The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-09-15


heads Of trusts. bat such opportunities will
be rare indeed. They WILL therefore. be en-
tirely useless as incentives TO the ambition
AS a result of the ceaseisss and heartIess
grind OF the trusts In the almost insane de-
sire TO control trade ambition and, per-
killed. "'eN'''e ss'"'S WIZ 'e@'e''e' anu
The middle class. of which speak will
lose their sense OF independence. They are
already being deprived OF that quality of
opportunity which has attracted TO this
country the millions OF people OF other ma
tons who have helped make American citi-
zenShip and American institutions the
greatest and best I'm the world The trust is.
therefore, the forerunner. or, rather, the
creator or industrial slavery. The master is
the trust manager or director. 1t Is his duty
10 serve the soulless and nameless being
called the stakeholder. To the latter the
dividend Is more important than the happi
ness or the prosperity of any one. The slave
Is the former merchant and business man,
and the partisan and mechanic. who once
cherished the hope that they might some
time reach the happy position of independ-
ent ownership OF a business. Commercial
feudalism is the logical outcome OF the
trust The trust manager is the feudal
baron. These may, perhaps, be harsh char
aaeterizations, but who can deny their truth?
Honesty 10 ourselves and loyalty to our
country and It's free Institutions compel us
to face and recognize the situation.
we cannot be true to our Republic by
ignoring these things. We cannot be hon.
est to the people either at this conference
or in our legislative assemblies by confn-
ing our deliberations TO the commercial adj
yantages and disadvantages Of the trust.
1t is better to be forever poor. but inde-
Pendent and happy as individuals. than to
lay the foundations for industrial tyranny
and slavery. Personal liberty is rather to
be chosen than great riches. Equality of OPP
portunity to all men is better than the con-
troll OF the worlds trade.
The effect of the trust upon our national
Ire and our citizenship will not be sudden,
perhaps. Ii will rather be silent and grad
ual change. IL may not be observed at once
but its influence will, nevertheless. be felt"
TRUSTS HAVE COME TO STAY.
Ex-Governor Foster, of Ohio, was the next
speaker. He said:
Denounce trusts as we may they have
come to stay. Why? Because the gigantic
business operations of the present and
future cannot be carried on without them
Through the trust the enormous waste that
Is entailed upon business operations by COM
petition Is saved. The product and the serv-
Ice performed is cheapened. Labor will have
the better opportunity to enhance wages and
shorten the hours OF toll, as is signally
Illustrated in the railroad service of the
country. When the trusts shall have been
properly safeguarded by law their securi-
ties VIII furnish a means OF safe investment
at somewhat higher rate of interest than
VIII be paid by government, state or munich
pal bonds. thus affording opportunity for
investment by people of moderate means.
A bureau OF government or a board similar
TO the Interstate-commerce Commission
should be established to whom all trusts
shall apply for license after being incor-
OF national banks, should be made. The
terms of the license should provide against
cent. should be taxed for the benefit of the
government. 1t seems to me that Ii Is the
duty OF this conference to request Con-
gresS TO submit amendments to the Con-
stitution giving IL necessary power to con-
troll the trusts and to tax their profits
When Governor Foster concluded the fol-
lowing committee on resolutions was an
nounced: Ohio, /. F. Mack; Nebraska, E.
Rosewater; Arizona, W.. C. Campbell:
Swain: New Jersey. Edward /. Keasbey;
North Dakota. William T. Perkins: Illinois,
w r Jewell: Iowa, George E. Clarke; Wis
+. Forbes; National Grange Patrons of
Husbandry, s. H. Ellis. Ohio; Illinois Com
mercial News Association. Samuel b; Bon
Samuel Gompers; National Alliance Theat-
rical Stage Employees Union. Lee NJ. Hart:
N aied Garment WORKERS Henry White
Hessin: Tennessee, c. E. Snodsrass: New
Hon Douglass as9rs Naona Grain esow
Farmers. Alliance and Industrial Union.
Travellers Protective Association of Amer
lea. M. w. Phalen: New Mexico, G. j..
Gavin knights Of Labor ]. c. Schonfar-
snsf nSn r.
r. Grady; Association Western Manu-
facturers, Walter Fieldhouse; Wyoming. j.
Department, Washington, ID. c., Prof. H.
F. Newcomb; Delaware. Henry Alloway.
PROF. GUNTON's VIEWS
The next speaker after ex-Secretary
Foster was Attorney General Davis of
Arkansas. When he concluded the audience
was in state of agitation, which made 1t
thoroughly enjoy slip of the chairman.
who announced that 1.-The next toast
and was overwhelmed by the laughter which
ensued- He finally found opportunity to
introduce Prof. George Gunton, of New
York, who said:
THE trust question is only new phase
OF the old problem of free Industrial en-
terprise. Every improvement in industry
since Hargreaves'S spinning jenny has had
to fight It's way against popular prejudice.
The hand-lo0m weavers marched through
England and broke the new power looms
and drove the investors from their homes.
To-day, a century later, We are face to
character, the antitrust agitation. About
the same reasons are given against trusts
and large corporations as were given for
breaking up the first spinning frames and
power looms. The movement Is taking
political form, and men of national repute.
party leaders, are asking the people to
abandon the policy OF industrial freedom
and arbitrarily suppress large corporations.
STEP sssPs :. -. .,,n,.,on, w,,,,, -. ,as,
few decades a radical change has taken
place in the whole character OF productive
industry. The progress of invention and use
of machinery made small enterprises i'm
possible and compelled the formation of
large corporations A little later associa.
tons OF corporations and corners to fix up
prices were attempted. These proved I'M
economic and failed, usually wrecking tn use
concerned in the schemes. Then came rhe
trust, which was an effort permanently to
integrate productive force. These were
bona fide enterprises, merely an enlargement
and extension of the corporation idea. There
have really been but very few of these,
conspicuously the oil and sugar trusts.
Recently all these so-called trusts have dis
banded and been reorganized into simple
stock corporations. In reality, therefore,
there are no trusts to-day, but only cor