Herald and news. [volume] (West Randolph, Vt.) 1878-1943, 1901-05-23

Like lne maelsUTOH, II dlIldOuSu
everything to it.
BY 1915, the Steel Trust had absorbed
practically all the large business
enterprises of the United States. It
controlled the mining of all metals
and minerals; the manufacture of all
standard goods; the railway, transit,
steamship and canal lines; the
telephone and telegraph while its
great department stores, favored by
special privileges within its power to
confer, had virtually absorbed the
wholesale and retail trade of the large
cities and towns. Not even here had
the Trust reached its confnes-it had
invaded the domain OF agriculture.
BY purchases of immense fertile tracts
and the free expenditure OF capital in
machinery, it had solved the problem
OF making farming pay.
At this time, the Steel Trust, or the
Great Combine, as it was now generally
known, had become the greatest
industrial power the world had ever
seen. Over half of the workers in
America, and millions in other lands
were on its payroll. 1t had given the
United States command of the worlds
markets. By its complete mastery Of
the industrial situation, it had pre-
vented panics and financial disorders.
Its stocks paid high dividends, and
were widely distributed among the
people. Under wise foresight and
guidance, it had brought prosperity
sucn as had never been known before.
Its workers in all departments were
well paid. II their unions urged
increases, the demands could be
granted and the amounts made up by
increases in the price Of certain
articles that the Combine controlled
OF course the Great Combine had
from its inception met with bitter
political opposition. 1t soon became
the leading issue between two parties
one supporting it and the other bent
on its destruction. The opponents,
however, being convinced, as all were
in due time, that modern methods of
Capitalization had forever banished
old conditions, soon gave up trying TO
turn the wheel backward and directed
their efforts toward Socialism. They
advocated then, not the dissolution of
the Great Combine, but its absorption
by the government. They argued the
great advantages that would accrue to
the common people if the great
monopoly should be turned over to
them and be conducted with the
primary purpose OF serving them,
instead of the officers and stockholders.
Naturally enough, the Great Combine
combatted this idea with all of its
immense power. 1t predicted grave
disaster to the country and world if so
vast a concern should be made the
football of politics. It pointed to its
long record of achievement and asked
what warrant there was for thus lily
rewarding it, 1t dwelt on the danger
of giving to any administration the
tremendous power OF official patronage
that would thus come to it. In its
extremity there were good grounds Tor
the current belief that the Trust had
not hesitated to use corrupt methods
to influence votes.
But SO strong had become the
IN favor of government
ownership that in the presidential
election of 1916 the Socialists swept
the country, eleoting president and
both houses of Congress pledged to
their policy. AS a result, financial
panic ensued and the Great Combines
certificates and securities fell to a very
low figure, compared to their former
ruling prices. The incoming admin
istration feared to execute its
and the Trust was insured
a new lease of power. This it might
have held indefinitely, possibly, but,
following its good fortune, there
ensued a period of wild speculation in
its securities. with the result that
within few years they were concen-
trated in the hands OF a few mllti-
who ruled the land as
money-barons. 1t was in 1926 that
the United States government, by
formal acquisition. became master of
the Great Combine, and the first
example of a Social Democracy on
large scale that the world has ever
seen.