The times. [volume] (Richmond, Va.) 1890-1903, 1897-10-17
MIR. FLOWER ON TRUSTS.

The Honorable Roswell p. Flower, of
New York, recently brought down a show
er of malediction upon his devoted head
through an article which he wrote for
one of the magazines on the subject
Of trusts.
Mr.. Flower treated the subject with
great ability and with entire fairness. but
as he did not enter into a sweeping de-
nunciation CT all trusts and corporations,
antitrust people could not find language
sufficiently strong 10 express their dis
approval and adherence Of Mr.. Flowers
article. But Mr.. Flower is not at ali
dismayed or discouraged or inundated
by these criticisms. and IN Gunton's
magazine for October he has another
article in the same line, entitled Truth
About Trusts"
At the outset he says that the tend
ency OF modern capital is undoubtedly
toward the organization OF larger con-
Germs. bringing greater productive power
under a single management II this is
an arbitrary movement OF capital he
says, brought about by artificial de-
vices II may well be feared. but II 1t is
a necessary economic tendency. inherent
in the advancing movement OF society,
We may hesitate before proclaimlng II a
national evil or menace.
Mr. Flower then goes on TO show that
this is not an arbitrary movement being
evident from the fact that It is as uni
yersal as the progressive tendency Of
society. The increase OF material well
fare is everywhere accompanied by, IL
not attributed to. this concentrating ten
dency OF capital. Where this tendency
is less noticeable, as in Asia or Africa,
the other attributes OF welfare and pro-
gress are wanting and in those countries
where this concentrating tendency or
capital has been most marked. progress
in ali the phases of a superior civiliza-
ton has been most conspicuous.
We think that these general PROPOSE
tions will be admitted without argu-
ment. II were simply impossible TO car
~ on the great works of this age with
out organized capital and II the corpora
tons Of this country were destroyed to-
morrow. away would go our railroads.
our telegraph lines and large proper
ton Of the great industries of the coun-
try.
Mr.. Flower next states most forciby
some simple truths about capital. which
he says is an economic tool. and the
self-preservation OF capital in any indus
try depends upon its ability TO produce as
cheapy as its competitors. Capital once
invested depends for its very existence
upon its earning capacity. for the mo-
ment II falls to earn anything It is worth
less. on the other hand. the more It
can earn the more 1t is worth. II is the
great aim of capital therefore. TO in
crease ITS productive power and II has
been discovered through lcng expert
ence that the efficiency and use OF capt.
tai can be increased by the larger and
more complex forms Of industrial or
ganlzation. II is. therefore. by this con-
slant development OF the capitalistio or
ganization that the wonderful improve
ments in productive methods. so char
acteristic of advancement In this century
have been accomplished. We may add
here TO what Mr.. Fowler says above that
this effort on the part OF corporations to
reduce the cost OF production and TO in
crease the earnings of capital has met
with competition from other corpora
lions. so that necessarily the tendency
has been to give to ths public the best