New-York tribune., 1899-01-16
THE GENESIS OF TRUSTS.

The large number of people who imagine 1t
their bounden duty to prevent the organization
of trusts or combinations in business have be-
fore them an extremely difficult task. Perhaps
If they only realized how difficult it was they
would expend less time and effort in that direc-
ton. Nobody supposes that it is within the
power Of the law to prevent any individual
from buying the plant and the business of any
other individual or corporation. But If any In
dividual can buy out the business and plant OF
any concern. whether that Of another person,
firm or corporation. what power is there to in
tcrferc If three or three hundred individuals.
firms or corporations see At TO sell to the same
man?
II may be Just as well to put the transaction
in its simplest form Jones Is the president or
the A. r. c. Company. Smith comes and asks
If the company Is willing to sell to him its
plant It's business. its patents and It's good
will. contracts and other property and rights.
He submits what he thinks are satisfactory IN
ducements Jones gets together the owners OF
his company and states the case. No man can
denv their right to sell. No man can deny the
right of Smith to buy If the company assents
Smith buys the whole concern. lock. stock and
barrel. and has exactly the same right TO do so
that he has to buy ham sandwich
Presently It appears that sundry other peo-
nle have sold TO Smith their business and plants
also. His right 10 buy one does not In the
least degree impair his natural right to buy an
other The right of any one TO sell is not In
the slightest degree affected by the fact that
somebody else has also sold 10 the same man.
Thus by the exercise of natural right which
no one can deny and which no law can pos
siblv limit Smith becomes the owner of several
properties If they are of the same character
and in the same line Of industrial development,
no one has any more right to complain or
Smith than if he had bought one iron mill, one
silk mill and rubber factory.
But Smith has bought. It appears. all the SILK
mills in the country. He has agreed to pay to
each owner price which Is satisfactory to him.
Can any law deprive the owner Of the right to
soil on such terms as to him seem good. be-
cause the buyer has also made terms with other
neople IN the same line of business? Smith has
offered sundry stocks in a new company TO be
formed. Can any law deprive an owner OF his
right TO take stocks instead Of cash? If any
could. Smith could contract to pay cash, ana
the other man could contract to buy the stock.
II IS mere folly to suppose that such contracts
can he prevented by any law When Smith Is
the actual owner of all the silk mills he offers
the absolute ownership Of them to company
possibly Of his own devislng. Is there any law
which can prevent his selling or prevent 'he
company from buying? And when he has SOLO
behold. there is a silk monopoly. But wha'
! mower has the law AT any step In the process
| to intervene and TO say that Smith shnil not
buy. as any other private individual migh', OF
! shall not sell, as any other private lndivldual
might? The practical outcome Is that any ana
all laws which arc intended to prevent cOnsoh
datIon Of interests in any particular branch OF
business must either fail or must deprive every
individual of his natural right to buy more
than one property of the same kind. II VIII Dc
exceedingly difficult to frame any law ana to
get it passed which will deprive American citi
zens Of that right.