New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-05-10
SENATE COMMITTEE REPORT ON TRUSTS

tho special order for hnal passage on mon
dag night - ,tI. ..t....- Co.,.
SENATE COMMITTEE REPORT ON TRUSTS.
A DESTRUCTION DRAWN. AND PosTroNEMENT OF
LEGISLATIVE ACTION ADVISED.
Albany, May CspeolsD.-The Senate Committee
on General Laws, which has been investigating the
trust question for over year, handed IN today
majority and minority reports, Senators Arnold,
CoEgeshall, o'Connor and walker, for the majority,
sign al interesting statement of the oornmiesees DIS
ooyeries and conclusions, about 5000 words bong
For the minority Senators Linson, Lsngbein and
Ives add few dissenting paragraphs Inc dfiit Oh
the majority report Is that commercial oomb'naaons'
which may seem 70 threa'>n The oommSn good are
not necessarily owls IN the commercial world, arising
out OF natural ooaduons and generally controlled
by the natural laws OF supply and demand; that tho
had results OF such combinations are likely to DO
offset and overcome by the ordinary friction OF
commercial n1e and that 50 FAR as any definite eVils
can DO traced On the existence OF these comohauohs,
the common law has shown itself fully capable OF
restraining and suppreSssng them. while she DC
cision Of Justice Barrett, IA tho North RIVER sugar
Refining Company case, still awaits a review oy the
Court Of Appeals, the committee recommend inc P'oS
ponement Of any legislative action.
Tho minority members although they agreo that
the principles of the common law seem adequate IN
the main for the protection Of the citizens against
these great combinations" indulge In namooyana
denunciation of trusts, and intimate that the patience
of the sovereign people must not be rned with any
longer. The majority report again calls tho at
ention of the Attorney General to the operations Of
tho MIA Trust or MIX Exchange, Limited" After
mentioning tho different combinations examined
into, the Copper Trust, the sugar Trust the Jue
B1Rglng Trust, the Milk Trust the Elevator trust
and the Wholesale Grooe' Trust, the committee turns
to discussion OF the legal and economical prnciPio
underlying such combinations, which In most cases
represent the reaction from ruinons competition.
Some account IS given Of efforts Of Law In England
TO retain and regulate trade contracts. ana Oh too
gradual abandonment Of such restrictions. Tho rule
seems now 10 be- as Che committee says, that pnoho
policy ivstines and requires the largest hoorS ol
contract within the law untrameled By unnecessary
legislative and judicial agtion.a The report con,
tinues
IT'S n rule Of wise Craftsmanship never needleSsy
m n,emeddle with The social OF business Affairs OF
community for these AFRO sublece WHEN naEo az,
SnSy io sny department OF DoiG Science than
10 trace the history Of eyeTy progressive gO'ethuen
s IND ess eovtInmontai nerforence ia tho social
and business affair Of the cuEen As ntellgehce 10
croascs wealth acuimaics, larger liberty Of person
variable law Laws TO protect What are Called "cehs
classes 10 nix the price OF bread TO declare at Nhei
Sp%eo iLe mlddeman manufacturer or produce shall
sell any commodity, are unsuted 10 ths ase tn'S
bcops to pateal form Of government int, " ~ s
sbSrsctsr can not at any time be abandoned with en-
To safeD. The police power Of The STAT %as5
enables n 20 prohibit all thngs hunh or detrimental
10 the comfort and welfare Of society llsuhcs US
interference In regulating the rate OF interest oG looms
~ nOngy TO prevent cNtoruon requires IL 10 impose
restrictions upon the sAe Of certain eommodtes az
dangoroust 70 the peace OF aSs1 OF .Sry y 10 the
public OF certain corporations, aud IN many otheT
ways 10 interfere WITH restrict and control commeiei
OF al combinations those which manufacture or dca
In what are called the Dccessties OF lito are eaSt
de are In a state Of constant activity, arg
cannot be controlled or affected for any length
81. t sSr eg Os sPpisais sEy Illustrates tho utter
inability OF any combination for any length OF uR inc
| OF the worlds great commodities. 49,
The history Of that organization e1opy ms
Of great business abilities, who formed the design OF
c9rO3g The worlds sgppy ,, q SSPR saGDs per
companies OF the United states for all the copper they
could produce in Ave years up 70 certain qnanHT'
lately price largely in advance Of what copper was
then worth aud to share with such companies suon
advances a. he received In excess Of that price.
The Prico Of copper Immediately advanced nom 10
10 II cents pound The consumption dscLa go me
| The combination found iificuli ever with groai
resources TO carry the load Of stock constantly
| ing until finally, overcome by the magnitude OF 10
RESPONSIBILITIES ard Notwithstanding tho asshtanro
Of the great financial institution IN France which "
millions OF dollars 10 avert the failure of the Yndl-
cate 1t failed and brought ruin on al ~ promoters.
tcrest. carries within itself The elements Of Us own
| destruction. ,,.....
tho diricuy Of legislative intcif-ranre IN trust com
binaions which eEisb IN other States or naiionE II
broker would hositatr - deal advantageous terms
with the French syndicate, which onered him hghei
KIT The hsadquarters Of tIe copper Industry 10 thi'
| country Is Boston IN me sts'e OF NasNaohn,,etn =,
! Mnubers Of tie syndicate or combination reside W
Frame and none q tho grtnripatis !: Ssiasnt q
| Lcr uhIc "A aneCt gucl
| a combination except 10 drive beyond tho limits o
tho State the mCchant the capiiast or broker VII.
| IN any way dealt with the trust which temporarily
had control of the commodity. TO % this In regaFt
Industry would be to s@9d 9n1 o. An, me o SaTs
sstory advantage: Capital shogld not be driven BE-
the most imperative and substantial rs prosperity
and catne are due not es 70 m SnS ncpon Ssr
to is great natural Advantages.
Tho right Of combination among capitalists. mani
fachrers or common carriers for every purpose con
sistent with the public welfare should not be I'm
necessarily restaned. but tho sevcest pensltie
should be prescribed and enforced land unless enforce
they should not DO prescribed for every attempt a
combination, the end and purpose Of which Is Al
unjust m0nSR0Y' or OF unduS enhancing mo pr''
Tho Attorney General in consequence Of tho IN
state Sof Ncw-York against tho North River suga
sSd fUeero 81 Is ohar 1 bocsuso Of s connoO
with the trust known IS Tho Sugar Refncrs Com
| pauy. IL - un0eBUOu tDHI inc ISSUES VI tnGt
involve the validity Of the trust and the penalts
Incurred by the several corporations Of which 10
| composed, or which have beon instrumental IN II
creation Already the Supreme Court has decided tina
question IN favor OF tho people and tho learne'
| opinion Of Mr.. Justice Barrett, with the briefs .
counsel, win be found With the testimony herewith
submitted. The case, II Is anticipated, Will eveniual
| awaited with the greatest interest Tho history O
tho judiciary Of the State gives full assurance tina
these questions safe In tho hands OF the ludcIs
tribunals Never have the rights Of person and proT
erty regardless OF public clAmOr, been more accurats
stated than hero in recent years When they shall hav
paEscd upon the issues may confidently expect tina
no gap Will DO let for tho escape OF any graz wrunl
nor win defence be left unprovidrd for. which may
necessary for the safety and welfare OF the State.
Under theso circumstances legislative action ma
well DO deferred unt such final dsclson Is rsndect
And when the rules applicable TO such combination
shall have been 1nAly settled and applied nv N
courts, such legislation may DO enacted nav b
necessary IN the premises.