The mirror. (Stillwater, Minn.) 1894-1925, 1900-11-15

Paper Read Before the Chd,tduQald Circle.


The enormous Industrial growths
which are so fast monOpolizing the
markets of the country are now re-
ceiving much attention. Public senti-
ment has become so loud and persis-
tent in denunciation of the trust that
both the Republican and the Demo-
cratic party have taken up the cause,
each bitterly assailing the other on the
respective earnestness of professed
opposition; and with the press as an
accessory, denounce these aggregations
of capital in language most severe.
The majority of these attacks, how
ever, are almost void Of substance and
argument; are characterized by vague
ness, with vituperation and generali-
ties in profusion; without even an
attempt to solution. That the trust
has stepped beyond the limit of right
in certain respects, is in evidence, and
of itself warrants thorough investi-
CATION; but how about remedy2
Mr.. Bryan has included the problem
in his campaign speeches of both 1896
and 1900, but only blankly promises to
urge suitable legislation; but of some
import, he further promises to select
such an attorney-general as will en-
force existing laws.
President Mckinley, though he has
had three years of incumbency in Of
fee, in single effort blanky suggested
reformation. In his letter of accep-
tance he says, "The trusts are danger
GUS conspiracies and should be effec-
lively restrained"
Whether these aggregations of
capital actually do cause injury such
as to require further legislation, be-
lieve, is questionable. When these
corporations first entered, the opinion
was current that they would cause the
idleness of thousands of the then en-
plOyed men. Figures have now proven
the result to be vice versa. tits shown
that more travelling men are now on
the road than ever before.
The next complaint is made against
over-capitalization. "Too much water
in the stock is the cry. Here arises a
difficulty. At what point of opulence
should the interference of the State
begin? While you permit the individ-
ual or firm the free use of any amount
of capital, could you with consistency
limit that of the corporation? Lead
ing financiers aver that railroad or
other large enterprise cannot be built
on hardcash basis, and rarely can
money be had in large quantities at
the starting of untried enterprises but
by selling the securities below par OF
bonus for the buying of another. Men
worth fifty millions of dollars are few
and of these few probably not three
could raise five millions of available
cash to put in an enterprise. Rail.
roads and other large endeavors OF
today would be impossible of construc.
tion under such limitations.
The "Chicago Trust Conference
after listening to much eloquence--ii
not argument-On the trust problem
offered recommendations in effect as
follows: First, to limit the objects OF
corporations to definite purposes. Sec
ond, as to issues of stock. Third, q
regular system of reports and govern
ment inspection. To which was added
"CorpUrations are not to be scoldeG
and belied, but controlled as we con
troll steam and electricity"
How to further limit the objects ol
corporations to definite purposes is no,
puzzIing. The Sherman Act which il
now in force makes the agreement oi
a number of concerns to combine, il