The Daily bulletin. [volume] (Honolulu [Hawaii]) 1882-1895, 1888-03-23
PROFESSOR EADLEY ON TRUSTS.

Professor Hadley spoke before q
large audience in Trades Councils
Hall, New Haven, recently, on
"Pools and Trusts" Following is
an extract as reported in the New
Haven News:
In trust the different concerns
come together, form an association
and surrender their stock. A trust
bears the same relation to a corpo-
ration as corportion does to the
individual stockholders. A trust
has the right to manage its affairs
without any interference. In a
trust the stakeholder surrender all
rights. The difference between q
trust and pool is that one surren-
ders all rights, while the other does
not. In trust, while you do away
with honest competition you have
all the dangers of monopoly.
Some would suggest as remedy
that we make laws to do away with
it root and branch. Those things
which people consider dangerous
are not really bad from beginning
to end. There are times when men
seem TO be making money, and then
everybody rushes in and cut throat
competition is the result.
The tendency of organization is TO
do away with this kind of competi-
ton. If we could organize things
wicaly tbora would hn 1iffaropf ra
suits. The tendency of monopolies
is to raise prices. Instead they
should try and equalize prices.
Laws have been made to govern
these pools, but they do not pro-
hibit them. The law should not
step in and do away with these
trusts as they spring up, because
we would get all of the evil and
none of the good results. If there
be any good in them let us have it
and what is bad wipe out. The
socialists say let us sanction these
organizations and take them up for
the people. If they would carry this
idea out it would be a solution of
the difficulty. l should not trust
any government l ever saw to run
the industries of country. A gov
eminent, generally, represents the
people who have the deciding votes.
Socialism is nothing more than po-
lice government. You must have
means of placing the responsibility
and have no doubt but they will
develop themselves. No one will
deny the right of a manufacturer to
control his own business, but there
are times when the law should step
in and interfere. Another step in
the control of these monopoIes
would be for the public to demand
a knowledge of its affairs. This
would be guarantee against an
abuse of power. III there had been
more publicity in railroad affairs in
this country, good many difficult
ties would have been avoided. Now
the Interstate law was not we'll
drawn law-it was a compromise,
but it has worked with remarkable
success, and it was first step to-
ward publicity. Government ma
nagement of industries is generally
the management of political rings.
If we allow these monopolies to form
under the law we would certainly
have the right to have their affairs
made public. There are those con-
nected with trades unions, who,
three years ago, thought they would
be able to accomplish good many
things, but they are quite certain
they cannot be done now. Trust;
will show us that some things car
be done. The question of trusts
cannot be settled by the Govern
ment assuming control. Let US
rather find out what way their res
possibility can be enforced.