New-York tribune., 1906-06-28
TAW ANn CAPITAL.

respondent. 'Tha London Times" gives assur-
ance that Englishmen do not believe that Amer
ican business in general is rotten II thinks
that human nature is much the same in England
and America. and that both countries have their
dishonest men, This assurance is most welcome
10 Americans who cannot help being sensitive
over the revelations of the last year. Undoubt-
edly they have h,1rt business. but they have done
much worse than that if they have really shaken
confidence in American character abroad, as
they certainly have done at home among those
who have let themselves become victims of the
sensational disposition 70 charge up every abuse
TO Intentional wickedness of wealthy men and
pre9cb an anti-capitalistic crusade on the
strength of the assumption. Against this ten
dencv .'Tbe London Times" offered a needed anti
dote in another recent article the relations of
President Roosevelt and the capitalists Those
who are in the turmoil. Influenced by persona.
prejudices or interested to correct particular
wrongs have not the means of truly judging
of the significance of movements. The com
mentator who stands apart may see clearly what
is confused near at hand
The Times is able to see that the talk
which nearly deafens everybody here about
trusts combinations and vast aggregations of
wealth is largely empty noise Our trouble is
not the size of our corporations or the enormous
wealth of individuals. but the conditions which
have allowed some corporations 10 operate op-
pressivey and some enormous fy-tunes to grow
unjustly THE Times says truly:
Combination on a large scale is almost in
evitable result of modern industrial conditions
and. in itself, in many respects a benenclal re-
suit. The mischief lies not in the formation or
trusts themselves. but in those conditions of
American life which enable capital 10 exercise
its power for the sake of proht without any
effective restrictions TO safeguard the interest
Of the public the rights and liberties of
the individual
The desire for wealth is strong in England,
and 50 is the pressure for industrial economy
and business organization on a large scale.
Yet the corporations there do not seem TO create
the antagonism which they do here and we
think the true reason is not that their managers
are less selfish than ours but that they are
under discipline and have never enjoyed the
dangerous license of unfettered power. Compar
ing the status of capital in the two countries,
The Times says of capital in England:
1t has from the first been subjected TO the
law and to the executive and a continuously
growing process of legislation has limited its
activities in every direction. in the interests
either Of the workers or of the general public
Successfully the gospel of laisser faire ndivid
ualism managed to impose itself upon our for
eign commerce, its application to the internal
from the first, and never won the adherence of
more than small section of manufacturers and
theorists
In the United States the very reverse has been
the case. The doctrines of Golden and Bright
have never been allowed TO prevail where the
industry of the country as whole has been
concerned But in the internal affairs of the
country, in all that concerns the relations Of one
man to another those doctrines have been
given The fullest @ play p,n Inc meat PaGReTs OF
opinion they had every right 10 do-namely. to
sell such stuff the public could be induced to
buy.
There is much truth in this observation. Even
to-day every effort TO correct an abuse like that
L., ind, -, tha or
railroads throws the Cobdenites into an ague of
fear for the laisser faire theory which they
have read into the Constitution. The bogie of
governmental despotism always rises to frighten
US from keeping our law up TO date with our
business. The troubles which are now seized
upon by demagogues as an excuse for war on
capital and on modern business and the men
who manage IL are due not 70 special depravity
among captains of industry. but simply to the
failure of the American people to govern them
selves effectively. They left corporations to do
as they pleased. without any guide Of law in
many directions until bad habits were created
Then they passed laws which they did not try
TO enforce, until the corporations were con-
frmed in their bad habits and thought trade
custom superior TO statutes. And now people
wonder that the corporations have been lawless.
The remedy is TO be found. not in attacks on
wealth or appeals to passion, but In enforce
ment Of law, and, where necessary, in the enact
ment OF new law TO make the power of the gov
ernment co-eZtensive with that of its creatures.
II is not surprising that the creatures, IN
broken 10 such discipline. should be restless at
the threat of the harness. They are like boys
OF fourteen being taught their first lessons of
respect for parental Authority. But they must
understand that there can no longer be in the
United States field free to business but closed
10 the effective supervising power of Law. And
when they learn that lesson we believe that
American capital will be found as honest and
respectful of individual rights as any in the
world.