The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1889-03-23
TRUSTS AMI COMBINATTONS.

Tho thunderlngs OF the press OF both parties
against trusts aud combinations during the late
Presidential campaign, In which each sought TO
Guido the other In dcnuncihllon OF these supposed
hurtful institutions, have given rise TO crop oi
measures In the various state Legislatures, which,
n carried into effect, would, In many cases, pro-
hiblt even ordinary partnerships To say nothing
of those larger co cooperative enterprises upon
which economic development depends.
A curious satire upon the uttcrAnoes Of many
leading Journals during the campaign Is now
found in their own columns, which strongly con-
mend the great interstate agreement among rail
ways, as the only salvation Tor demOrallzcd trade
and ruined Investors.
IL II the greatest trust ever propo7od In this coun'
try, aud yet II IL generally admitted that II u not
likely 20 be ID dangerous, but bonol'ial 10 the public
There can be no doubt Of this, nor can there be any
that, with the sober second thought Of the Ameri'
can people, their business common sense VIII as
sert itoli. and IN. there will como a reaction In
the public mind which will permit the economic
possibilities OF large orglnizltlonsoi capital In any
branch Of trade 10 be- realized.
Machinery aud steam have ~ intensified tho
action OF competitive forces In production aud DIS
tributlon that manufacturers are actually forced u
combine and realize the economies OF cooperation
In order ~ avoid absolute ruin. Because there Is
an occasional instan O OF combination where un'
reasonable prices ara maintained Tor a time, f. no
reason for the public going daft over a scare about
trusts. Nine.tcntls OF such combinations have re-
suited IN improved quality and reduced prices
aud. with a little time, au will show the same 70
suit They do not abrosnto competition, they
simply liit Il TO n higher plane.
Trusts anc less than ten years old, yet IN no pre-
vlous decade has there been 80 gcncnl a decline
IN prices. Everything hm fallen, except house
rent yet, IN building there n free competition.
Il Il not about time that our Legislators and pub
licists looked al the economic side Of trusts, In
stead Of going OIL halfcocked on the strength Of
u campaign war cay which might be "a good
enough Morgan until after election but Will not
bear calm aud reasonable eNamlnaiion?-l hs
Amaicui GrOccr
Thcabovc, which besides That itappcarcd
in The Amricda Groccras an editorial, Is be-
ing circulated ~ a protection lelact in the
interest Of protection, is full Of mistato-
menis of fact. The journals that honestly
condemned trusts, monopolies aud com
binos have not Endorsed tho interstate
agreement between railroads. On the
contrary they have condemned that agree
mcnt rs an attempt To form n gigantic mo
nopoly that would hold the traffic Of the
country in a vicc'likc grip, and deal with
ii on a basis Of entire responsibility TO
custom or TO law. That agreement was an
attempt ut n great trust, bu, 1t has not
been consummaicd, and never could have
been c%onsummalcd according TO any form
Of law, rs Is the ease with the sugar, the
oil aud other trusts. As TO the effect Of
machinery aud steam 10 intensity compc-
tiiion, these cannot be said to render com
bincs, %monopolics and trusts necessary 10
manufactures. II Is the restrictions in
trade imposed by a r~uinously high tariff
which have interiercd 10 prevent the ex-
pansion Of trade and shuts n manuiact-
urcrs out Of the markets Of the world. II
the United States enjoyed today n foreign
trade proportional 10 that which she
enjoyed before the war trusts would
not be thought of. There would be a 10.
mand for all our manufactures, aud all
our factories would DO open AMI all our
factory hands be In tho enjoyment Of
plenty Of work. Trusts arc less than ten
years old, yet the United States never in
the same lcugth Of time before they were
organized were troubled with 70 many
labor strikes, lockoub, or 80 much anxiety
for small manufacturers. Tho trusts and
combines are tho cause OF uunumbcrc,
woes TO small capitalists and work people
aud The Grocer misludgcs the signs Of th0
, times II 1t supposes that opposition 3
trusts wa "a good enough Morgn'
until after the election" They ar
stll obnoxious 70 tho interests O
, the people aud rcpugnant to ever.
sense Of fair play In trade. they stiI
oycrshadow aud crush the small manuhC
4. turcr, still control production aud rc1uc
, wages, aud arc In every respect as bad an
, o%ycrbcaring as the guilds Of the Midi
/ Ages, which came TO be m%onopolics tha
dragged ruin In their train. Bat The On
oor will soon learn how this Is. When m
contemplated canvass Of the Democrat
, clubs aud societies Is ~inauguritcd il wi
Q realise that the demand for taiG reform
c a. active as ever, AMI that opposition b