The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-12-04

such conditions it would be most unwise
to cramp or to fetter the youthful strength
of our Nation.
MUST STAND OR FALL TOGETHER.
Moreover, it cannot too often be pointed
out that to strike with ignorant violence
at the interests of one set of men almost
inevitably endangers the interests Of all.
The fundamental. rule in our national life
the rule which underlies all others-is that,
on the whole, and in the long run, we shall
go up or down together. There are excep-
tions, and in times of prosperity some will
prosper far more. and in times of adver-
sity some will suffer far more than others;
but speaking generally a period Of good
times means that all share more or less in
them, and in a period of hard times all feel
the stress to a greater or less degree. 1t
surely ought not to be necessary TO enter
into any proof of this statement; the men,
DRY of the lean years which began in 1893 is
stu vivid, and we can contrast them with
the conditions in this very year which is
terprises can never have its effects limited
to the men at the top. 1t spreads through
out, and, while it is bad for everybody, it
is worst for those furtheSt down. The cap
italist may be shorn of his luxuries, but
the wage-earner may be deprived Of even
bare necessities.
delicate that extreme care must be taken
not to interfere with ii in a spirit of rash
have made ii their vocation to denounce
the great industrial combinations which
are popularity, although with technical in
accuracy, known as trusts" appeal espe-
cially TO hatred and fear. These are pre-
cisely the two emotions, particularly when
combined with ignorance, which unfit men
for the exercise of cool and steady judg-
ment. In facing new industrial conditions
the whole history of the world shows that
legislation will generally be both unwise
and ineffective unless undertaken after
calm inquiry and with sober sef-restraint.
Much OF the legislation directed at the
trusts would have been exceedingly mis-
chieVouS had Ii not also been entirely inef-
receive. In accordance with a well-known
sociological law the ignorant or reckless
agitator has been the really effective friend
or the evils which he has been nominally
opposing. In dealing with business inter
eStS, for the government to undertake by
crude and ill-considered legislation to do
what may turn out to be bad would be to
incur the risk Of such far-reaching national
disaster that it would be preferable to I'M
dertake nothing at ALL The men who de-
mand the impossible or the undesirable
serve the allies of the forces with which
| they are nominally at war, for they hamper
those who would endeavOr to find out in
rational fashion what the wrongs really
are and to what extent and in what man
ner it is practicable to apply remedies.
REAL AND GRAVE EVILS.
All this is true; and yet it is also true
that there are real and grave evils, one
of the chief being over-capitalization be-
cause of it's many baleful consequences;
and a resoIute and practical effort must
be made to correct these evils.
There is a widespread conviction in the
minds Of the American people that the
great corporations known as trusts are
| in certain Of their features and tendencies
hurtful to the general welfare. This springs
| from no spirit of envy or uncharitable-
| ness, lack of pride in the great in
| dustrial achievements that have placed this
| country at the head of the nations strug-
/ CLING for commercial supremacy 1t does
/ not rest upon a lack of intelligent appre-
/ citation OF the necessity of meeting chang
/ ing and changed conditions Of trade with
| new methods nor upon ignorance OF the
| fact that combination of capital in the
| effort TO accomplish great things is neces-
| sary when the worlds progress demands
| that great things be done. 1t is based
| upon sincere conviction that combina ton
| and concentration should be, not pro-
| hibited. but supervised and within reason
| able limits controlled; and in my judg-
| ment this conviction is right.
| 1t is no limitation upon property rights
/ or freedom of contract to require that
/ when men receive from government the
| privilege of doing business under corporate
/ form. which frees them from individual
! responsibility, and enables them to call
/ into their enterprises the capital of the
| public, they shall do so upon absolutely
i truthful representations as to the value
! OF the property in which the capital is to
i be invested. Corporations engaged in inter-
i state commerce should be regulated If
Il they are found to exercise a license work
/ ing TO the public injury. 1t should be as
\ much the aim of those who seek for social
/ betterment to rid the business world of
! crimes Of cunning as TO rid the entire body
/ polite OF crimes of violence Great cor
/ porations exist only because they are
i created and safeguarded by our institu-
/ tions; and 1t is therefore our right and
| our duty to that they work in harmony
/ with these institutions.