The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-09-24
Legislation Against "Trusts."

The Trust" Conference, held In Chicago
week before last, adjourned without COM
ng to any conclusion on the subject which
1t was convened to discuss. 1t did not even
decide whether the trusts are good or bad
for the country. although, previous to its
assembling, efforts were made by it's pro-
moters to procure conclusive informa-
ton on that point. The speakers who
attacked the monsters took it for granted
that they ought to be destroyed, and those
who defended them did 1t only by pleading
the benefits that counterbalanced the
injuries they inflicted Possibly a full
report Of the evidence collected for the use
OF the conference may help to decide the
question, but for the present it is open.
The Governors Conference on the same
subject, held at st. Louis last Wednesday
and Thursday. had a more definite result.
Eleven States, namely Arkansas, Colorado,
Iowa, Indiana, Michigan, Mississippi, Mis-
souri,, Montana, Tennessee. Texas and
Washington, were represented in it by their
Executives or other officials, and all these
gentlemen were unanimously OF the opinion
that trusts are an evil which threatens
the most serious and disastrous conse.
quences to the country" without wasting
time in demonstrating the truth OF this
proposition. the conference proceeded to
discuss the measures 1t called for, and,
finally, to recommend them. In substance.
the recommendations are no more than
variations OF q single one, namely, the
restriction by Federal and State leglsla-
ton OF the business OF corporations to the
ai,nrrl mi In hi oh tha,r
rated. This. it seemed to be supposed,
would strike at the root Of the evil.
Governor STEP HENS OF Missouri. how
ever. was not satisfied with this remedy.
He demanded one moro thorough and eff
fective, which Is, the abolition Of all cor
porations, This. he said, would certainly
destroy all trusts; and he was right. Where
there are no corporations there can be no
combinations OF corporations. Unless
there are parts out of which to construct
the machine, the machine cannot be con-
structed, Besides, the great trusts" are
no longer. as they were at first, composed
OF numbers of corporations. They are
single organizations. The American Sugar
Refining Company, which originally con-
sisted Of a union Of several sugar refining
companies. and as such was pronounced by
our Court Of Appeals to be illegal, Is now
Incorporated under the laws OF the State of
New Jersey. The Standard Oil Trust, in
like manner, having been condemned by
the courts OF Ohio has become New Jersey
corporation and has ceased to be, in any
proper sense Of the word, trust" The
same may be said OF all the other monsters
which 1t Is sought to destroy. Their power
may be curtailed, but 1t cannot be entirely
taken away so long as they are permitted
to exist at all.
Whether even the radical remedy suggest
ed by Governor STEPHENS would be effective
to prevent the evils attributed to the So
called trusts is doubtful. A corporation Is
merely form Of partnership. which differs
from an ordinary partnership only in not
being dissolved by the death OF the part
ners, and not imposing on them an uplirn-
tied liability for debts. The limited part
nerships authorized by law could, with a
little ingenuity, be made to answer the
main purpose Of corporations, so that leg
islation against them also would be re-
quired. Then, finally, comes the existing
right OF single citizens to borrow as much
money as people are willing to lend them
and to put 1t into great industrial enter
prises. This right, too, must be abridged
II the evils OF trusts are to be prevented.
The upshot OF the matter is this; II