The times. [volume] (Richmond, Va.) 1890-1903, 1897-08-29

tracts necessarily involve restrictions
The very life OF a contract Is that tse
contractor shall DO nothing which - !.
consistent with that which he agrees 70
90. Considered broadly. restrictions upon
trade are essential TO the lifD or traoe'
The test OF what is and what - not
restraint upon trade must thereIole
be sought somewhere else than al pare
restrictions upon trade The dividing llhe
is TO be found between Liberty and IL
osnss. License Is freedom 20 do what one
will without regard to the rights OF oth-
ers. II IS the sutocrats function
Liberty IL freedom restrained by law
that IL. the right TO do what one VIII win
his own 50 long as he does not trespass
upon the rights OF another. and ne leaves
that other fun opportunity 70 90 WA
he will with bis. The Car Of Russia has
license; Queen Victoria has liberty
On the economic side Mr. Royalls ar
Fument IL equally strong, though We car
refer TO this part Of tho essay only very
briefly II Is alleged against the trust
he saws. that II limits production and
thus enables those interested IN it 70
extort higher rates than the public woulo
other wise have 70 pay The notaule tola.
IS however that II the Trust does unit
production. II nevertheless allows sum
cient production to answer every demand.
He asks how the public Is hurt by i'm
itati1n OF production II production - iel'
Ct a point which offers an abundant sup
ply. To produce more than thls Is -
open the door 70 waste and loss. Il IS
also pointed out how the operation OF tne
Trust has been 10 produce a STEADY anu
certain decline IN the prices or the atu-
cles controlled. a notable instance oSus
that OF the Standard oil Company, Whlcn
between lS65 and 1895 reduced the price.os
refined petroleum in barrels from - cents
a gallon 70 ! cents II can be absolutely
affirmed that the inexorabls law OF the
Trust IS 70 lower prices or the arucles
dealt In 20 the lowest point that VIII ptlhs
a reasonable profit, because the most
powerful OF all influences. selIishhess, I'M
polls II TO that course
Answering the laborer's fear that the
closing OF productive plants by the Trust
will result TO HIS disadvantage BY olmin-
ishing the number OF employing agencies;
Mr. Royal points out the Trust, instead
Of diminishing. multiplies the number OF
employing agencies indefinitely. BY
cheapeninC everything u increases the
demand And again, when the Trust re-
duces the price OF one article II leaves
the consumer money with which 10 pur-
chase others and consequently manufac-
tories must be established 10 supply this
demand. when oil was siNty-nve cents
a gallon and sugar ten cents pound
dollar would buy a lab0ring man, we VIII
suppose. gallon OF oil and three ana
half pounds ofsugar. and these would iast
him week. But now he can Duy MS
weeks supply Of Oh and sugar for TWEEN
ty-0ne cents On gallon OF OIL ana three
and a half pounds OF sugar.. which leaves
him seventy-nine cents OF the doliat loI
other purposes. Mems desires increase a.
they have the means Of gratifying them
This lab0rinZ man ana his famiy never
wore gloves 20 church on Sunday. We VIII
suppose. But seeing their neighDors'
who were better or wearing gloves on
sunday. they naturally desired 20 90 the
same. Having this much over OF tnelr
dollar. they bought gloves with u. NoN.
NV, glove factories must be erected 70
supp'v this new demand for gloves ana
these employ additional laborers. and 30
the thing goes on The Trust cheapens
the price OF products 20 consumers. rms
gives them the means Of gratifying a
greater variety OF tastes as they can Tor
1eu articles new industries must be
started 10 furnish them. and these new
Industries must employ new laborers Inc
thing Is automatic. All that is needed IS
10 leave natural laws % their appropriate
work. and everything viii come down IN
price. and employment for everybody VIII
ronseouentlv Increase. The Commercial
aud Financial Chronicle.