The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-03-06
THE PROFESSOR ON TRUSTS.

THE PROFESSOR ON TRUSTS.
The university professor has always
been willing to enlighten the public on
the perplexing questions of the day. He
usually does this for a consideration
and not in his capacity as instructor In
the institution from which he halls He
usually establishes his theory and pro-
| his teachings are in accord with the
| genius of the institution, /. e., the preju-
dices of the men or women who furnish
the money to run the shebang, he is al
lowed to propagate his doctrines without
hindrance. But should he so counter to
those in high authority, he will be called
off or dismissed
1t is reasonable to suppose that, learn
ing wisdom from the fate of others, the
university professor will devote his extra
time to demonstrating the utility OF
great financial combinations Why? Be
cause in a very short time universities
will receive no donations except from
those who are interested in financial
combinations.
We cannot find it in our heart to blame
the professor for making himself solid
to a greater or less degree. Those who
have no money and must depend upon
the work of their hands or their brains
for their daily bread, and now and then
Of
hinges of the knee that thrift may follow
fawning." 1t is this disposition inbred
in human nature that gives wealth its
power. The workman votes for a party
which he knows to be corrupt and
menace to the liberties Of his country,
because it's present policy will enable him
to keep his dinner pail full. Esau sold
his birthright to his thrifty brother for
a mess of pottage, and his descendants
have beer doing the same ever since.
The professor in the average university
would be untrue to the instincts of his
kind, if he did not seize every oppor-
tunity to demonstrate the philanthropic
attributes of trusts and point out the
many advantages that will accrue to the
working class when all enterprises are
governed by a few financial magnates
VIII not the massing Of great wealth
tend to the endowment Of universities?
And will not well-endowed universities
pay better salaries to the professors?
Prof. Walter Wyckoff, of Princeton, he
wi
reputation by tramping from the Atlantic
to the Pacific and embodying his expert
ences in a most readable book "The
Workers has taken upon himself the
task of convincing people that trusts are
the proper thing. We very much fear
that the learned professor will not in the
role of expounder of trusts add to his
reputation as successful tramp.
In his discussion Prof. Wyckoff adds
nothing new to the mass of arguments
for Capitalization. His argument pre-
supposes the ultimate establishment of a
caste in American society He is per-
fecuy willing that the great mass of
business men who are now conducting
successful enterprises should sink to the
level of clerks in the Office of the com
bination. He eliminates individuality
mass and turns opportunity over to the
favored few
The professor, however, admits that at
present there are some defects in this
Il Il
capitalization may lead to abuses and in
the end to financial panic, but he thinks
that the great Morgan steel combination
is not ever-capitalized We are very
facts When promoter receives 81, co.,
600 for his services there is something
that looks very much like water about
some of the common stock which must
stand for a commission of this size. If
the professor had given the subject of
trust promotion as much and as careful
study as he did the tramp problem, he
would have been convinced that up To
date every trust that has been formed is
trying to pay dividends on twice the
actual capital invested in the combina-
ton
If all men would follow the golden rule,
the theory of the trust as Illustrated by
some of our great combinations would be
ideal in its phiIanthropic tendencies Not
only could prices be lowered but the wag-
es of worlzmen could be increased. The
waste and friction Of competition could
be entirely eliminated and the vast ex-
pense of both go to the producers I'm
fortunately, men do not observe that pre-
cept however they may admire it. In
stead, every combination is so arranged
that prices can be forced up and wages
cut down; the profits from both ends
going to the few who found is neces-
sary to combine in order to continue
business.
Returning to the university professor,
it will be interesting to observe how
many of his class will be found among
the outspoken opponents of trusts
mn