Middlebury register. (Middlebury, Vt.) 1886-1937, 1897-01-22
TRUsTs.

TRUSTS.
In a brief editorial referring to re-
marks in the Rutland Herald on trusts
we asked the Herald TO please inform us
exactly what it means by the last SEN
tence to the effect that "modern civiliza-
elon depends upon Just those things that
the neighbors talk so wildly about"
The Herald responds as follows;
If the REGISTER will give the matter
an instant's thought it will hardly need
an explanation. For instance, take the
railroad, the particular monopoly most
attacked of all. There is no need to tell
what the railroad has done for modern civ
ilization and it is necessarily a monopoly.
And it may be incidentally noted that it
holds its position without displacing 9th
er transportation agencies or means.
Highways and wagons and horses are
even better and more efficient than when
the road came, but still the railroad
holds its monopoly. And what is true
of the railroad is true in general of the
dreadful trusts and mOnopolies when
the newspapers howl about so diretully.
We did not succeed in getting from the
Herald as we had hoped, thorough
discussion of the question of trusts and
corporations, but the following editorial
in the Outlook of January 8 is in that
direction and enough in opposition to
perhaps provoke our esteemed contem-
porary to take up the cudgels in defense:
Samuel Smith, NJ. p, distinguished
England phlanthropist, reformer and
statesman, whose visit to this country
last fall excited considerable interest at
the time, has published. since mis- return,
some impressions of America received
from his extended tour throughout this
country. The fact that he Is himself
prosperous and wealthy merchant adds
great significance to his warnings OF the
dangers to the United States from the
rapid concentration of wealth. After
describing the gigantic fortunes accumu-
lated here IN lifetime, he goes on to
describe some of the methods of their ac-
emulation:
zone OF the most common abuses is to con-
struct immense trusts or combinations to
control entire trades, such as the standard
Oil Trust, the sugar trust, etc. These syndl
Gates deliberately destroy all competitors by
opening stores alongside OF them and under
selling them until they are ruined. Through
dread of this treatment most small dealers are
compelled to sell their business to the trust
and become their salafied managers. Then
when private competition Is CeStrONcV, the
price is raised to a point that yields gitantlc
profit This process Is greatly facilitated by
the high protective tariff which practically
shuts out foreign competition. 1t would be
very difficult to carry out sucn system in
EnglanC as supplies would pour in at once
from abroad if prices were raised at home;
hut IN the United states there Is practically
little foreign competitions"
Capital, with honorable exceptions,
seems to Mr.. Smith "to use its advan
tages with less scruple in the United
States than in European countries, and
appears to be less amendable to the
moral law or to public opinion The
fact that many of our mllionaires have
started i'm poverty in land where all
have equal chances does not help the
matter: ''these self-made rich men are
often devoid of cultivated conscience,
/ lust because they have known no life eX-
/ cept intense competition for wealth.
| The excessive contrast between wealth
/ and poverty creates an alarming growth
of anarchism of bitter type, and pro-
duces dangerous development of lux
ury in New York and other large towns,
and a vulgar OstentatiOn fatal to the
simplicity of American life and man
ners. Organism was protest against
these conditions; its defeat was tri-
umph of conservatism
"But III WOul De Il great llllSGtkt 10 cOncluht
that the reckless abuse of trusts and corpora
tons is cOndoned by this election. The time
is near at hand when strong action must he
taken to limit their powers. Way
must be found to curb these lllegitimate uses
of capital, or wild burst of socialism may
wreck the American republic at no distant
date. . . . The great farming class is the
backbone of the country. 1t Is deeply in deb
to money lenders; it pays usurious rate o
interest, often per cent, heavier charge
than our farmers pay for rent. The extremely
low prices OF late years have hardly left {
margin tor living expenses after pay ing thi'
eXorbltant interest"
Mr.. Smith also urges the Importance
of finding some method of compelling
these huge capitals to contribute more
than they do to national taxation. ever
if it should be necessary for this purpose
to amend the constitution and provide
an income and Inheritance tax. These
views, if expressed by western polite
ian, would be termed populistc; wheI
editorlally advocated by the the Outlook
they have been stigmatlZeu as radica
and dangerous. 1t is therefore wortl
while for our readers to see that they arr
shared by conservative and Christian
statesman of Great Britain, whom NJ
one would accuse of being either social
istic or anarchistc. 1t is a great ad
, vantage sometimes for us to see our
selves as others see us, even although
the picture is not tlattering.