The Providence news. (Providence [R.I.]) 1891-1906, 1900-01-03
GOVERNOR ROOSEVELT
ON MODERN TRUSTS.
CONTINUED from Page One. }

CONTINUED from Page One.)
the state towards the question OF the
ownership and running of so-called
pubic utilities third. But among all
% these phases the one which at this
time has the greatest promins ice Is the
question OF what are commonly termed
TRUSTS" meaning by the name those
vast combinations of capital usually
fiourishing by virtue OF some monopo-
lstic element. which have become SO
startlingly common a feature in the
industrial revolution which has pro-
gressed so rapidly during recent years.
Every new feature of this Industrial
revolution produces hardship because
in It's later stages IL has been literally
a revolution instead OF an evolution.
The new inventions and discoveries,
and the new methods OF taking advan-
tage OF the business facilities afforded
by the extraordinary development OF
our material civilization, have caused
the changes TO proceed with such mar
yelous rapidity that at each stage some
body OF workers finds itself unable to
accommodate itself to the new condi-
tons with sufficient speed to escape
hardship.
WORSE THAN THE TROUBLE.
In the end the accommodation of the
class takes place at times too late for
the well-being OF individuals In some
cases while recognizing the evil II is
impossible with our present knowledge
10 discover any remeay In others a
remedy can be applied, but as yet only
at a cost that would make IL worse
than the trouble itself
The machinery of modern business is
so vast and complicated that great eau
ton must be exercised In introducing
radical changes for fear the Unforeseen
effects may assume the shape of wide
spread disaster. Moreover, much that
is complained about is not really the
abuse so much as the inevitable devel-
opment of modern Industrial life. Very
many OF the antitrust laws which
have made their appearance on the
statute books Of recent years have been
almost or absolutely ineffective because
they have blinked the all-important
fact that much Of what they sought to
do away with was incidental TO mod
ern industrial conditions and could not
be eliminat.d unless We were willing
to turn bacA the wheels OF modern pro-
gress.
A DRASTIC REMEDY.
Not only trusts, but the immense i'm
portance Of machinery. ne congestion
OF city life, the capacity 20 make large
fortunes by speculative enterprises and
many other features Of modern exist
ence could be thoroughly changed by
doing away with steam and electricity.
but the most ardent den0uncer OF trusts
would hesitate TO advo' - 20 so drastic
n remedy. What remains for US TO do
as practical men is To- look the condi-
tons squarely in the face and not to
permit the emotional side Of the ques-
tion which mas its proper place. to blind
us TO the fact that there are other
sides. We must set about finding out
what the real abuses are, with their
causes and to what extent remedies can
be applied.
The man who by swindling or wrong
doing acquires great wealth for him
self at the expense Of his fellow, stands
as low morally as any predatory me-
aiaepai HaebleHaaH- sHd- T. -F4aara- dan
gerous member OF society. Any law.
and any method Of constituting the law
which will enable the community to
punish him either by taking away his
wealth or by imprisonment. should be
welcomed.
ABUSES BY TRUSTS.
The chief abuses alleged to arise from
trusts are probably the following: Mis-
representa- tion or concealment regard
ing material facts connected with the
organization of an enterprise; the evils
connected with unscrupulous promotion
over capitalization; unfas competition
resulting In the crushing cut of compe-
titors. who themselves a. rot act i'm
properly; raising OF prices above fair
competitive rates; the welding OF in
creased power over the wage earners.
Some OF these evils could be partially
remedied by a modification OF our cor
poration laws: here we can safely go
along the lines OF the more conserva-
tive New England states and probably
not a little farther. Such laws VIII
themselves provide the needed publicity
and the needed circumstantialty of
statement. We should know authorita-
ely whether stock represents actual
value OF plants, or whether II repre-
se~ brands or good will or if not,
what IL does represent, II anything. lt
is desirable to know how much was
actually bought, how much was issued
free and to whom. and IL possible for
what reasons.
This would enable us 20 see just
what the public have a right TO expect
in the way OF service and taxation.
RIGHT OF THE STATE.
Where a trust becomes a monopoly
the state has an immediate right TO in
terfere The state. for the protection
Of the public should exercise the right
to inspect to examine thoroughly all
the workings of great corporations just
as is now done with banks and wher-
ever the interests OF the public demand
Il. Il should publish the results Of its
examination.
Governor Roosevelt also devotes
some space to a review Of labor legis-
Iation in New York and commends the
work Of the board Of mediation and ar
bitration in dealing with strikes dur
ing the past year. He promises his ap-
proval OF n drug clerks sill 10 remedy
hardships TO which men in that occu-
patton are subjected.