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John E. Forbes tells Theodore Roosevelt that he hopes Roosevelt’s plan for dealing with trusts will work if he returns to the presidency, and all signs point to Roosevelt becoming president again. Forbes has worked with hardware manufactures all his life and shares his knowledge of trusts and the damage they do to people and communities.
Library of Congress Manuscript Division
1911-12-12
Charles Richard Van Hise speaks of the nuances present in monopolies and unrestricted competition in the American economy. Van Hise gives the railroads system as an example of successful use of commissions with no price competition. His thesis proposes there can be great economic advantage to maintain a concentration of industry and therefore those corporations should not be broken up by enforcing the Sherman Act. Instead, commissions should be created to determine prices and Van Hise provides a list of powers these commissions should have and how to achieve success.
Library of Congress Manuscript Division
1911-11-09
Thomas Dolan advises Senator Penrose that he does not think the existing tariff laws should be changed at the moment and that the majority of voters would agree with Dolan.
Library of Congress Manuscript Division
1904-12-17
Nicholas Murray Butler writes to President Roosevelt about recent newspaper clippings. He jokes with Roosevelt about Henry Loomis Nelson. Butler sends clippings so Roosevelt can use them as “evidence” of support for his views. Butler agrees with Roosevelt that adjusting the tariff is the best way forward.
Library of Congress Manuscript Division
1904-12-05
At center a group of six men, including John D. Rockefeller and E. B. Thomas, warm themselves by a stove labeled “Standard Oil.” At bottom left Andrew Carnegie burns “U.S. Steel Bonds” and Charles Schwab attempts to burn “Steel Common” stocks. On the right Chauncey Depew burns speeches. On the middle left a tramp rests against a haystack in the warm sun. On the right William Jennings Bryan generates hot air while speaking to a group of farmers. On the top left a family burns the furniture in a fireplace. On the right E. B. Thomas sits in front of a fireplace where a lump of “Radium” is warming the room.
Charles M. Schwab, as Napoleon, sits on a rock in the middle of the ocean, looking back at the setting sun labeled “Business Reputation.” He is holding in his right hand papers labeled “Investigation Ship Building Scandal,” and other papers labeled “Steel Trust” are in his coat pocket.
J. Pierpont Morgan, as a strong man at a circus, attempts to inflate a balloon labeled “Steel Stock” with a pump labeled “Enormous Earnings.” In the background is a crowd of people, some holding papers labeled “Steel Stock.” Caption: A strong man, a strong pump; but no sigh of a rise.
Sometimes the stock manipulation and monopolist’s control of values backfired. The machinations of J. P. Morgan after his acquisition of smaller steel companies if he might have failed to acquire United States Steel from Andrew Carnegie, and then his top-heavy position in the steel market after Carnegie did sell to Morgan, was the subject of editorial and political commentary at the time that he over-extended his resources. If so, Morgan’s challenges soon were overcome, and not as serious as Pughe’s cartoon suggests.
A schoolboy stands outside a “Public School.” On the left is Charles M. Schwab sitting atop a large money bag labeled “Manager of Steel Trust $1,000,000 yearly salary,” resting on a steel factory; and on the right is Chief Justice Melville Weston Fuller holding a balance scale in one hand and a tiny money bag with the label “Chief Justice of U.S. $10,500 yearly salary,” sitting on a large book labeled “Law and Constitution.” Caption: “Shall I be wise and great, or rich and powerful?”
Library of Congress Prints and Photographs
1901-06-12
An oversized, bloated human figure with the head of a pig, wearing a sash labeled “Steel Trust,” holds steel rails in both hands. He stands on the grounds of a steel factory labeled “U.S.” John Bull stands on the left, on a patch of ground labeled “England,” paying a reduced rate for the rails. Uncle Sam, standing on the right, pays an exorbitant rate due to a “Protective Tariff 43.58%.” Caption: The poor foreigner couldn’t get his rails for twenty-four dollars if we didn’t elect to pay thirty-five.
The background of this cartoon is less about the mathematical results of tariffs and rates, though they were always matters of Byzantine debate between free-traders and defenders of “infant industries” and protective tariffs, and more about the headline of the day: J. P. Morgan’s purchase of Carnegie Steel Company. Its capitalization was touted at $1 billion when U. S. Steel was introduced to Wall Street. Merged with his own Federal Steel, Morgan introduced the business model of “vertical integration,” control of production from raw materials through transport and manufacture to ultimate marketing and shipments. Andrew Carnegie’s reluctant sale price was $480 million, which Morgan instantly accepted. Later, Carnegie told Morgan he always regretted not asking for $10 million more. Morgan immediately replied that would have paid it. Puck traditionally was a proponent of free tree and low tariffs, and generally was anti-monopoly from its earliest days. In the 1888 presidential election, it even published a campaign booklet, The Tariff ‘Question.’
Theodore Roosevelt is pleased to hear that James F. McCleary is doing well. Roosevelt thanks him for the information in his last letter and for giving him a copy of the Monthly Bulletin of the American Iron and Steel Institute.
Library of Congress Manuscript Division
1915-02-06
Theodore Roosevelt appreciates the kind words about his action toward the Tennessee Coal and Iron Company. Roosevelt hopes to visit Clarence Howards’ steel plant. Roosevelt is carefully considering Howards’ suggestions on the article.
Library of Congress Manuscript Division
1915-01-24
Samuel H. Chauvenet takes issue with the raising of freight rates by railroads, and argues to Elbert H. Gary that the iron and steel manufacturers should work together to try to bring about better conditions for all of them.
Library of Congress Manuscript Division
1911-03-23
Theodore P. Shonts writes to President Roosevelt concerning the economic status of the nation in regards to areas such as the railroads and the steel industry.
Library of Congress Manuscript Division
1906-06-28
Leslie M. Shaw returns Governor Crane’s letter and offers his observations. Free hides, suggested by Crane, would not increase revenue. Shaw says reducing the duty on iron and steel would not increase revenue and may go against the Republican party.
Library of Congress Manuscript Division
1905-08-10
A special edition of the Jemison Magazine discussing various aspects of Corey, Alabama, a “model city” expressly planned for employees of the new industrial factories of the area. It features an article on Theodore Roosevelt’s visit and speech on March 10, 1911.
Library of Congress Manuscript Division
1911-04
The Philadelphia Evening Item reports on the good economic conditions in various industries, companies, and places in the United States and its trading partners, which it says “give[s] the lie to the calamity howlers.”
Library of Congress Manuscript Division
1903-12-22
The “U.S. Senate” holds a “resolution” in his left hand and points at Attorney General Charles J. Bonaparte in the other. The “Senate” asks, “Why didn’t you prosecute the steel trust?” President Roosevelt stands beside the seated Bonaparte and says, “Don’t answer that, Charlie.”
Democratic Senator Charles A. Culberson introduced a resolution at this time of this cartoon, inquiring of Attorney General Charles J. Bonaparte whether President Roosevelt, during the Wall Street Panic of 1907 rightly permitted the absorption of Tennessee Iron and Coal by United States Steel. The President intervened and directed Bonaparte not to respond.
Various men hold up resolutions. John D. Rockefeller holds a can of “Standard Oil” can and a paper that reads “Resolved that I’ll still do business in Missouri. John D.” President Roosevelt holds his big stick and a paper that reads “Resolved that I’ll abandon the Ananias Club.” President-elect William H. Taft reads a “my policies” pamphlet. Caption: Taft might forget Roosevelt. Herbert S. Hadley sits on top of a goblet with “the lid” and holds a paper that reads “Resolved that I will take off the lid. Hadley.” Speaker of the House Joseph Gurney Cannon smokes a “gag rule” cigar. Caption: Cannon must swear off using the same old brand. Andrew Carnegie holds a paper that reads, “Resolved that I’ll refuse to reveal any more secrets of the steel trust. Carnegie.” Arthur N. Sager holds a paper that reads, “Resolved that I’ll absolutely refuse to run for mayor.”
Edward McBride’s cartoon in the reliably, and highly partisan Democrat, newspaper the St. Louis Republic features seven prominent figures referring to major news stories, disputes, and scandals. Rather than attacking the figures or seeking to persuade readers, the cartoon’s publication date reveals that it simply was a humorous treatment of New Year’s resolutions.
It then was common, and to an extent still is among political commentators and cartoonists to exploit holidays for their thematic preoccupations– in fact, sorts of holidays for themselves. The humorous New Year’s resolutions (or, sometimes, “the Millennium has come!”) presented an opportunity to show prominent figures doing things opposite of their normal pursuits.
John Bull stands on land labeled “England” as an army of animated steel railroad rails march ashore in military formation from ships docked just offshore. In the background, Uncle Sam is standing on land labeled “United States” with steel factories spewing smoke behind him. Caption: The invasion of England by the great American steel rail army.
Library of Congress Prints and Photographs
1897-03-24
Senator Hanna claims the lack of steel is due to high demand and that a revision of the tariff is currently impossible.
Library of Congress Manuscript Division
1902-07-24