The sun., 1902-03-09
STUYVESANT FISH ON TRUSTS.
4 SPEECH AT THE UNION LEAGUE
CLIB ~ PHIL4DELPHII.
The Three Previous Great Economic StruE.
giles In the United states ana Their
Lesson Cases OF the Railroads and
Trusts Compared Benents That
Have Come From AmaIgamaiiOns

At dinner given at the Union League
Club in Philadelphia recently Stuyvesant
! Fish. President Of the Illinois Central Rail-
road Company, delivered an address. in
the course Of which he gave an exposition
Of the economic question which is now
presented to the body social and polite
in the form Of the industrial combinations
called trusts.
-Four generations Of men had passed
from active life since the beginning of the
struggle which led TO the Independence
of the United States he said. and each
had Witnessed contest between those who
had not and those who had what was. in
their day, the largest visible share of the
wealth Of the country.
The fight in the first generation was
against the landed proprietors and ended
in the triumph Of the advocates of a pure
democracy based on manhood suffrage.
In the second generation the banks APP
peared to have most of the wealth, and
President jackson withdrew from them the
Federal Government deposits.
The next generation struggled over
slavery, a struggle which, stripped Of
all questions u sentiment and morals
Mr.. Fish says, was between those who
had not and those who had slaves" And
this struggle and the consequent issues
which arose for settlement brought history
down to 1870.
Our own generation said Mr., Fish,
has since seen persistent attack in the
legislatures, in the courts and through
commissions, State and federal upon rail-
roads, which in turn had come to appear
to own the largest aggregation Of property.
"We are now at the beginning of strug-
gle against what are popularly known as
trusts but which might better be named
cancellations or amalgamations. The
real thing inviting attack Is. however,
as before. the largest visible aggregation
of wealth.
Mr.. Fish, summing the results of the
former struggles before analyzing the new
one, continued as follows:
What has been The outcome in each
case? We're the landowners deprived OF
their property? No; but they were de-
prived of political rights based on property.
Were the banks deprived of their char
ters or their capital? No; but the Federal
patronage was Withdrawn from them.
Were our brethren in the Southern
States deprived Of their property in slaves?
Yes; but not unit after they had committed
overt acts Of war.
Have the railroads been deprived Of
their property? No; but Of large part of
their franchises, yes.
"Candor compels me 10 say that this last
was. in a measure. due 10 80 many of the
railroads having. of their own accord,
mixed in politics. and so brought the evil
on themselves through a course only less
unwise than that OF the slave-holding
South. Others may not agree with me
in this. but none will to-day advocate the
wisdom Of railroad corporation meddling
in politics "
four cases cited | have referred to what
was at the time the largest visible share |
of the wealth of the country. Ii has ever |
been the thing seen which has been at
tackled.
"The real wealth of the country has, |
however, always been in tho Drawn and |
muscle, in the brains and wits, of our peo- |
Pile and in the land which they own, live |
upon and make fruitful.
What will toe the outcome of the contest |
now opening against the so-called trusts, |
is beyond human Wit 10 foretell, but that |
those entrusted with the management of !
such vast masses Of capital should learn !
wisdom by the experience of the past |
goes without saying,
1t may also be pertinent TO recall that, !
vast a. are the sums now in view, they do |
of the wealth Of I he cOun, ~ as did in their |
dav, either one Of the four aggregations of J
capital about which have spoken.
AT the close OF the Revolutionary War, |
land represented practically all the wealth |
there was in the country, and il was in many |
States held bv a few individuals and fami- |
lies and, after the English custom, - richly |
entailed.
More than one hundred years ago there |
was in existence al loast one bank with |
81, 900 600 OF capital. the stock of which |
had been largely ovcr-ubscribed within |
an hour There il to-day IN the United |
States no bank with n rger capital
The 500 900 900 which, at the breaking
out of the Civil War, fairly reprcsenie ed the
value Of I he slaves a. property, undoubtedly
formed a larger proportion of the total |
wealt h than does any Combnat ion Of capital |
which has vet been effected
Nor can there be any comparison be-
tween The capital of any one industrial
trust and that of all the railroads
Mr.. Fish said that those Interested as
he was not in the amalgamations and con-
solidations now going on, labored under
the Disadvantages, in some instances. of |
80 "