The times. [volume] (Washington [D.C.]) 1897-1901, 1900-10-25
Opportunity Under the Trusts.

The emDeZZlemelt CT seven HunuTtu
thousand dollars by an inconseQu entail
note teller in great New York trust
bank presents an unusually good and
timely object lesson to the American peo-
pie. who are now studying the trust quts-
ticn and issue with close attention and
earnest purpose. There are several con-
siderations of prime interest which 1t
suggests. We may say that the public
will be surprised that SO large sum
could be stolen from the business of any
concern without attracting suspicion be-
fore thefts had grown to such proper
items; but that is n small matter. The
victimzed bank was able to make good
the loss out Of a reserve fund, eXtraneous
to its advertised assets, including sur
plus profits" which tends to create the
impression that other concerns OF the
trust character have vast acoumulations
which are concealed from public Enowl-
edge by one device or another; all going
to show that the aggregation of the ma
tons wealth in few hands is progress
sing at rate undreamed of by the mass IS
CT the country. and to an extent that the
holders of that wealth do n3t wish to
have known. for obvious reasons.
1t will be day of calamity for the
trusts, and the financial institutions
through which they are syndicated for
purposes of universal plumber, with the
people wake up and realize what ma
lign and enslaving power they have
placed in the hands Of a few plutOcrats
by transferring to them, and the agencies
they control. the national prerogative Of
issuing money. When one single bank
is able to lose three-quarters CT a milli)n
dollars without greater Inconvenience
than is involved in recording the fact on
the books. II is time for American voters
and statesmen to enquire from whom and
how these enormous profits are derived,
and whether it would not be well for the
Government to resume one of it's basic
functions and itself make for the tax
payers some of the many millions of
which monthly they are bled by this pro-
tectcd money-issuing and lending indus
try.
In the absorption of all visible wealth
by the trusts, and the banks owned or
controlled by them another appalling les
son is taught. 1t is the truth that, since
industrial and mercantile competition has
been cut off, opportunities for the poor to
become affluent through the application of
brains, industry. and integrity to a given
avocation have been also cut off by the
processes of trust and monopoly a5sorp-
tion. Forty years ago every intelligent
young man in the United States felt and
knew that all the prizes of high business
position and wealth were open to him.
That he had only to be faithful, frugal,
temperate. and able. and his reward,
though it might be slow in coming. was
sure. Look at the young Yankee book
keeper, William E. Dodge, in New York!
His wealthy employer. old Arson G.
Phelps, found him useful, promoted him,
took him into partnership, and became his
father in law, all on his merits as man,
aud William Z. Dodge grew to be q mil
lionaire end one of the foremost mer-
chants of the national metropolis.
There was an equally notable Western
Illustration of opportunity in the old days.
Levi z. Letter. a poor youth, as we are
told. of good but humble Hcbraic extrac-
ton. worked at the books for the rich dry
goods merchant, Potter Palmer. BY and
by he was made sort of managing man.
Then he was taken into the firm, and
later. with Marshall Field came to be at
the head of the dry goods interest in
Chicago Today he is a multi-miliionaire.
and one of his daughters sits on the vice
regal throne of India.
Could any lad of the present period.
starting out in life as did the two we have
referred to, ever hope to reach the heights
of social fame and business fortune that
they attained? No intelligent man in his
sober senses will answer the question af-
No. Giant monopolists like
Rockefeller, Havemeyer. Carnegie. and
their sort have closed the avenues to sue
cess and competency that formerly were
everywhere open to the enterprise and in
dustry Of poor young Americans. until the
advent OF the trust era, which followed
the civil war. but did not make its infiu-
cnce felt oppressively until some time af
ter the panic of 1873.
What have the young to expect today?
Nothing but a lifelong dependence upon
such employment as the trusts may conde-
scend to offer them. On the terms of the
I, us.s-and this is true whether they &C
cept it directly or indirectly as profession
al men. All means of living. whether in
ha fnry
or in the professions of engineering or the
law, are nearly and soon will be quite In
the grasp and al the mercy of the trusts.
Their magnates are even cynical enough,
for temporary advertising purposes, to en-
dow institutions of learning at which the :
sons Of their victims may be educated |
far above the position in life 10 which |
trust greed and calous Indifference to hu- |
man rights have doomed them.
Finally, the trusts and monopolies teach |
their serfs the sinister lesson that, hav-
rg robbed the American people of all |
power and Opportunity to make money and |
10 render themselves Independent of the |
world by honorable exertion. the only way
eft for the poor man TO acquire means is |
o steal from the trusts.
One such person in New York, as we |
lave seen, set a brilliant pace for his fell |
ow hopeless servants and embezzled seven
hundred thousand dollars. We neither JUS
ify nor attempt to palliate his offence. |
n the particular case 1t probably would
let be right to apply the maxim which
las 1t that 1.-THE last thief is the best own
r." But 1t is to be feared that others
nay follow the example Of Cornelius Al !