Blackfoot news. (Blackfoot, Idaho) 1891-1902, 1894-11-10
TRUSTS.

Trust, IN its original meaning, is a
good word aud means good thing.
But il has got into bad company. Per
haps it would be more accurate to say
that there is party Of wellborn and
wellbred words which are sowing wild
oats, and which there is every reason
to fear will go to the bad. The other
prominent members of the company
are the words "combine" and "deal;"
but "trust" is the ringleader.
What is a trust? Let us define it
as corporation of corporations, or
corporation of the second degree. A
corporation is an artificial person. 1t
is creation Of the law. 1t has some
Of the civil rights of individual citi.
zens, and is subject to corresponding
degree Of obligation.
The corporation may sue and he
sued; il is required to pay taxes.
Whereas a man has certain natural
rights, corporation has those only
which are conferred by the legislature.
The principle of corporation is
old; but its great development a dis
tinguishei feature of this century
is what has made possible the great
engineering, manufacturing and trans
portation Industries OF our time.
Our grandfathers watched the be-
ginuings and the growth Of corporate
wealth and power with extreme jesl-
ousy. More than one state political
convention in the first half of this
century declared its opposition to the
chartering Of any corporation for bus
mess purposes.
The trust" is an extension Of the
principle of the corporation. But it
does not follow that, because some Of
the early objections to corporations
were unreasonable, therefore the hos
tility to trusts will be found to have
been based on prejudice and passion.
A trust is "A combination of corpora
tions, banded together under one man.
agement for the purpose of controll-
ing the manufacture OF trade OF
some article in extensive use. Usually
IL is not chartered, that is, it is not a
corporation in the ordinary sense of
the word; but is voluntary associa-
alton, which keeps secret its organi-
zation, its doings and its profits. Thus
it may be, and in some cases is, an
artificial person" which exists with.
out the permission Of the state.
The chief objection to the trust is
that practical monopoly may be ere
ated. In fact if monopoly is not
established the purpose of organic.
ing the trust fails Of accomplishment
For cxample-to take an illustra.
ton from a trade in which there is no
trust-there are twelve hundred OF
more corporations, firms and persons
in this country engaged IN the cotton
manufacture. Some OF the corpora
tions are huge affairs, One, in New
Hampshire, is the greatest in the
world which is engaged in this trade.
No harm results from the existence
of these great corporations because,
being scattered over the country and
having diverse interests, they compete
with each other. But IL they were all
to combine they would control the
labor of spinners weavers, they would
regulate production in such a way as
to maintain prices at surely profit
able level, and in various other ways
would deprive the community of the
advantages of the competition.
Moreover, there is a strong feeling
in the minds Of many people who are
H.
by no means infected with socialistiC
views, that Encouragement, and moi
encouragement, should be given to
the practice of concentrating great
capital, and consequently great power
in the hands of few men, officers
and managers of such aggregates OF
corporations,
These are the reasons urged against
sanctioning trusts. There is some
thing to be said in their favor, name
ly, that they make industrial develop
ment possible, on grander scale than