New-York tribune., 1902-07-09
LETTERS TO THE EDITOR
REGULATION OF TRUSTS
GREAT COMBINATIONS OF CAPITAL. INEVITABLE
But SUSCEPTIBLE OF GOVERNMENT
CONTROL.

TO the Editor OF The Tribune
Sir; The course OF the government n br,,s,,c,
actions. under the Sherman law against certain so.
cameo trusts may properly be commended as an
&c &c sung enort to test the validity of an i'm
POi 'ant statute and to save it from falling into
v IIau ietterism and contempt. But many who ap-
no ud IilIS endeavor and expect much from IL are
Ihey 10 be grievously disappointed in its final net
results. The steps taken by the Attorney-Cieneral
win the PRESIDENTS approval, have been hailed by
"lAuSlasts as the initial ones in a series that is
oeSuned to overthrow the trusts and root them
ouI OF the land forever. The hard headed observer
however, even though he may decry the trust idea
- IN no very anticpatory mood over these legal
Pioceeullgs. The government may win in the spe-
CHIC cases technical victories. But how can in
formal secret understandings actually though not
iilerally' equivalent to trusts, be reached and in
hloited by laws and courts?
1hat trusts In effect can be utterly abolished or
prevented would seem to be untenabe propo-
sltlon' but that they be regulated is both
tenable and reasonable The forming of big
combinations of capital is plainly in consonance
with natural law which must eventually nulify
any conflicting artificial statute. Legislatures may
make antitrust enactments severely prohibi-
tive as they WILL but if the letter of these is not
directly defed and violated their spirit will be
evaded in some manner not Illegal by capitalists
who desire to conjoin forces Regulative, not sup
pressve legislation. therefore, would be the wsest
and most beneficial in the end in governmental
vast and broad-reaching these may be. The trust
is per a detrimental institution though
averuble abuses may spring up in connection
with it. If it not on the whole benefit 10
society, it would have no vitality and its existence
would he brief. The belief of most people that II
has come to stay implies recognition OF the good
that in il.
The dread of trusts persistenty expressed in some
quarters can be dispelled by the enforcement of
publicity to their dOings and OF rules that pre-
vent monopoly and oppression This done, the null
tiplcation be viewed with entire calm
ness as a necessary stage in industrial and com
max. Danger TO the veal of the community in gen
eral being guarded against, the temporary injury
Of any small section of il will be deemed neces-
sary and gnorable sacrifice.
The idea advanced by Mr. Carnegie that trusts,
especially the larger ones, are liable to collapse OF
their own weight is not necessarily well founded
No matter how extensive a legitimate business may
managed. 1t is rot size that is deadly
bination OF business interests but feeble ana uhln,
telllgent or reckless ana WaStelul opeTaton IN
strong and competent hands no enterprise OF sub
store. with its many and diverse sections. is virtU-
ally combination of various lesser stores. and yet
men. as Is any little concern 80, the monster
trust, whose stock is not too thoroughly saturated,
made TO pay comfortable dividends 20 its stock
holders. Even small establishment must go down
large; and their safe limit IS hXed purely ny the
breadth of mind and the administrative capacity
Of those at the head of them.
limitation of the size of the The high water
whose future is regarded by many with doubt not
because it is carrying on its huge operations
solely for the reason that it is colossal But the
mere dimensions Of great ocean vessel are no
and freight 1t is safe TO predict that in the cur
rent quarter century there will be organized other
trusts, each with capital equalling or exceeding
that of the record breaker Of to-day; and who can
e96e 10 nSEe5 %ha{ iHPTaeF % 0eIore Ihe ea9 od
TUDOR WILLIAMS
Brooklyn July T. 1902