The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-03-25
CONCERNING TRUSTS.

some quarters and criticism in others. but
his construction of the law is clearly cor
rect. No person even toleraby well informed
national jurisdiction could suppose that
Congress would legislate for the regulation
OF commerce except on interstate or inter-
national lires. The language and intent of
the Sherman act are very clear. 1t declares
Illegal and punishable by fine and imprison-
ment every contract. combination i'm the
form Of trust otherwise. or conspiracy,
the several States. or with foreign ma
tons" Another section makes it misde-
meanor, punishable By fine and imprison-
ment, for any person to ''monopoIize or at
tempt to monopOliZe or combine or conspre
with any other person or persons 10 monopo-
lie any part OF the trade or commerce
among the several States. or with foreign
nations" The law was drawn by Senator
Edmunds. and he used very exact language
to confine its operation to international and
interstate commerce. There is no doubt as
to the -constitutioDality of the law, but no
court and no lawyer would think of apply
ing it to local or state trusts.
During the pending discussion there is
likely to be a good deal of misinformation
promulgated regarding the origin, nature
and object of trusts. their awful danger,
how to prevent them, etc. A favorte the
DRY of Democrats and free-traders is that
they are due to the tariff. There is evil
dence whatever in support of this theory,
or that they have any connection with the
ably in England and Germany. They did not
exist in this country under the protective
tariff of thirty. forty or fifty years ago,
and they have existed under free trade as
well as under protection. OF the trusts now
in existence a large proportion relate to
products or industries which are not pro-
tected. Some of the largest trusts in the
United States. as the Standard Oil, 100000
600: the dressed beef and provision trust.
500, 100000; the flour trust, 500. 900 900; the
anthracite coal trust. sS5.OO0.000. and others.
relate to domestic products which we do
not import at all, and these and many other
trusts were organized several years ago, un-
now in existence relate to domestic prod
ucts in which We have no foreign COMPETE
ton. or to articles which are not protected.
there is really no foundation whatever for
the theory that they are caused by the tariff.
Among the trusts of comparatively recent
formation are those in yellow pine, s.. OOO, 600;
brooms. 81. 500 O0O buckwheat, 5000 600; car
900; strawboard. 10000 school furniture,
SIS co., cigarettes, $2 OOO, COO electric sup
plies. 100000; lumber, $4,000 O0O. These and
many other trusts of like character relate
to products or industries in which the
United States has practically no competition
1t is absurd, therefore to say that
they are caused by the tariff The
simple truth is they are the result OF
high commercial conditions ard abundant
capital, causing competition and a desire to
regulate production and control markets. In
some cases this has resulted advantageous
ly to the public by improving the character
of the product and lowering prices, while in
other cases 1t may have operated injurious
ly. More trusts have been incorporated in
New Jersey than in any other ten States in
the Union, organized to do business in other
States, yet the Governor of New Jersey
said. in an interview few days ago: mo
body has presented to me any facts that in
dictate that these combinations of interests
are working any hardships, such as raising
the price of the necessaries of life. In fact,
the trend of information, as 1 hear it, is to
the contrary-that they cheaper these nee
essaries." This is not quoted in defense of
trusts, but merely to show that it is
many-sided question and that some people
who are making a great clamor on the sub
ject know very little about it.
That trusts involve any danger TO the
government or to the people at large is
ridiculous proposition. If they restrict pro-
duction and raise prices for while. no
doubt they do in some instances, there will
soon be a reaction against them In the
long run they are likely to prove more dis
astrous TO the greedy investors who take
stock in them than to the public. AS At
torney General Griggs said in his recent let
ter: with reference to these large combi
nations of capital which are now forming,
my own judgment is that the danger is not
so much to the community at large as it is
to the people who are induced to put their
money into the purchase of the stock" An
authority in Germany. discussing the stu
alton in that country recently, said: Tween
ty years hence the majority of the business
and enterprises that have lately been turned
into companies 0rusts) will be utterly
worthless and will have vanished from the
earth: and those of the public who are al
lured by meretricious prospectuses into in
vesting will lose their money" Something
like this will happen here. The American
people will continue to do business at the
old stand long after all the trusts now in
existence have dissolved gone into bank
ruptcy.
FOREIGN TRADE FIGURES.