Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-02-02

of trusts. He still holds to his belief. Ee
said:
Trusts are always the outgrowth of monop-
| oily, and, so far as they exist in this country,
are mainly the result of the workings of the
| tariff with which this land is burdened. The
| hrst and most efficient way of getting rid OF
| them is by abolishing the whole tariff system
| with all its iniQuIties, and giving us absolute
free trade.
WIMAN SAYS TRUSTS ARE NECESSARY.
Mr.. Erastus Wiman said:
| believe trusts have come to STAY They have
been coming and coming for a long time. There is
a good deal to be said on both sides of the ques-
tlon. Men, eminent in the most important
| walks of life, who have always been opposed to
monopoly in every form, are beginning to see
the necessity for combination for the good OF
! the people as well as for those more directly
| concerned. do not believe that there will be
anything but ruin left to us unless we have
trusts or other forms of business combinations.
| The American people are learning that compe-
ltlon unbrldled is an expensive luxury. The
outcry against trusts is still loud enough but it
| is to be hoped that it will not be SO binding
that the real mischief will be lost sight of.
trusts are beneficial to capital as well as to
labor They help the first by preventing ruinous
competition and guaranteeing fair return on
the capital invested, without which no business
can prosper. The workingman it helps by pay
ing him better wages than it could otherwise
DO and assuring him steady employment, which
is Just as important to him. That these combi-
nations are made for the purpose of Tobbing
the public is fallacious. Take the greatest of
them all, the Standard Oil Company. No one
who knows anything about the matter believes
the American people TO-DAY would be getting
such a cheap and good artificial light if the
petroleum interests had not been gathered into
one vast combination. Take the salt interest,"
on the other hand The manufacturers are
shutting along disgusted at the prospect. Ten
pounds of salt may be had for a cent; not
worth as much as an equal amount Of sand
The public may think they are reaping bene-
Sc Fr,, ic ht1tf fhnvv will tn
pay for it all in the long run.
SAYS THEY ARE BENEFIT.
Mr.. J. r. Dos Passos, the eminent law
yer, who has made study of the question,
in giving his opinion of trusts, seemed to be
very favorahlv impressed with the workings
and benefits resulting from these combina-
tions in trade. He said:
A trust is an agreement between several
stockholders to hold their stock for their mu-
tual interest and protection. 1t is a form of
business arrangement which has recently been
adopted by persons engaged in the same line
of business, who. instead of cutting each others
throats or attempting to do so, have come to-
gether and agreed to manage their business so
as to be able to receive fair interest on their
investment In substance trust is nothing
more than a corporation, because it has only
one pair of hands. one pair of eyes, and is in |
tended to have eternal life. like a corporation
it has no soul. The effect OF trust or COM |
bination of business interests on the one hand. |
is TO create and insure uniform prices |
and uniform production. In this way it bene- |
fits the capitalist. This. of course, involves a |
uniform price for labor, which is great ad- |
vantage to the workingman, beside iusuring |
to the labOrer STEADY employment. 1t also re- |
suits in cheaper production for the consumer. |
It benefits the capitalist by enabling hIn to re-
ceive fair remuneration on the capital en- |
ployed, otherwise they would not exist. These |
trusts are all governed by the laws of trade |
the laws of supply and demand. If they under |
take to artihcially enhance the value of the |
articles IN which they DEAL or curtal produc- |
ton, they would meet with the inevitable ruin |
which has heretofore resulted from such at
Uempts. The outcry against trusts is purely /
demagogca because every reason which may |
be successfully urged against trusts may be
urged against a corporation. The individual |
with large capital invested in any one busi-
ness is a trust, because he may buy up and |
control whatever business he may think proper
to the full extent of the money he has at his
command.
DEPENDS ON THEIR PURPOSE.
Julius Dexter, the clone Mugwump" of
Cincinnati, and President of the Cincinnati,
Hamilton and Dayton Railroad:
Trusts are legal, like any other corporations,
and can be made beneficial or detrimental.
Where trust uses itself merely to raise prices
and work against legitimate competition, of
course it is dangerous, and should be abolished.
But the idea that few men have no right to
enter into a business compact by which their
interests can be benefited is preposterous. No
one thinks of declaring corporation that has
a charter to protect it illegal and injurious and
on the same basis trusts exist, A CORPORATION
that preserves methods that are harmful
and calculated to injure legitimate en-
terpIise would t Lso De; @ OF course; % dangerous %
said of trusts individuals cannot be restricted
in their business operations, aud where indi-
viduals are engaged in an enterprise together
they certainly have privileges as great and as
far reaching as if they we're alone. Trusts are
formed to facilitate business and make it more
concrete, so to speak. My idea is that the law
has no more right to interfere with trusts than
it has with corporations. We should under
stand before we condemn. Corporations that
are harmful and pursue pernicious methods
poration that has collusiou and doubtful |
methods is not legal and should be abolished.
II a trust is bad and has an object in view that
will rob the people and raise the price OF neces-
hold, though, that the law gives them Just as
much right to exist as it does corporation.
FAIRBANKS SAYS ABOLISH THEM.
Judge c. w. Fairbanks, of Indianapolis,
eminent lawyer and politician:
Trusts should be abolished and strictly pro-
hibited, because they are illegal and detrimen-
tai to the public good A trust is fungus, an
to control and break down competition and
stiffie legitimate trade. 1t has no legal status,
like corporation; no charter, and the law has
no supervision over a trust. mean by super |
vision those legal requirements necessary to
the existence of chartered corporations Indi-
viduals can form trust at will and for pur-
poses certainly inimical to the public good
and to the prosperity of the community. A
jelly trust was formed, and the result was
that small manufacturer in Indiana with |
a $4,000 plant, Joined the trust and at the
end of year had S50000 a clear
profit of $4,000 on his investment. But
the unfortunate jelly manufacturer who had,
say, only S., 900 plant and could not get into
the trust would be compelled to go into bank
ruptcy on account of the methods of the trust
in opposing competition. read of decisions
in the trust question in Missouri that show the
law is no friend to it. Indeed, the Legislature
of the State of Missouri passed law that any
that had members belonging to
trust should forfeit its charter. Then l have
been Informed that small sugar refinery in
Missouri, doing business of $4,000 a year
joined trust and then closed out. or rather
was ordered to discharge employees and remain
idle. The proprietor of the sugar refinery
made his handsome profit but the men he en-
ployed we're left to shift for themselves.
CAN BE GOOD OR BAD.
Ex-Governor Rufus Bullock, of Georeia.
Government Director of the Union Pacific
Railroad:
II all depends upon the character of the trust
whether it is injurious and inimical to the pub
lie good. A trust has a right to exist if il has
for its object the pooling of interests thar will
~, so1,