Ceredo advance. [volume] (Ceredo, W. Va.) 1885-1939, 1901-07-24
SOME TRUST TRUTHS.
rrof. sumner, of Yale, Takes n Rea-
sonable View OF Capitalized
Combinations.

Of the coterie of college professors
who championed the cause of free
trade 10 years ago no man was more
conspicuous in point of ability or
more radical than Prof. w. G.. Sumner.
OF Yale. He it was who declared that
data gathered from experience had no
| place in the discussion of the tariff
question, as all discussion of the topic
should be based upon assumptions
Prof. Sumner recently wrote an ar
ticle for the New York journal Of
Commerce upon trusts and wealth
production which will not comfort
those persons who insist that a pro-
tective tariff is the chief promoter OF
combinations in manufacturing. He
makes no allusion to free trade or
protection in his article. Prof. Sum.
ner does not antagonize trusts; far
from that, he regards them as the re-
suit of new conditions in production,
training and skill. He maintains that
the discoveries and inventions of the
nineteenth century, particularly in
the field of transportation and the
transmission of intelligence, have
made large combinations possible.
Once made possible, combinations to
organize industries on a comprehen-
sive scale are profitable. The produc.
ton of wealth is the tendency of the
age IN all civilized countries, and the
trust is one of the methods of such
production. To produce wealth is the
leading characteristic of the time
among all classes. Every mile of rail
road is built for the primary pur pose
| of creating wealth, and so of every
other industry. He holds that the in
dustrial combination is an agent for
the creation of wealth, and that any
attempt TO arrest the development OF
the trust is an attempt arrest wealth
production. 1T would reduce the
comfort of the population and it would
be kind of indus trial suicide" is the
startling declaration of the Yale pro.
fessor in regard to the attempt tc
crush our industrial combinations on
a wide scale.
Prof. Sumner says the value of ex
tensive combination in the production
Of wealth is probably overestimated
In general way, the combinati ton il
in it's experimental stage. Such com
binations have been made upon tn.
assumption that great savings can be
made in the processes of production
and in the steadying OF prices. The ex
perience of some combinations hal
not proved that the trust results in
cheaper production. Some combina
tons, like the Standard Oil, have pro
duced wealth far beyond the increase
which would have been possible hae
production been unres tricted, while
other combinations have gone tc
pieces. The number that is not sue
cessful is probably greater than tn,
number that have made satisfactory
returns.
Prof Sumner Is not troubled in re.
gard to the future of trusts. Free
trader, democrat and all that. he be
holds no alarming danger in industrial
com bination. probably because he i.
not an alarmist and a demagogue. Sc
he goes on calmly to suggest that
trusts will be regulated by reasonable
and suitable legislation, such as has
been enacted for the regulation Of
joint stock companies. He expresses
the opinion that there is no evil anc
menacing to society as some of the
measures which have been proposed
for destroying trusts. "No one car
devise any law" says the professor
by which il can be made a crime for
any number of persons to unite their
capital and efforts in the production OF
wealth in lawful enterprise" 1t is
when the trust resorts to devices TO
restrict the freedom of commerce that
1t becomes menace, and for such of.
lenses laws can be devised
There are many indications that
practical people are beginning to bet.
ter understand the trust, or, at least.
are in frame of mind to consider the
subject calmly and intelligentIy. When
the forming of combinations is ra
garded is result of Industrial and
commercial conditions incident 10
progress in civiliza tion. as Prof. Sum
ner regards them. control rather than
determination will be the topic con.
sidcred by people of Judgment. but
the people who attribute their exist
ence TO other than real causes and de-
nounce and demand impossible RENE
dies are. as Prof Sumner has said
q greater menace than the trust-In.
dianapolis Journal
IA Honduras correspondent
writes: Having occasion TO use some
money i'm the interior / ,,crt g.. e.,