Omaha daily bee., 1899-02-12
TIE LNDrSrRlAL DRIFT.

Nearly three-fourths of the manurac-
turing industries of the United States
are consolidated into the monop)listic
form and the present indications are
that the others will take on that form
! in the not very remote future, unless
there shall be drastic legislation, ma.
tional and state, for the repression of
industrial combinations. Last year
witnessed more consultations of compet.
ing capitals than any year since this
form of monopoly had its beginning and
it seems probable that 1899 will not fall
behind the record of the preceding year
a leading financial paper discusses
the question whether an essentially
monopolistlc organization of an indus
trial system can by any possibility be
made permanent and reaches the con.
clusion that it cannot he. 1t argues
that 1t is certainly a stupendous assump.
ton that the natural law of competi.
tion, which has reared the whole struc.
ture of civilization and has always been
the chief regulating force of commerce,
may be safely detied and successfully
superseded within brief decade OF
years. 1t Is pointed out that this step
has been taken in utter disregard of the
uniform teachings OF economic science.
1t has shown little conservative regard
for considerations of private right ana
legal liberties. 1t Is social revolution
as bold and unrehecting as ever was n
political revolution. The revolt is
,,,t
tence has hitherto been accepted with
out challenge and the occasion of the
revolt has been nothing more than the
transient happening of period of un-
usual severity. in competition arising
from an evolution in the instrumental
ties of Industrial production.
1t is recognized that the success ana
permanence Of these combinations, says
the Journal Of Commerce, "must de-
pend absolutely upon their ability to
their monopoly intact and that
reasoning Is perfectly sound. If outside
cannot be crushed as 1t
arises, monopoly must cease and
quickly disappear. And yet in coun-
try like ours-with its vast resources.
its inventive genius and its courageous
capitalists ready to seize every oppor-
tunity for investment-an unchallenged
Is an absolute impossibility,
except in the few instances where there
is or can be but one owner of the ma
terial resources. or where n patent in
tervenes. 1t is only question of time
when the invasiOnS of outside capital
will compel the combines to return to the
position of mere competitors" Hence
that paper concludes that there will
come conflict between outside capital
and the monopolies that will leave the
industries will be relegated back to the
of the indefeasible law OF
We may rest with abso-
lutte assurance, it attirms, on the princi.
pie that, while natural law may be tenn
hindered, yet it can never be
ncutralized
This is plausible and hopeful
view and the reasoning that supports it
is in the main sound. But the Ques-
ton is, Shall we wait for the operation
of the natural law or shall measures be
adopted to check and repress the
growth of monopolistic combinations
which are In resistance to free industry
and are an hindrance to industrial eX-
pansiOn? Faith in the ultimate asser-
ton Of natural law for the overthrow
Of monopoly should not be allowed to
preclude whatever action through legis-
lation may be taken with view to miti-
eating and is possible destroying the evil.
1t must be confessed that experience
in this direction has not been alto
5ether encouraging. There are national
and state antitrust laws which are not !
Attempts to enforce SOME OF |
the state laws have been obstructed in |
the courts. There are difficulties at
tending such legislation not easy to
overcome. Yet we cannot think that !
efforts to reach the industrial combina- |
ions by legislation, leaving them to the !
operation of natural law, should be |
lbandoned though it must be admitted |
that the prospect for the general and
uniform legislation necessary is not
bright.