MY PLAN FOR "COPPERS"
The plan I had so carefully formulated in connection with "Coppers" was
simple in application yet vast in scope. It was to buy up all the good
producing mines at their market price, or double if necessary, to
organize them into a new corporation and offer its stock to the public
at a capitalization of double the original cost. By advertising the
exceptional merits of the copper industry and the financial power of the
men who were backing it, the public would become educated to a knowledge
of the values of "Coppers." Under this education the world of capital
would invest in copper shares until the price had advanced, because of
so much capital seeking this form of investment, to a point where the
net return was brought down to the going rate of, say, four per cent.
This would mean that the old going prices of good producing Boston
copper-mines would advance 100 to 200 per cent., which in turn meant
that those who risked their money in the first venture (which I figured
would require $100,000,000) would make $100,000,000 to $200,000,000,
while at the same time the public would make $200,000,000 to
$400,000,000. This seems like an "Aladdin-lamp" story when it is told,
but, as a matter of fact, prices afterward did advance in this ratio,
and 100 and 200 per cent. beyond, and many of them, notwithstanding the
tremendous drops that have taken place since, still show from 200 to 300
per cent. advance over the prices then in vogue. _Never in all the
history of business was there afforded capitalists so fair an
opportunity to make honestly and legitimately so vast a sum of money and
at the same time to do so much for the people. Nor was there a more
honorable undertaking nor one which a man could be more justly proud of
carrying to success._
As time went on, this big enterprise was more and more in my thoughts,
and I tested it in every way I knew, going over in my mind and trying
out each successive step and link until I was certain the whole
structure was unassailable. Then it became my purpose in life to launch
the venture. The difficulties of the task were never for a moment
overlooked, for I well knew that much money would be required, but with
strong backing success was sure, and such a success was tremendously
worth attaining. Next to putting in force my financial invention which
would remedy the evils of the "System," this great copper project seemed
the thing--the dollar thing--best worth doing in all the world. It was
to execute this project that I allied myself with the "Standard Oil"
party, for with their money and backing I knew I could carry through my
plans on the lines I had so carefully mapped out.
The chief indictment my critics brought against me when my series of
articles appeared in _Everybody's Magazine_ was that I had turned
"State's evidence." Having been "in with" "Standard Oil" in their
robberies of the public, it was not until we disagreed and "split" that
I thought of taking the public into my confidence. The truth is, my
relation with "Standard Oil" was different from that any other man ever
had with that mysterious and reticent institution, and throughout the
copper crusade I insistently blurted out our plans and purposes through
every channel of publicity I could command. At no time was there the
slightest secrecy. From the very first day of the campaign I told the
story as I tell it here, and I told it from the housetops by newspaper
interviews and advertisements, market letters and circulars frankly and
freely explaining what I was about. The absolute truth of the foregoing
is easily proved through existing records, for the press of the country
contains an almost continuous story, beginning in 1896 and running up to
date, wherein I have openly and fairly told what I knew about "Coppers"
and detailed the progress of our plans. Time and again, during this
period, financial writers commented on my frankness, quoting brokers
and bankers to the effect that "Lawson will surely have his head dropped
into the 'Standard Oil' basket if he keeps telling people all he knows
in this fashion." For the complete realization of my project the
public's interest was essential. The creation of the vast business
structure that I had designed required the participation of the great
mass of the people, and I was determined that no subservience to the
selfish ends of my associates should swerve me from my plan. I saw the
enterprise whole; saw that there was great profit for all concerned, for
"Standard Oil," for myself, and for the public; but if the public were
not taken care of or were discouraged from participation, then my
institution would surely be only another combination of capitalists and
I should fail in my ambition.
This is why I so persistently kept in the open throughout my "Copper"
campaign. I fully realized how anomalous my position was and how far I
had departed from "Standard Oil" precedents; but my thought was to
protect the integrity of my enterprise, and the best way to do this was
to have the people partners in its conception and development. To be
perfectly frank, the prospect of millions of profit counted for less in
my calculations than the honor and prestige I foresaw in the success of
my copper structure. As proof of this, witness how I voluntarily gave
back the millions I had secured, to make good. To create a great
institution, to erect a new and absolutely staple investment, and in
doing so to make millions for one's partners, one's self, and the
public, would be to live not in vain. The knowledge of my attitude will
perhaps help my readers to comprehend the enthusiasm with which I
entered into my "Copper" crusade; help them to understand how strongly I
resisted, and how deeply resented, the perversion of my fair structure
into a pitfall for those I had expected to benefit. My indignation
against the "System" is that which any honest man would feel against
ruffians who had used his best ideas and his most generous feelings to
lure innocent and unoffending people into some den of vice and infamy.
If I have not troubled to correct the misstatements of detractors who,
in an attempt to discredit my facts, have tried to pillory me as a
traitor, it is because I knew that when my complete story reached the
public it would make plain how and what I had been doing. The succeeding
chapters of this narrative will yield unimpeachable evidence that all my
dealing in "Coppers" as an associate of "Standard Oil" were open and as
much in the interests of the people as it was possible to have them.