The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-10-09
DISCUSSION OF TRUSTS.
Secretary Shaw Gives a Luminous
Talk in Boston-History
: -9.- of the Trust.

Boston, Oct. 9.-At the annual dinner
of the Republican Club of Massachusetts
at Symphony hall last night the club had
for it's guest Leslie M. Shaw, the secretary
of the treasury, who said in part:
1.-THE method originally adopted by
which competing concerns formed a CO.
operative alliance was through the agency
of a trustee. That is, competitors in GER
tain lines, finding their methods mutually
unsatisfactory. appointed a trustee. to
whom was turned over the product of
their several concerns. By this means the
trustee was placed in control of the entire
output and could dictate both the volume
thereof and the price therefor. At the end
Of the year profits were divided. This, I
say, was the original method O. - q
This method was first brought to pub
lie attention through the whisky trust.
So common was it in 1888, during Mr..
CleVeland's first administration, that a
democratic congress appointed a commit
tea to investigate the subject. After six
months spent in the effort this committee
returned a vast amount of evidence and a
brief report, from which l quote the fol-
lowing language:
Your committee further reports that
owing to present differences of opinion be-
tween the members Of your committee.
they limit this report to submitting to
the careful consideration Of subsequent
congresses the facts shown by the testi-
mony taken before the committee
II want to emphasize the fact that as
far back as 1885, when the trust question
was in it's infancy, the very best brain
and the very best craftsmanship of the
democratic party eliminated IN report
that they did not know what to. do. 1t
did not take long for republican states
manship to formulate a remedy.
" Senate File No. L was the journel
doc ion, fNr fho r,0yyE r,nu he
Sherman antitrust law. It passed both
houses. 1t was signed, and it remains
the only anti trust law Of a federal nature
in the statute books to this day.
If 1 am correct in my analysis of the
law, the law is not altogether at fault.
The difficulty lies in it's enforcement. And
wherein does this difficulty exist? I
answer in the evidence necessary to prove
a violation Of the law sought to be en-
forced. If the packers have combined or
conspired and this fact can be proved,
then woe to the packers.
I'VE are urged to remove the tariff that
we may have increased competition.
II doubt the wisdom Of following advice
when the blow recommended will be sure
to fall with ruinous effect upon COM
petitors of alleged monopolies.
Nov. suggestion with reference to
natural and evolutionary remedies.
suppose more objection has been made
and more antitrust sentiment created by
reason of the United States Steel corpora
ton than any other one concern. The
corpora ton owns it's own ore, and it
therefore pays out for labor, directly or
indirectly, every dollar except what it
pays in intedest and dividends. 1t fol-
lows. then, that this one concern paid
during the year ending June &c. 1902, di-
rectly and indirectly, over $400,000,000 for
labor. And what became of this money?
! v>rfrr,0 pf1x Pors f0o4
and raiment and material to build homes.
This food comes from the wheat fields Of
Minnesota and the Dakotas, and from the
grazing fields Of the mountain states and
from the farmers stalls in the corn belt.
The material for raiment came from the
cotton fields Of the south and from the
sheep ranches of the far west, but it all
came thence by way of the factories Of
New England, the Atlantic states. Nor is
this ALL The farmers who received this
money for food products, for cotton and
for wool, spent it in turn for labor or for
building material, for carpets or, clothing
or barbed wire cor nails or lother articles
Of consumption.
IF any one should be disposed to char
acterize what 1 have said defense
of existing conditions, let me correct him
once and for all I am not in favor of
trusts nor of monopolies Of any kind or
form and I see much of evil as we'll as
some measure of good in the trend Of in
dustrial affairs. But am more anxious
that my son shall be taught to face condi-
tons like a man than to be told he Is
whipped anyhow, and that the best thing
for him to do is to lie down and cry And
I want to say to you, my good democratic
friend, that if you allow the calamity
bowler to rob your son of his hope and
, teach him that whoever undertakes gil
gantic enterprises, and especially if he is
successful. is a scoundrel, and whoever
finds employment for thousand men is
a thief, and should he find employment
for 10000 he is a robber. you will be
spared the humiliation Of ever seeing your
sons name on the stationery or in the list
Of directors of any business enterprise"