Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1901-12-14
THE Trust PROBLEM.
Publicity the Only Remedy for tho
Present.

perity can never be created by law alone
although Il Is easy enough 20 destroy !
lous. who seek gains not by genuine worl
but by gambling In any form, are always
a menace. If the business world loses
It's head, II loses what legislation cannoi
supply. Fundamentally the welfare OF
each citizen, and therefore or the nation
must rest upon individual thrift, energy
resolution and intelligence. Nothing car
take the place OF this Individual capacity.
but wise legislation and honest and intel.
iigent administration can give IL the run
est scope and opportunity.
The tremendous and highly complies
Industrial development during TN
latter half OF the nineteenth century
brings US face to face with serious so
oial problems. Tn old laws and customs
which had almost the force OF law were
once sufficient to regulate aecumulatior
and distribution OF wealth. Since the IN
dustrial changes which have 50 enorm-
Cusly increased the productive power OF
mankind, they are no longer sufficient.
The growth Of cities has gone on faster
than OF the country, and the upbuildine
OF industrial centers has meant n start
ling increase, not merely In aggregate
wealth., but In very large individual and
corporate fortunes. The creation OF these
has not been due 10 the tariff nor TO any
other governmental action, but TO natural
causes, operating In other countries an
they operate In our own.
The process has aroused much antagon-
isin, a great part OF II wholly without
HtA WV ~ - " ~ Wv hAARN vi AAN hA'AA
have grown richer the poor have grown
poorer. Never before has the average
man been so well Off. There have been
abuses, yet a fortune In legitimate bust
ness can be accumulated only OF condi-
ton Of comforting immense benefits upon
others. Successful enterprise can only
exist If conditions offer great prizes us
rewards OF success.
fThe captains Of Industry who have driv-
en- the railway systems across this con-
tinent, built up QUE commerce, developed
INIH Nnn 80 "a { 2tHaa . lnN Ha lam fFa nAAI
Without them the material development
could never have taken place. Moreover,
We should recognize the Importance OF
leaving as unhampercd as is compatible
with the public good the strong men upon
whom the success Of business operations
inevitably rests. The personal equation
Is the most important factor IN business:
business ability at the head OF any con-
Germ usually fixes the gulf between sue
cess and failure.
Thc conditions which nave produced the
great aggrcgatlons OF wealth have made
them potent factors I'm international com
petition. Business concerns Of largest
means, managed by the ablest men. take
the lead In the strife for commercial SUI
lrcmaCy among the nations. America has
only just begun TO assume that command
Ing position I'm international business
which we believe Will be hers. IT is Of
utmost Importance that his position be
not jeoparded. especially at n time when
the abundance OF our resources and the
kill and aptitude OF our people make for
oign markets essential, 1t would be un,
wise to Cramp or fetter the youthful
strength of our nation.
Rise or Fall Together.
Moreover, TO strike with ignorant vio-
lcnce at one set or men almost inevitably
cndangCrs all. Tho fundamenta rule In
our national life Is that we so up or down
together. There are exceptions; and In
times Of prosperity some viii prosper, and
I'm times Of adversely some VIII suffer, far
more than otnors, nut spgaEinB generally,
.-.,I fIpt.4 t,DsRE that an lgta ~
less I'm them, and In hard times all feel
the stress. The memory OF the lean years
which began fl 1898 Is still vivid. Disas-
ter to great business enterprises can new
rr have its effects limited to the men at
the top. The capitalist may be shorn Of
his luXuries, but the wagewOrker may be
deprived OF even bare necessities.
The mechanism or modern business Is
so delicate that extreme care must be
taken not TO interfere I'm rashness or ig-
norancc. Many who nave made IL their
vocation 10 dcuounCe the industrial com
biuations popularity, although with techni-
cal ~inaCCuraCy, known as trusts" APP
peal especially 10 hatred and fear. These
are precisely the two emotions which UNI
ut men for cool judgment. Legislation
will generally be both unwlsc and ~ineffec-
tive unless undertaken after calm inquiry
and with sober sclf-rCStTaint. Much of
the legislation directed at tho trusts would
nave been exceedingly miSchicvous had
il not also been entirely ineffective. For
the government to undertake crude and
ill-CousidcrCd legislation wouid be to In
cur the risk Of f~ar-rcachlng national dis
Siblc or the undesirable serve as the allies
Of the forces with which they are nomi-
nally at war, for they hamper those who
would endCaVor to find out I'm rational
fashion what the wrongs really are and
i'm what manner 1t Is practicable TO apply
remedies,
All this is true, yet there arc real and
grave evils, one OF tho chief being over
capitalization because OF its many bale
ful consequences, ana a resolute and prac-
IDEAL effort must be made to correct these
evils.
There Is a widespread conviction that
the great corporations known as trusts
are In certain features and tendencies
hurtful to the general welfare. This
springs from no spirit Of envy or un-
charitableness nor lack Of pride In great
industrial achievements. 1t does not rest
upon n lack Of intelligent appreciation OF
the necessity Of meeting changed condi-
OF trade nor upon ignorance OF the
tact that combination Of capital is neces-
sary. 1t Is based upon sincere conviction
that combination n concentration should
lie, not prohibited, but supervised and
controlled; and in my Judgment this con-
viction Is right.
Publicity the Remedy.
1t IS no limitation upon property rights
or freedom of contract to require that
when men receive from government the
OF doing business under Corpor-
form. which frees them from indi-
vLdual responsibility, and enables them to
call into their enterprises the capital or
the public, they snail do so upon abso-
lutcly truthful representations as to the
value or the property IN which the capt.
tai is 10 be invested. Corporations en-
gagged in Interstate commerce should be
regulated If they are found to exercise
n license working TO the public injury. 1t
should be as much the ain OF those who
seek for social betterment to rid the bus"
mess world OF crimes Of cunning as TO
rid the entire body polite of crimes OF
Great corporations exist only
because they are created and safe-guarded
our institutions, and ii Is therefore our
and our duty TO see that they work
IN harmony with these institutions.
The first essential In determining how
to deal with the great industrial combi-
nations Is publicity. The government
have the right TO inspect the
IN interstate business. Publicity Is the
Jnly sure remedy we can now invoke.
What further remedies arc needed In the
way OF governmental regulation or tax
alton car only be determined after pub
lefty has been obtained, by process or
and IN tae course of administration.
The first requisite Is knowledge, full and
Artificial bodies, such as corporations.
depending upon law for existence or priv
should be subject TO proper govern
mental supervision, and fun ana aecu-
rate information as to their operations
should be made public regularly at reason
able intervals.
The large corporations, commonly called
trusts, though organized in one state, al
ways do business In many states, often
loing very little business in the state
where they are Incorporated. There Is
after lack of uniformity IN the state laws
about them, and as no state has any eX-
,lusive interest In or power over their
acts, il has in practice proved impossible
10 get adequate regulation through state
action. Therefore, in the Interest of the
whole people, the nation should, without
interfering with the owe OF the states
a the matter Itself, also assume power OF
supervision and regulation over al cor
Dorations doing an Interstate business.
This Is especially true where the corpor-
alton derives q portion of It's wealth from
he existence OF some m~onopolistic ele-
nent or tendency In It's business. There