The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-09-18
BRYAN AND THE TRUSTS.

Mr.. Bryan's Chicago speech concern
ing the trusts was characteristic. It
contained the usual, sonorous platitudes
which may mean anything or nothing,
according as they are interpreted. Here
are a few sapient remarks selected at
random: The entire defence of trusts
rests upon a money argument. 1 pro-
test against settling every question
upon the dollar argument l protest
against all theories that enthrone
money and debase mankind When
monopoly has absolute control, brains
will be at a discount. Few people will
defend the trust as principle"
Not one of these high-sounding
phrases offers a topic for discussion,
much less a remady for possible present
ills, till Mr.. Bryan tells what he means
by it. Perhaps an exception should
be made in favor Of the last sentence
quoted from his. speech. because he him
self subsequently repudiates it by in
ference. In denying that trusts are a
natural evolution Of modern industrial
those who defend one principle of the
trusts, and that principle is cooperation
and combination. If it be thought that
these defects of his speech are trivial
matters, what is there that is import
ant?
The most sensible, well-defined and
helpful suggestion made by Mr.. Bryan
is a paraphrase of one made by Prof.
John Graham Brooks of Harvard. 1t is
publicity as to earnings, methods and
property and the returns that should
properly be made by corporations that
offer their stock to the public The
country is'yet to hear of a trust organ
lied under Massachusetts laws, and the
reason is obvious. Dealing in watered
stock under the conditions here imposed
would be improbable if not impossible.
Mr.. Bryan might have gone farther and
declared that publicity would be the
most effective deterrent against the
generalization Of properties which is
one of the most serious complaints made
against the trusts.
Mr. Bryan does not place much con-
fidence in the abolition of the tariff as
a means Of annihilating the trusts, for
the obvious reason that if the commodi-
ties affected can be produced as cheap
~ at home as abroad, the trust would
continue, whatever became of the tariff
At this point he parts company with
some of the most enthusiastic Of his co.
partners in the antitrust campaign, but
the argument in this case is on his side
Railroad discrimination has been men.
| toned as another fruitful influence il
the formation of trusts. This he dis
misses with the not too profound OBJ
servation that the laws should place al
competitors on an equal footing and tn,
remedy should be complete.
Statutory regulation of business, how.
ever, is the device on which Mr.. Bryan
lays most emphasis, and he would hay,
: it applied by both state and nationa
governments. He thinks the stat,
should have the right (Which in fact i
already has to destroy a corporation
and at the same time the power to ex
clude from it's territory corporations O
other states of which it does not ap
prove. This remedy is now being tested
and the results remain to be seen, bu
the outlook is not encouraging.
+ Finally, Mr., Bryan suggests that con
gress create sort of national licens
. board, which shall have power to sa,
whether or not any corporation Of an,
state shall be allowed to do business il
other states 1t would be the duty o
q this commission to frown upon stock
, watering, prevent monopolies, provid
for publicity Of returns and refuse
license to every concern that fails t
comply with the standard. 1t will b
3 seen that rather large powers would b
i vested in such a commission, and MI
: Bryan has so much doubt as to the con
0 stitutionality of the plan that he de
S mands a Constitutional amendment [
: provide for 1t. Something might also b
4 said of the difficulty Of getting such al
e amendment adopted by three-fourths Q
0 all the states. 1t does not yet appea
t that in the popular estimation, tn
j trusts are so mighty a burden or S
e fearful a menace that the radical mea
: sure proposed by Mr.. Bryan would re
ceive the necessary support.