Dakota farmers' leader. (Canton, S.D.) 1890-19??, 1901-02-22
FEBRUARY
BILLION DOLLAR TRUST.

BILLION DOLLAR TRUST.
There is nothing in history to match |
the consultations of capital now going |
on under our eyes. 1t is our privilege
to watch the greatest industrial and |
social revolution of all time in the
making.
What this movement means is moth |
ing less than the death of the competi-
tive system. AS the system of feudal
land tenure and guild regulation of
industry gave way to the scramble of
labor and capital in state of nature.
so competition is giving way to uni
versal combination. But as the
orthodox science of economics was born
and has grown up under the competi-
tive system. all the books on political
economy will have to be rewritten to
fit the new conditions.
A power is created distinct from the
people. It should be borne in mind
that there are two aspects of consolida-
tion. There is consolidation of control
and consolidation of ownership. The
former is consistent with general
diffusion of wealth. It is conceivable,
for instance, that all the mutual saw
ings banks Of the country might unite
into single great bank, with thousands
of branches, and still continue to be-
long to their millions of depositors.
But when ownership is consolidated, as
in the new Standard Oil Coal Iron
Steel Railroad Shipping Trust, power
is created distinct from the people, and
Of unknown possibilities for good or
evil.
| Absorption Of new industries is un.
| avoidable. It is to be feared that COM
! bination will take this second form.
The stock of the Standard OIL Company,
which is almost all held in a few hands,
is worth about $500, ,OOO, 900 more to-day
than it was six months ago. Mr..
Rockefeller and half dozen associates
have added that amount to their wealth
in single holding in half a year.
When their riches are increasing at
such q rate their absorption of new
industries is not only easy, it is un-
avoidable. Like the oil from the Beau.
mont gusher, their wealth must be led
| into new channels or it will drown
them. While ordinary people, and
even common millionaires, are spend
! ing most of their incomes on living ex.
penses the billionaires will have prac-
tically all their huge revenues
| available for investment.
While We are waiting to devise some
method Of controlling this gigantic new
social force we may console ourselves
with the reflection that will work at
least one temporary good. It will save
the community from serious panics.
for it is hardly conceivable that q
Rockefeller trust can be reduced to
such distress as shut down mills in
every city in 1893.
This great combination Of capital is
80 uuprecedented-so stupendous in its
conception-th it is hard to predict
what the result will be. Even the
multi .millionaires of Wall Street, view.
ing it from the most practical stand
point. are at q loss to know what to
think. It is plain to be seen, however,
that the men controlling this gigantic
combination will be endowed with a
power a. absolute as human beings can
attain. That power they can exercise
for salf.interest to any extent they
choose. It may be that by lesseninR
the expenses pertaining to unrestrained
competition they can lower prices and
still satisfy themselves with the in
creased earnings. But if one of the
greatest interests in the world car
select two or three men to manage
and dominate Its affairs, the people may
arrive at the conclusion that they al
we'll can select the men to manage the
industries in which all are interested.
The tendency will be to arouse the
public mind on this point, and it be-
hooves the msgnates to be careful In
the exercise of their mighty power
SAMUEL E. MOFFET.
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