The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-12-01
TIE EX.SPEAKER SPEAKS.
Mr.. Reeds Views Concerning Trust leg.
iaiati0n and Tarin Revision.

From the North Amer,odn Rcr,cu for December.
The elections for this year have taken
place. and We have escaped the one great
danger OF n democracy. which * the de-
cision Of great questions without discussion.
But We have by no means got rid OF the
questions We have now upon us the duty
Of discussing them with such care as will
tend to decide them correctly. We have
had season Of prosperity which has no
parallel. even in our own remarkable his
tory. There has been q movement OF con-
centration; and business has been carried
on on so great scale that We are ourselves
frightened by the tremendous growth.
but We are doing /, in such a fashion as to
influence the Old World.
Conservatism. or the unwillngness to
welcome new things, has its uses. Most
new things are not good and die an early
death; but those which push themselves
forward and by slow degrees force them
selves upon the attention Of mankind are
the unconscious productions Of human
wisdom and must have honest considera-
ton, and must not be made the subject
Of unreasoning prejudice. Toward such
movement no one has right To look
askance. Above all. no one has right TO
presume such movement wrong. II mhy
b. wrong; but hen business men all over
a great nation pursue the same course, the
presumption ought to he that they are
right Nevert heless, the first idea In TO
make them stop.
The history Of corporations can he put
into few words. Men of sense are I'M
willing to risk their all in ono enterprise
or business. If they can limit their risks,
and IL by union with others whose risks
can I've in like manner limited they can
make a strong company. much idle money
can bc utilized and both capital and labor
employed On this basis. and the basis
Of easier mana cement, corporations were
formed and have gradually grown in full
proportion 10 the growth Of The world.
In our day this growth has taken a new
form That form has been forced upon
business men by competition with one
another II a number Of concerns united
to save expense and the duplication OF
management, others had to do likewise.
These unions OF capital have been forced
upon the capitalist
This element Of force We must all brar
in mind IL wa wish o understand this ques-
tion. Perhaps you think that men were
glad to get into these unions and went
cheerfully into combinations. Such was
not the fact Men hated to give up their
Independence. They and their fathers had
built up their business. They were proud
OF their success. and meant To leave their
establishments to their children. In the
new combination only one could he the
head The others must 60 ont or take
Than ra m m Tn sl. nf I.a ltiir ~
which encountered the natural unwilling
ness to have others do better than We do,
until the task Of consolidation grew almost
impossible. Why was it not absolutely
impossible? Simply because of the muir
dprous competition II was union or
bankruptcy. OF course. after there had
been a few examples. it became easier.
The rising tide of prosperity helped also,
because il raised no, prices only, but values.
and men were reconciled by getting more
than they had hoped for, though they got
no moro than belonged to them.
II would be natural here TO cay. why
not le' competition go on? What we want
is the results Of competition-low prices
so that We can buy all We want. The an
swer to this can be made, and il is worth
atterr ion With small factories scattered
around and a country ore in every villa ge,
competition did insure us low prices. but
did not escape the evils We will hereafter
speak of. So long as competition could
be carried on on the basis Of living and
letting live. all went well; but, as capital
grew in amount and mills in size. com
petition became more violent and property
ceased to make returns. Now. the doctrine
OF composition. most invaluable in its way.
has it's limitations. Being human. il is
no, an unmixed good Destructive COM
petition is an evil The world ca mo,
afford TO have a trade which does not pay
fair profit Hence. when trade ceases
to offer fair profit, there has TO be
remedy, and the remedy chosen here was
in reality not new one II il impressive
upon us at this time on account OF its size.
In small way it has gone on ever since
business became business.
But are We to be exposed to the mercy of
those people who pile up millions, and have
we no remedy by law or Constitut ional
amendment? Yes. We have many remedies
on the stump and in the newspapers. But
the experience of mankind il universal
that Providence has not left us TO the stump
orator or the newspapers or even to the
statesman, NoTltHoW HuCU Uiun-
dering. perhaps. but somehow every new
movement has in itself the element of pro-
tect ion OF the race. For instance, We are
all afraid Of monopolies; we fear that some
body by some new scheme will squeeze
us permanently, and yet that has never
happened But. you will say. what can
prevent these great aggregations Of capital
from charging what they like? The answer
il, that what prevents them from charging
an unfair price ia the well-founded fear
that they will thereby risk and lose the vast
sums already piled up.
In other words. the same state Of the
world, the same general wealth. which en-
abled one big pile Of capital to get together,
will enable larger pile to get together and,
by means Of more modern machinery, TO
destroy the attempted monopoly. When
one set Of capitalists Of great renown n
year or two ago attempted to take control
| of Pacific business. the undertaking was
| not 40 vast az 10 prevent men whose names
were, up to that time. but little known from
meeting them and making. at least. drawn
battle. The fact IL that every business man
now knows that the only monopoly any,
body can get except the temporary one Of
| patents, to which no ono objects. is nv pro-
ducins some article cheaper and selling it
| cheaper than any other maker. Whether
such n monopoly IN obno yious and to b.