The record-union., 1899-10-02
SPECIAL AGENCIES.
THE BRYAN TRUST CURE.

Mr.. Bryan's cure for trust evils has
had very general consideration since
he launched it, and the result is that
the mass Of journalistic expression is
against it; even many of those who
approve it confess doubts concerning
its practicability. All agree that SO
far as publicity Of the transactions of
trusts is concerned, the suggestion is
good, but it happens that that remedy
is not original with Mr.. Bryan nor yet
with Bourke Cochran. It had its birth
long ago. but just who was its first pro-
ponent cannot now be said.
But publicity would, Mr.. Bryan
holds, be but partial remedy. He
supplements that therefore with a
proposition that all trusts shall be COM
PEELED TO take out a Federal license
He would have such licenses issue
under restrictions that would make mo-
nopoly impossible, watering stock
would be thus prohibited, capital would
be limited by the terms Of the license,
statements of operating expenses and
of net and Of gross earnings would be
reported weekly, etc. It was Mr. Gun
ton who pointed out just at the time
when Mr.. Bryan was proposing his
scheme, that regulation Of that order
would result in the destruction of
trusts, but only in trust form. They
would 1--we in spirit and effect just as
ever
That is to say, capital thus invested
would find another method of staying
the work of disastrous competition. In
stead Of a large number of small com
panies and corporations forming in a
trust to control output of manufacture
ing or production, a new company
would be formed, composed Of the
membership and plants of the old ones.
Thus no law would be violated. It
would be but one business concern,
standing precisely on a level with and
having no greater privileges than an
incorporated firm of two shoemakers
In the conduct of their business. In
deed, Professor Gunton insists that this
new form or method is already so much
adopted that the trust business is
rapidly closing out and he believes that
inside OF a year the last trust will be
dead.
But the proposition Of Mr.. Bryan in
wolves interference with business.
which, however praiseworthy the mo-
tive, we do not believe would be toll
Grated by American sentiment. Thus
the Federal attempt to control busi-
ness formations in the States, would be
held to be direct interference with
State sovereignty and not warranted
by constitutional authority. States
charter corporations; their right to do
so is conceded; it has never been as
sailed. Federal restriction, such as re-
quiring license first to be taken
would amount to dictation to the State
and while it might not be generally ii
certainly would be by many States
hotly resented.
When it comes to limitation of the
capital TO be invested, Mr.. Bryan, as
the Buffalo Express" not long age
we'll put it, would find himself ur
against the Supreme Court of the Unit
ed States, which would declare such
provision unconstitutional, and clearly
it would be. Amendment TO the Con-
stitution therefore would be essential
to the working of Mr.. Bryan's plar
successfully, and long before any
amendment could be secured, the whole
trust question viii be settled and put
to rest.
But suppose the constitutional inhibi.
tion did not obtain, still Mr. Bryar
would find the business world opposed
to his plan, and that is factor which
cannot be treated cavalierly Then
there comes the very delicate question
how should the limitation be deter.
mined? Where should the line be
drawn, on the one side of which in.
vestment would be pronounced wise
beneficial and tolerable, and on thu
other by so much as a cent, it would by
this proposed .repressive law be de
clared vicious, dangerous and worth,
Of condemnation
But let us suppose for moment tn,
Constitution to be amended to per
nit of such Federal regulation, W,
take it that when that is granted b,