of the union. In other
words, organized labor demands that the pos
session of a union card shall not deprive a man
of his rights as an individual under the law
nd the constitution.
NEWSPAPERS PRACTICALLY UNANIMOUS
FOR REMOVAL OF PAPER DUTY
Tho following editorial is taken from tho
Louisville (Ky.) Courier-Journal:
Tho representatives of 774 newspapers of
tho United States, in session at New York, asked
for immediate relief from the exactions of tho
paper trust. These papers consume eighty per
cent of tho print paper used in the United
States.
The fact Is noted that in September and
again in November, 1907, tho attention of the
authorities was called to the exactions of the
trust, and that on the assembling of congress
twenty or more bills were introduced aiming to
give relief by putting paper and pulp on the
free list. The publications interested protest
against any more delay. Thoy also declare that
tho director of the census has furnished false
reports of newspaper prices and has reiterated
thorn after the errors were pointed out.
Speaker Cannon has refused to sanction
the passage of a bill putting pulp and paper on
the free list, but instead proposed an investi
gation by a committee of six. Now if this were
a new question it might be worth while to havo
an investigation. But tho question is not new.
The exactions of the paper trust have been go
ing on for a long time, and thoy grow worse.
To propose an investigation now is simply a
scheme for delay, and there is no guaranty that
anything will be done. On the contrary, we
know by experience that nothing is likely to
be accomplished. The committee may report
against tho trust, or it may report in its favor.
Perhaps it will make two reports. But the
caso has already been referred to the Attorney
general, and ho has said that he has found no
reason for prosecuting the trust.
Mr. Dalzell, who, with tho speaker, Is a
member of the committee on rules, said it is
capable of mathematical demonstration that the
increase in the price of paper is not due to tho
tariff. This is probably due to the fact that
the increase has exceeded the amount of the
tariff. But a reduction In price equal to the
tariff would be welcome, and there is no dem
, onstration that such a reduction would not take
place with the abolition of tho tariff. Mr. Dalzell
thinks the increase is due to a combination or
trust. But why should such a combination be
aided by the tariff in its exactions? That it
is so aided is perfectly plain.
Mr. Williams- said that the Increased price
' was duo both to the tariff and the combination,
and that the combination was due to the tariff.
It has long been known that the tariff
is tho mother of trusts, and this has been con
firmed by a prominent trust leader who was
benefited by the tariff. The oft-repeated state
ment that tho tariff has nothing to do with
trusts is known to be false. There is no ground
for it except that there are a few trusts that
are not specially helped by the tariff, and this
is due to their ability to monopolize the supply.
Besides, if putting paper and pulp on the free
list would not reduce the price, why do the in
terested parties Insist on the retention of tho
duty?
Mr. Williams Is no doubt right. The tariff
gave occasion to the organization of the trust,
which has become so powerful that it has put
tne price rar nigner man tne tariff justifies. It
controls the supply in Canada as well as in the
United States, but tho removal of the tariff
would enable others to come into the field and
to force a reduction. In any event it is a dis
grace to see tho government in partnership with
a combination of this sort helping it to prey
upon the people of tho United States.
There is significance in the fact that the
newspapers are practically unanimous in favor
of a removal of the duty. The most of these
papers are in favor of protection, but the ques
tion has come home to them in a pronounced
manner in the .prices they are compelled to pay
for their supplies. They believe that the re
moval of the duty would help them, so that it
is an absurdity to say that it is demonstrable
that the tariff is not in fault. That is the per
sistent assertion of the tariff advocates It
has been put forward by the president, who now
asks for a repeal of the duty. It has been arg
ued by partisan papers, which are now in favor
of putting paper and pulp on tho free list But
alltiiesapp,ea,ls aro disregarded, and the only
relief offered is a committee to inquire into
what is already known. Tho paper trust is only
one of many engagod in a similar work of spol
iation, and the standpatters are determined not
to make an examplo of it. Louisville (Ky.)
Courier-Journal. '
NINETY-FIVE PER CENT OF RAILROAD
STOCK IS WATER
Following is a special dispatch to the Chi
cago Record-Herald, which dispatch every Com
moner reader ought to show to his republican
neighbor:
New York, April 23.- When Thomas F
Ryan was before tho special grand jury investi
gating the affairs of the Metropolitan Street
Railway company he said that .ninety-five per
cent of the stock of all railroad corporations in
this country never cost a dollar.
There was great surprise and many of tho
jurors questioned Mr. Ryan, believing that they
had misunderstood, but the only one in the room
who manifested no surprise was Mr. Jerome
who before Mr. Ryan appeared before the jury
had carefully gone over all the testimony with
him.
Ryan's remark was made after Mr. Jerome
had read to the grand jury the statement pre
pared by the. witness, which Ryan gave out for
publication last Monday evening.
Why Ryan's statement was read-by Jerome
has not been explained. Some said Ryan was
not a good reader; others that his voice was
not as penetrating as Jerome's.
Ryan had figured 'out that the $52,000,000
of Metropolitan Street Railway stock represented
cash payments of 83 per cent of its par
value. As Mr. Jerome read this statement Ryan
interrupted, saying:
"Gentlemen, that is the answer to the state
ment that has been made for the last five years
that tho Metropolitan Street Railway company
stock is all water."
Mr. Jerome promptly cam to tho wit
ness' rescue, saying: "Mr. Ryan, you have
been connected with a large number of cor
porate ventures, both in street railways and in
steam railways, have you not?"
"Yes, sir," answered Ryan.
"And as a banker you have been familiar
with the capitalization of many of the railroads
of this country, have you not?"
"Yes", sir."
"How will that compare that percentage
of water, if you call it such?'
"Ninety-five per cent of the stock of rail
road corporations of this country never cost, a
dollar," was Mr. Ryan's declaration.
"You mean," said Mr. Jerome, that ninety
five per cent of the stock of tho railroads of this
country is all water?"
"Yes!"
"Please explain," said Mr. Jerome.
"Well," said Mr. Ryan, "the railroads in
the last of these great speculative years that
we have had have put up stock so that it was
easy to raise money on stocks and bonds; but
up to 1885 ninety-five per cent of all steam
railroads and all street railroads and all indus
trial corporations of this county never put in
one dollar on their stock except a little organi
zation expenses that were required for a few
shares of stock in the beginning."
"So then," said Mr. Jerome, "your experi
ence in these matters is that $83.50 cash paid
In for every $100 in stock is exceptional?"
"Yes, sir. Up to 1878 there was not a
dollar paid in on St. Paul, Northwestern, Omaha
or any of these railroads."
Mr. Jerome asked Mr. Ryan for a further
explanation, but the witness waited until the
district attorney put another question.
"If you took these roads as they stand to
day, including tho roads that have been organ
ized and supposed to be put on a sound basis,
taking them as a whole, both in steam railroad
ing and surface railroading, would $83.50 in
cash for every share of $100 par be a large per
centage of cash?"
"A large percentage," replied Mr. Ryan.
Ninety per cent of them haven't had anything.
Not only that, in the reorganization that took
place from 1900 up to 1907, they assessed these
stocks and gave bonds."
"Mr. Ryan," said one of the grand jurors,
we understand then that the roads only cost
about five per cent of the capital issue? They
were built with bonds?"
"Built with bonds," said Mr. Ryan. "The
Union Pacific railroad is built with bonds and
got a land grant worth $250,000,000."
"And Atchison the same?" asked another
grand juror.
"Atchison the same."
& & dl &
Secret service officials located and raided a
"queer coin" plant near Marion, 111., last week.
Senator LaFollette and the democratic senators
raided another "queer money'! plant in Yhe sen-
ate last week.
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