The Advocate and news., 1899-03-08


fully as much as a problem OF economics.
It is also becoming more and more a
problem Of political purity. Upon an at
tempt TO form some law 10 check them
these enormous aggregates Of capital be-
gin TO use their money to prevent such
control. They give TO the campaign funds
of both political parties, until 1t Is be-
coming a question whether 1t is possible
to have honest, independent rulers. We
have seen 1t most largely in the case Of
that other form Of monopoly known as
mOnOpOlies Of situation, as spoke Of at
the beginning, because they came first
In the order Of development and they
were the first that government attempted
to regulate. The governor Of one OF our
largest States, until lately, told me that
when he was governor great cOmbina-
tiOn Of the gas companies Of this city was
being prepared for bill in the legisla-
ture. A senator supposed orepresentt them
came to him and said: ''If you sign this
bill the stock Of this great gas combine,
which Is now as low as $40 share, will
Immediately rise to hundred dollars
and more a share II then, you will
agree to sign this bill we will sell you, in
advance, two million dollars worth Of
stock in this company; we will deposit 1t
In the vault In your name, you to pay
for Il at your leisure at 70 cents on the
dollar, at its present market value. When
you have signed the bill you can take that
stock out Of your vault and sell 1t at an
advance Of S600,000 You can then pay
US the original price. You have not been
paid for your vote; you have simply made
100000 by the rise OF stock" Think Of
the danger to American institutions when
there is such price placed upon mans
integrity, and that IN a country where
success in money-making is considered
success In life and brings all the adora-
tion that success in other lines brings
abroad! In fact, am reminded Of the
experience that the author Of recent
French book on trusts had when he
studied the subject. He told me that he
had had occasion to become acquainted
with some Of the noted English mobiles
and he said that the real power that sur
rounded the president Of great railroad |
system of this country was enormously |
greater than that Of an English lord. |
What we have been experiencing In the
matter Of mOn0polies Of situation we are
now beginning TO experience and will
experience more and more In m0nOplies
OF large capital in their corrupting infu-
ence upon legislatures the moment we be-
gin to control them. The problem evil
IDENTIFY is a pretty serious one. What are
we going to do about It? Well, 1t has
been suggested that we smash the trusts |
That we discussed at the beginning; ap- |
pRrently 1t is out Of the question. !
doubt IL we could do 1t IL we tried, except |
that we could break up what Is teChni- |
cally q trust. Again we may say that |
we need not worry over IL because the |
trust question will settle itself by the |
rising up OF new combines Of capital to /
compete with the old, If the old become !
too powerful Attention will be called |
to the present war between Arbuckle OF
theeOfree refining business and the Haver-
meyers of the sugar refining business
which has temporarily reduced the price
Of sugar and 1t Is said that many trusts
have gone to pieces whenever they have
become very profitable and that-the same
thing will follow more and more with |
the rest II we only let them alone In |
the first place is that any satisfactory |
solution, even II 1t Is a likely one, to have
a state Of feverish excitement In business,
with enormous profits for time, and
then a period of competition, Of fighting
between combines, and then bankruptcy
everywhere-u and down, enormous
profits and then bankruptcy? Is that
satisfactory state? Is that any solution,
really? More and more these combines
are following safer methods, safer for
them in their organization and are not
so likely to go to pieces as some OF them
have In the past. But even II we admit
the full force of the claim that they so
to pieces every little while, you see that
does not touch the more fundamental
principles.
Then again, 1t has been suggested that
since we cannot destroy the trusts, and !
since letting them alone will not solve 1t,
let all join them since the trusts are good |
admirable for the business man-why |