The times. [volume] (Richmond, Va.) 1890-1903, 1902-12-20
Wyo cCsTITyTE THE TRUSTS?

we have expressed our disgust with
Congress for directing its attention to
measures designed to regulate trusts,
while doing nothing ease the financial
situation. We have cried in vain to get
from, the antitrust people def ition as
to what trust Is We have e.d -avored
in vain to get from them an intelligent
distinction between the trust and the
ordinary corporations of the Cnited
States. For our part we do not Know
which corporations are trusts and which
are not trusts. Some corporations are
larger than o.hers, but we do not know
why the United States Steel Corporation,
for example, should be called trust
when other large corporations engaged
in the production and manufacture OF
iron are not trusts. And so when II
comes to making laws TO regulate trusts
1t seems 10 us that they must apply to
all the corporations of the country. This
is an age of organization Every sensi-
bic man knows that corporations are
necessary to carry on the great business
affairs Of the United States. and what
ever tends to cripple them will hurt the
whole people.
First of all, these corporations have
DEVELOPED the large export trade which
we are enjoying and they are giving
employment to thousands and tens OF
thousands and hundreds of Thousands Of
people. To abolish them would be to
abolish prosperity and bring di-aster ard
ruin. The country is enormously pros
porous under the present conditions ard
why there should be on the part OF sem
sible men a disposition to throttle the
corpora tons and so interfere with the
nations prosperity is utterly uraccount-
able to us on any rational ground.
But there is another point of view to
which we would direct the attention Of
the trust killers. Many peop!e seem to
think that the large corpora tons Of the
country are made up of few "bloated
bondholders.'' They seem to think, for
example. that Mr.. J. P. Morgan is the
United States Steel Corporation. In point
of fact the stockholders Of the United
and are scattered all over the land.
Many of them are poor people who own
from ten to fifty shares. They have
invested their savings in this stock ard
are dependent upon the prosperity OF the
corporation for their dividends. ANY,
thing, therefore. which tends to cripple
the United States Steel Corporation
tends to cripple these small stockhol 'ers
and to impair the value of their hold
inGs.
A great deal is said about the fertilizer
trust. and many people seem to imagine
that the Eirsinia-Carolina Chemical
Company consists Of few very rich
men. On the contrary, large numbers
Of people in this community and all over
the State, some OF them widows ard
olpnans, have their money invested In
the common or preferred stock of the
virginia-Carolina Chemical Company.
If this company should be forced into
bankruptcy by legislation it would cause
weeping and wailing and untold distress
among many people OF small means in
the State of Virginia.
It Is for these reasons that The Times
has opposed unreasonable legislation in
IT,. direction Corporations are Great
ures Of government and they are
very proper subjects OF government reg
uiation, but to attempt to throttle them
or seriously to cripple them in their
operation by unwise and unnecessa y
and unjust legislation. simply to cater
to mistaken sentiment, were the most
yiciorS SuecieS of demaCcgv