The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-05-12
An Encouraging View Of Trusts.

D.
structive address on trusts that Mr.. T. B..
Walker yesterday delivered before the
local Methodist ministers. It was inter-
esting not only for what 1t contained. but
for its authorship. A poor or unsuccess-
full man can condemn trusts with force
argument that he is against them simply
because they have and he has not. But
when multi nillionaire, like Mr.. Walker,
condemns trusts every one listens intently,
for he Is sure that what he says is not
colored by personal misfortune or envy
Keeping this fact in mind, it is doub1y in
teresting to find that Mr. Walker is not
only an opponent but a radical opponent Of
trusts, and that he condemns them on
both economic and moral grounds Mr.,
Walker finds that the trust is not an
economic necessity, but merely the out
growth Of greed for power and money.
He denies that 1t can more economically
conduct business than smaller organiza-
tions and he asserts that it is unprincipled.
1t Is a most hopeful sign Of the times
when such a man as Mr.. Walker dares
and does speak out his opinion and iudg-
ment Of trusts. There has been too much
passiveness, If not cowardice, among
business men in this respect. Business
men who saw independent businesses daily
devoured by the trusts. and not knowing
whether their turn would come next, have
been hypnotized by the oft-repeated as
sertion that the trust is merely q fulfil
ment Of manifest business destiny, and
have been far too willing to Join the flrst
trust that came along. There are now
In business. Men are recovering from their
fear Of the trusts supposed unbounded
capacities and are becoming brave enough
to compete with them. While Mr. Walker.
like Andrew Carnegie, maintains that as
a rule the business in which the owner
is worker has great advantages over an
Immense corporation. he does not UNDER
take to say that there is not place for
large corporations in the business world.
He specifically condemns what is called
a trust A trust is not merely an i'm
mense corporation, but it Is one that seeks
to keep prices at en- artificial or extor-
tlonate level, that undertakes by means
of effective control or actual monopoly to
pay dividends on fictitious capital More
over, the men at the head Of trusts are,
as Mr.. Walker points out, animated not
only by the desire to make money but by
the lust of power; they really aim at con-
trolling as much OF the property of the
world as they can get their hands on. not
so much for the acquisition of wealth as
for the power it gives. None can deny
that at some point there Is danger to the
state in the acquisition Of property sought
for its power comforting quality and in
possession of property used for power. If
Pierpont Morgan owned all the property in
the United States the government of this
nation or of any of the states would be a
hollow mockery, for the man who owned
all the property would really own all the
people.
Accepting Mr.. Walkers analysis Of
trusts as correct, the inference is that it
Is only matter of time until some Of
them will collapse or become harmless.
But those that have a natural monopoly
or q process monopoly are likely to con-
tinue. These must be regulated and re-
stricted, because 1t lies in their power To
do great evil, and they are likely to. ex-
erctse that power. We thus get back to
the elemental argument for government
control Of monopolistic business enter
prtses, which is that q free people cannot
permit their liberties to be circumscribed
merely ne, because the circumscribing tend
encys is now economic instead Of political
as of old.