El Paso daily herald. (El Paso, Tex.) 1881-1901, 1900-10-26
INDUSTRIAL EVOLUTION.

trust. and hence among savages there
is little tendency toward combination.
In the beginning every man did all
his work. or failed to survive. Later
came the subdivision of the produc-
tive forces into trades. and accounts
were settled by barter. After this
came partnerships. rude at first. then
organized under rigid restrictions. and
comparatively recently the corpora
ton was devised. with its limited liza
bility and continuous existence ire
spective of the life of natural persons
Out of all this evolution came in due
time the combination of corpora
tons. incorrectly called a trust
That there would be opposition to
the more recent developments was to
be expected There has ever been OPP
position. In the time of Charles the
Second there was a party in England
that fought against the introduction
of the fast mail service. and petitioned
the king to decree that No public
coach should be permitted to have
more than four horses. to start oftener
than once a week. or to go more than
thirty miles a day
1t is a notable fact that most of the
opposition to industrial combination.
at any rate that part that makes the
most noise. comes from men who have
no part in the busy life of modern in
dustry. either as workers or organ
izers OF labor. Without knowledge of |
the facts they cry out against systems |
of which they are in ignorance. They |
read somewhat. they talk much. but |
they do not live the life of today.
No one will deny. if he be honest.
that the United States is just now
unprecedented prosperi-
~. The only question is whether the
fruits of that prosperity are distrib-
uted with reasonable equity. Certain
~ the returns on invested capital have
been gradually reduced in proportion
to the whole gain from business oper-
atoms. Half a century ago the aver
age rate of interest in this country
was from eight to- ten per cent. while
today IL is well under five. One reason
for this is the increase in confidence
in greater security and conse-
1uent Willingness OF investors to ac-
'ept smaller returns. In 1896 We had
an opportunity TO observe the result of
l loss Of confidence. Money loaned as
nigh as % per cent. and conservative
men and banks would not lend at all
o the average borrower. because there
was a general distrust.
Through the modern movement to-
ward industrial combination the ten
iency has been toward more careful
of the great corporations
md consequently less risk. The ex-
options To- this general statement are
lot few. and they represent what are
NOW as the vicious trusts''-the com q
'inations that are without stability. [
nd whose stocks are maintained for I
peculative purposes purely. not for )
legitimate investment. Such combina- =
ions even now find il difficult to get 1
he necessary funds from banks. and in t
ime of stringency would be the first o
0 fall. In the natural course of Z
-eight II
One result of the recent industrial +
evelopment in this country has been G.
n increased demand for men of brains l.
nd real. conspicuous ability. Brains 6
)me high. The demand for brainy d.
len and careful workers is always el
reater than the supply. Today the X
lumber of men who are receiving
tlaries of three thousand dollars
ear or more is ten times as great as :,
le number a quarter century ago. :.
Bryan and his friends are continual :,
crying out that the young man OF :,
day is not Independent. OF course
2 is not. To he Independent. in the :,
,nse in which the Bryanites use the
rm. man must bark back to the days
the stone age. Civilization itself
cans interdependence. Would Bryan -
ave the young men reduced to the ~
,ndition of the savage. who makes his "
wn clothes. or wears none: who finds
is own food. sets up his own tepee. :,
nd constructs his own canoe? Today.
istead OF carrying a few skins to- the =
'ader in a canoe. and receiving a pit
ince of tobacco and whisky in return.
ne young man.if he is industrious. can
the services of a sixteen
ton steamship to carry the =
roducts of his well directed II
,bor across the Pacific ocean a
, he sold in the orient. He is de II
any. a combination. a trust. maybe. u