Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1904-08-08
THE TRUSTS.

people throughout the country TO In
vestigate these all important topics
SO that their vote thereon may be cast
Although do not wish
to be understood as setting myself up
as my brothers. keeper or as a compe-
tent teacher of men, yet it is probable
that have more leisure time to de-
vote to the study of these questions
than the majority of my fellow voters.
The tariff question has been re-
viewed so frequently and with such
ardor by the two great political
parties during the past forty years
that even our youngest voters are
more or less familiar with the prin-
ciples of a protective tariff. The
trust question is, however, OF more
recent growth, and young men who
are now taking the freeman's oath
can remember It's first appearance in
American politics. The general pub
lie have come to see in the trust a
giant octopus seeking out whom he
may devour. They look upon the
trust az being an association of wealthy
barons organized for the mutual
purpose of extorting from the COM
mon people the last of their bearded
pennies. The newspapers, both re-
publican and democratic, are filled
with cartoons representing the trust
as riding upon the backs of the work
ing classes and fattening themselves
from the Golfers of the poor. But this
is not the idea of trusts which is
held by the student of our financial
and economic history and it is upon
this difference of opinion that the re-
publicans and democrats draw their
party lines. The entire business OF
this nation is carried on by four sep
arate and distinct methods and every
commercial enterprise is conducted
under one of these heads, viz: by in
dividuals, by partners, by corpora
tions or by trusts. Although each
method is now being used side by
side, one grew out of the other in the
natural growth of business. Each
method has its advantages and disad-
vantages but as one developed into
the other there was that tendency to
retain the good qualities of each and
to eliminate those qualities which are
inconsistent with the growth and de-
velopment of true business under
taking. The trust is therefore the
result of a steady and natural
growth of the business carried on in
the country and its appearance with
in the last two decades is the best ev-
idence that our commercial interests
are enjoying a sure, steady and nat
ural growth.
In the early days of this republic
the amount of business was not of
such vast magnitude as to demand
the combined wealth sand ability of
several men to successfully conductit;
but as the country was developed and
the volume of business Increased, it
became apparent that an advantage
could be gained by the combination
of wealth and ability. This first COM
bination took on the form Of a part
nershjp. The volume of business con-
tinued to grow and develop and new
and more extensive enterprises de-
manded the adoption of some method
even more extensive than the part
nership. 1t was this condition in the
commercial world which led to the
formation of company in which the
members contributed their capital and
took as a receipt therefor certain
shares of stock which entitled the
holder thereof to share in the profits
of the concern. This form of organi'
zation became known as the corpora
tions. Notwithstanding this prejudice
, and condemnation the corporation
8 has thrived and has demonstrated it
! self as most successful and modern
method of conducting large CONNER
! cial undertakings.
Under the reign of the corporation
the business of the country has grow
l. and developed more than ever befor'
until now it is considered necessar
;, to devise some method which ma
: work to the further and mutual &C
i vantage of the corporations and til
American producer. Corporation
: had grown up in the same line {
g business in direct competition wit
= each other. A constant struggle ha
: been waged between them for con
: mercial supremacy. In this strugg
prices were cut far below the norm
g level and sooner or later the weak'
: companies were forced to the wal
9 1t was but natural that these oppo
: ing organizations should seek IL
Q some form of organization whio
) would work for their mutual bench
3 Such an organization has becon
l. known as the trust. 1t is thus we hay