The midland journal. (Rising Sun, Md.) 1885-1947, 1890-01-10
500 "A YEAR, IN ADVANCE.
Friday. Jan. 10, 1890.
Consolidation.

their branches, IS an Instance IN point. An
aggregation of 81 COO miles Of track, with
$565 100000 capital, and total debt of
1921, OOO, 900, is an event in history, and
calculated TO excite universe. attention.
1.-THE combination reaches from oceans TO
Gulf, taking in nearly every important
point.
''And all this we emphatically consider
to be fol- the peoples best interests; and we
heartily trust tina. further. prohibitive leg
islative action in our Western States will be
suspended until the new method of railroad
management is carefully tried. Undoubted-
" if railroad men alone considered their
pockets and had no fear of legislative inter-
ferance, many more such combinations
would to day be in existence; but because
of this fear, only partial attempts come to
light.
1.-THE great benefit to the public as the
railways themselves by such considerations
is the mary opportunities thus afforded for
cheapenipg the costs of transportation and
tie great costs of supplies y
The above quotation is from an article
published by The Fnancier on the advantage
of centralizing which is going on in the
business of the world The Fiaancier is en-
thnsiastic in its advocacy of trusts and all
manner of consolidation in business enter
prises. The grounds taken by the Finam:ier
are those of economy. In pursuing this line
of argument that paper takes strong grounds
against interference with these combinations
and trusts by legislation, and says in the
article we quote from: 1.-THE people must
learn and make the distinction between con-
solicitation and imperial aggression, for in
fact there is no likeness" Unfortunately
the people have learned to their cost that
there is very great likeness between them:
hence their earnest efforts to place those
colossal institutions under the guardianship
of the law, like any other trustee which is
given discretionary control over the persons
and property Of others. 1t is not the object of
the people to harass or injure railroads or
other industrial pursuits, or prevent them
from employing the best economic methods
attainable in transacting their business, but
they do wish to have protector in their
government against any encroachments on
the rights of the citizen from these combi-
nations and aggregations of capital, when
ever those colossal powers may feel dis
posed TO impose upon the citizen, and which
they certainly will do, as they have done,
if left to their own sweet will, with the
shield of the law entirely Withdrawn from
between them and the rights of the citizen.
The whole people are very willing that
every combination and consolidation of
railroads and business enterprises may be
effected that Will promote cheap production,
but they are not willing that comparative
ly few persons shall divide among them
selves all the profits derived from the cheap.
ening process, and insist that the whole pub
lie shall participate in these benefits And
they do not propose that this shall be left
to the free will of the few who manage the
combinations, but that they shall answer to
the government as strictly as the trustee
answers to the court which appoints him.
Without this provision, the trust and pow
erful combination have the power of the
Gar. And there is where business "Con-
solicitation and imperial aggression" APP
proach each other in sameness. 1t appears
TO be the inherent nature of man TO Cypress
and despoil his weaker fellow, and for the
protection of the weak is the main object for
which government was instituted among
men.
The people are not only not opposed to-,
but are in favor of, railroad consolidation,
trusts, and all manner of combinations to
cheaper travel and transportation, and pro-
ducts of every kind, but they wish to be
sharers in those benefits, and to insure this
they demand that all such organizations
shall make a statement of their business
render an account of their stewardship, so to
speak-to the government which incorpor-
ates and grants them these valuable fran
chses. not for the sole benefit of few indf-
vidnals who happen to control large aggre-
cations of capital, but for mutual benefit
with the public.
We are not to be understood by mutual
benefit" that the public shall become par
Elephants in the earnings of railroads and
other natural monopoles, as stock holders,
but that service shall be furnished for such
charges as return fair dividend to capital
and that extravagant salaries and wastetnl
management shall no: be permitted.
The people do not desire to injure or re-
tard those corporations, trusts or combina-
lions by governmental interference, but on
the contrary wish them every success in the
expansion and extension of business, but
they do not want them for masters. 1t Is
the fight and resistance which these great
aggregations of capital make against this
fair and just demand of the people, that is
causing all the trouble which they profess tc
suffer from and fear. The public has suffered
immense wrong and extortion from the grea
corporations which have sprung up, and
have, like Napoleon and the Gar of Rus,
STA. endangered TO be law unto themselves
The powerful are in no need of law. The
weak always are. Let the Finaneier, in its
able discussion of the economic side Of
trusts and other business combinations, also