The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1903-09-02
Causes Sensation

The American Bar Association met
in annual session at Hot Springs. Va,
on last Thursday. The annual ad-
dress was delivered by LeBaron s.
Colt of Rhode Island, United States
judge from the First circuit. Judge
Colts subject was the Reasonable
ness of the Law. The common law
is nothing but reason" was an open
ing sentence which was the keynote
OF the paper.
Walter Logan Of New York made a
verbal report from the committee on
commercial law. He commended the
national bankrupt law and then dis
cussed the trust question. He said it
would have to be settled by vbc law
yers. He said, if they did not the
demagogues would. If combinations
continue competition would cease. and
commercial Jurisprudence will eventu-
ally be entirely changed. The COM
mittee. he said. had reached the
unanimOuSt conclusion that modern
industrial combinations should be
stayed.
Hon. Charles f. Manderson of Ne
braska said the report Of the commit
tee had TILED hin. with amaZement,
surprise and indignation. He said
the report vas calculated to rend the
association as under and he resented
the attempt to turn the body into a
political hustings. HeaSked that the
report be read. There was opposition
to the motion and considerable con-
fusion. The convention agreed to
hear the report at once. 1t was read
by Chairman Logan and was fully dis
cuSSed.
SOME PLAIN TALK.
On the subjects of trusts the report
says this is tn: important question
now before the American bar. The
report adds:
1.-The modern combinations pri-
mary objects is to control trade and
commerce in plain articles Of produc-
tion and substitute a more or less per-
feet monopoly in the place of a more
or less free competition. 1t changes
entirely the basic principle OF CONNER
cial relations between man and man
il they are to continue to grow and de-
yelop in the future as in the past they
will render necessary most important
changes in the principles OF our COM
mercial laws. Combinations as an
economic force is as fast coming tC
take the place of competition. WE
are now having combinations OF COM
binatinnS. The United States Steel
corporation is a combination Of a
dozen heretofore competing producers,
who themselves were combinations CT
still other producers. and these in
turn often combinations Of still others.
1t is estimated that the Standard Oil
company has taken. by contract or
force, the business OF 10000 corpora
tionS and merchants in all parts OF the
Union. The few present great rail.
road lines Of the country have been
made up by the combination of hun
dredS Of smaller lines, some extensions
of one another, and other competing
lines.
mo one know but that within the
next 10 years greater than j. Pier
pont Morgan will arise who will COM
bine into one organization all the ir-
dustrieS of the land, so that the work
man who works for wages can tud but
one possible employer, and the pur-
chaser of wares but one possible seller.
The steps toward the formation OF
one industrial corporation, which
shall crowd out all other corporations
and assume to itself all the industries
of the land, have been already more
than half taken. 1t is not so far 10
to 90 now to that end as we had to go
to reach present industrial conditions.
DEsIRABLE-FoR MoNoPLIsT.-
a monopoly is economically desir-
able; that is, for the monopollSt. Ihe
United States Steel corporpation can
produce, no matter what it sells them
for, it's goods cheaper than the ele-
ments out of which the combination
is composed ever produced them. The
Standard Oil company is economically
holy for it pays 10 per cent. dividends.
The sugar trust is economically cor
rect, for whereas the individual sugar
refners lost money on small capitaliza-
tion. the sugar trust pays big divi-
dends on large capitalization. The
railroad com binations are economically
jmpregnable, for they pay. II Mr..
Morgan's shipping trust and Mr..
Schwab's shipbuilding trusts are fail
ures they are exceptions to the rule.
We cannot, therefore, rely on natural
forces, on the laws of supply and de-
nand or on economic considerations
- +1,o of ror6orp rom.