Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1908-12-16

to employees as well as earn profits 10
f the owners. Yet life devoted solely
to making money would seem a sordld
and wretched one. And this Is the tes.{
timony of our multi-millionaires them.
selves. The true test in this matter, q 8
Aristotle long ago pointed out. is the
way in which a man spends his wealth.
1t Is certainly a very encouraging sign
that our rich men have given so large
~ of their means for the promotion of
objects which we must always regard.
not only as far higher than the ac-
curnulation of money, but as constitut-
ing the real ends of civilization. For
they have endowed colleges and uni
yersities for the training and develop
ment of the intellect for the diffusion
of culture, and the advancement of sci
ence They have founded art galleries
to crafty and elevate the sense. OF
beauty amongst us. rhey have built
churches for the preaching of the Cos
pei of peace and good will and hos
pitfalls for the care of the sick and suf-5
fering. And the very richest of our
men have openly proclaimed that they
recognize their fortunes as a trust to
be administered by them for the bene-
fit of humanity The policy eff modern
civilized nations is favorable to this
view. In the main multi-mil1ionaires
are allowed to use their money as they
will during their life time. But, as
have already said. the phenomenon OF
such vast fortunes Is new and as yet
on trial AS the Greeks with their
eNer-present sense of an ayenging
Nemesis babe us call no man happy
until the end, SO the phenomenon Of
vast fortunes which has emerged in
this generation cannot be properly APP
praised until the owners have finally
handed in their accounts to the pub
lie which will vindicate or condemn
them. I believe that THE conduct
of a few multi-millionaires now living
is likely to determine the attitude ana
shape the policy of the public towards
the phenomenon OF colossal fortunes
for many years TO come. II they use.
them in the interest Of the public, the
public will not begrudge them their sue
cess. If they use them for the az
grandisement Of family Or the con-
solidation Of private interests, we are
likely to see attacks on the existing
laws OF bequest. Nor will these attacks
be met by the statement-true though
1t is--that these fortunes are engaged
din productive enterprises and are,
therefore. beneficial to the public. That
would be true whether ownership were
centralized or diffuscd. And the ques-
ton before us is whether the ownership
In single hands OF such vast fortunes
is a benefit or an injury to the COM
have already clearly defined their posi-
ton. They have declared that to die
rich is to die dissraced: that the COM
munity contributed as much as the
multi-millionaire df not nore) to the
making Of his fortune; and that the
community Is entitled to it's share when
the distribution comes. If this view
or some such view generally prevails,
we may feel assured that the distrihu-
nP 1a1. hn
splished with satisfaction and advantage
to the community without interference
on the part of the government. And
government interference In the field Of
economic distribution is always fraught
with the gravest iperi]s. 1t Is apt to
mark indeed the beginning of revolu-
ton. {s58
President Schurman went on to point
out that IL multi-lnillionares themselves
failed to recognize their obligation to
share their fortunes with the communi-
ty which they have accumulated with
the cooperation of the community then
It is in power OF the government to
enforce this obligation by q system of
taxation on the transfer and inherit
ance of decedents estates. He ex-
pressed the opinion that there was no
''juster tax, no tax whose incidence is
more lightly felt" He suggested that
lin connection with this National Corn
exposition, the governor of Nebraska
call conference of governors or other
Representatives of the several states
to formulate a policy ON inheritance
taxes. y
Turning then to the subject of legis-
laiton against trusts. DIR. Schurnian
said that IL a just and wise policy could
be formulated and established in re-
gard to the rights and obligations of
the owners Of great fortunes as well as
the claims of the public calm and I'M
partial discussion OF the problem Of
trusts and corporations would be easier.
THE simple fact is" said he, that
II large corporation or so-called trust
is merely a mode of organizing mod
ern business. 1t eliminates expenses,
secures efficiency and by means of pro-
duction on q large scale Cheapens the
cost of commodities" Combinations in
restraint of trade and for the establish
ment of monopoly DIR. Schurman said
had been forbidden for centuries under
the common law. or the antitrust law
OF 1880 he said that Congress meant by
it merely TO embody in a statute the
| provisions of the common law. The
courts however, said he have held that
every combination whether reasonable
| or unreasonable, whether beneficial or
injurious. was forbidden by this statute
if the combination actually resulted--as
every combination does result---in re-
stricting competition The courts have
held that the legislators who passed
the antitrust law OF 1880 wanted to
maintain competition. The statute OF
1890 rests on the old maxim that .compe-
tition is thel lie of trade
! meanwhile. however, the tendenc.
OF all modern business has been II
eliminate competition. We find our
selves then in the curious position OF
legislating against the strongest and