Omaha daily bee., 1897-02-21
TRItSr MnR1lLITX

Within the last two months half a
dozen trusts have collapsed. All of these
were associated with the iron and steel
industry. The first to break down was
the Nail trust, followed by the Bolt and
Nut trust, the Steel Billet trust, the
Steel Beam trust, the Steel Rail trust
and the Machine Bolt trust. The con-
ditions which brought about these col
lapses were practically the same in each
case. The combinations had made and
held up prices beyond what the market
would stand and ut last there was re-
volt against n policy which was restrict
ing trade and dissolution ensued. The
been the exercise of trust power in
eXacting excessive prices. Every one
of these combinations was acting the
part of Il public robbcr. The Nail trust
and the Steel Rail trust were particularly
rapaciOus, but the Others were very little
better. With anything like a normal
business they would have made en-
ormouS profits.
The fate of these combinations sug-
gests that there are limitations to the
powers of this form of monopoly; that
the trusts, however well organized. can
persiStently combat the laws of
trade without having sooner or later to
surrender. This would seem to BE- shown
by recent experience. But this does
furnish Il valid reason for not legis-
latino n,r,,,.A .I-.- - --,
leaving them TO pursue their way sub
ject only to the laws of trade, for they
are in any case, ever when they do not
distinctly defy those laws, miscellaneous
and dangerous. The vast power they
WELD in controlling the course of com
mercial development. the restraint they
are able to exercise over enterprise. the
deSpotism of their policy in regard to
dealers and the influence they exert in
various directions, are all against the
public interest and the general welfare.
1t is asserted in behalf of some of the
trusts that prices Of their products have
been reduced since they came into eX-
iStence, but everybody knows that this
w. " MI u q pun toNc hh
where prices have been lowered it is
due to conditions which would have been
operative to tile same end under free
competition. Another claim set up for
the trusts is that they have not been
II detriment to labor, yet it is unques-
tionable that in the suppression of com
petition thousands of people have been
thrown out of employment and very
generally the wages of those employed
have been reduced. The statements to
the contrary of some of the trust
officials who have appeared before the
joint committee of the New York legis-
lature can easily be shown to be false.
The interests of labor are Subserved by
free industrial competition, which en-
largcs the demand for and thereby
maintains the price of labor. 1t is
obviously absurd to say that the sup
preston of competition does not injure
labor.
The dissolution OF a few cOmbina-
tons which had gone too far in their
cXactions should not induce the people
for stringent antitrust legislation.
monOpOlistic aggregations are
public enemies which must be destroyed
and which cannot safely be left to the
chances of self-destruction. To tolerate
them is to invite the building up of n
monopOlistic power in the land that
would become irresistible, controlling MOI
only the nations industries and com
merce, but the government itself.