The intelligencer. [volume] (Lexington, Mo.) 1887-1891, 1890-02-08
TRUSTS AGAINST PUBLIC POLICY
lKansas City Times.i

SlSneu Attorney deneral.
TRUSTS AGAINST PUBLIC POLICY.
tKansas CITY Timss.i
The Financier, . weekly devoted to
Investment interests, commences with
q three page editorial headed thus: "a
monstrous wrong that threatens with
snnihilation not only our investment
enterprises OF every character"
What the Financier dignifes with this
tremendous heading is the antitrust
law of Missouri and the decisions in
Chicago and New York OIL trusts
Here is the Finsnsier's way of putting
the case:--
"To say that no frm or corporation
has q right to monopolize Is q declara-
tion against the incentive to work, the
incentive toward enterprise; It is q
against business principles
as embodied In patent laws, rs en-
bodied In copyrights, as embodied ia
anything man works hard to get, Lord
Coke or any other lord 10 the contrary
Notwithstanding"
Lord Coke has been rated as very
good lawyer, and since the common
law is the foundation of American law 4,
Lord Coke's rule that whatever tends
TO create virtual monopoly In 8 gen
orally used commodity is against public
policy, is a correct guide 10 American
lawmakers and judges in the absence
of contrary statutes or decisions. Coke's
rule has ALWAYS been the rule In both
countries aud II probably always will
be.
The safety of the people is the high
est law. When Q defender OF trusts
says that every business is q monopoly
in that II is controlled by lis owner, he
misstates the fact. and even II he did
not the analogy could be carried only
as far as public safety permitted. A
Thousand separate firms or individuals
might be controlling their parts OF the
petroleum business, but that is q very
different thing from the control OF the
entire petroleum business of the coun-
try by one corporation acting as one
man.
Once admit that the people are bound
to leave corporations to coslesce with
out restraint and il might not be long
before all the bread, meal. clothing anu
fuel used in the country would be doled
out at their Own prices by two or three
trusts. 1t is against public policy to
encourage cancellations when they
have alreadv reached the point where
they can overpower the people In con-
gress and in state legislatures The
jute trust tried to lay a tax OF millions
on the farmers of the ccuntry this year.
The sugar trust did impose such tax.
Dozens of others were formed and
forming for controlling the output an
the price of articles SO commonly used
that may be called necessaries.
Apologists for the trusts say that they
often cheaper prices. The Standard
oil company is always cited. This ID
stuff and nobody can be gulled by il
The Standard oil company never low
cred the price OF petroleum OF Its owl
motion during its existence. Oil hal
become cheaper since the company
began operations, but it was because
the cheapening process could not b'
stopped. The Standard oil company
has tried to limit production and rails,
prices. II was after the biggest profits
If it sometimes cut prices t. destroy ,
rival, the calculation was to lay min,
for future mastery OF the market. Ths
q trust should voluntarily lower. price
is contrary 10 nature. The aSSwet
purpose of every trust ever formed
whether q railroad pool or q cotton
seei oil combination, was TO remov
competition and fix an arbitrary seal
of prices. Nor does the country an,
longer believe that combinations, ON
nipotent i'm their respective fields, ar
impossible, Quick communication, tel
egraphic acquaintance with sll markets
costliness of machinery and availabilit,
o; vast Jumps of capital make trusts
each comprehending business for
country, easier of establishment thar
single corporations we're hundre'
years ago.
The people are not required TO ex
change arguments abont prices. Tn
political danger of these overpoweriDl
combinations 10 enough to vindicat
the most stringent legislation.
Nobody can yet say that the Missouri
lew Is perfect. 1t may work hardships
But something had to be done and
was the will of the people that tn
issue should be brought upso that ther
could be no quibbling, evasion 0
uncertainty. The danger had far out
grown the ability of former laws t,
deal with it. A really new and threat
pninU condition had laaDed fnll oro ~