The Cairo bulletin., 1910-03-02
JIM HILL HAS
TRUST REMEDY
SAYS uNREsTRAiNED coMPETl.
TON is AS BAD AS COM
.2LETE MONOPOLY.
OVER CAPITALIZATION
Should be Stopped Public Opin.
ion Supreme--ActuaI Monopoly
Would be Killed by Pop
u,ar Revolt.

New York, March 1.--James j.
Hill In an article entitled sHow III
Regulate Corporations, in the cur
rent Issue Of the Worlds Work, says
that most of the public opposition to
the so-called trusts Is based on the
belief that the trusts work toward
monopoly. He then cites the follow
ing facts contrary to the extreme mo-
nopolistic theory:
First--The largest manufacturing
combination in this country does not
control fifty per cent Of the product
of the commodity it deals with
Second Unrestricted competition
has shown itself no ,inmiSed bless
ing. In many cases II has produced
results as evil as those Of complete
monopoly wouM be ii such d thing
existed.
Third-No combination in this
country will ever rise superior 10
public opinion or be able long toEslefy
ut. Virtual monopoiles that control
through price agreement certain lines
.of manufactured articles would he
smashed by the abolition Of protected
duties on these articles. An actual
monopoly. controlling all production
and squeezing the people, could and
would be driven out OF business BY
popular revolt.
Fourth Steadiness OF prices and
profits Is regarded by capital every
where and by every management IN.
telligent enough to hoia its place as
far more desirable than excessive
price and undue profits.
Fifth-It thus appears that there is
a law of balance rnd proportion in
the operation of consolidated indus.
tries. not at first perceived or
known, which insists upon modera-
tion as a condition OF their existence
and will destroy them sooner or later
IL violated.
Sixth-Thefe Is the regulative pow
er of actual law exhibited in "anti-
trust statutes all over the country,
which at presnt tend rather to
bind Industrial development harmful
ly than to allow it dangerous fres-
dom. Undoubtedly if consolidation
should ever threaten the public wei
fare or the peace of the individual
as free Industrial unit. this author.
ty would be further associated and
extended
These are all valid reasons why
the popular antipathy to all forms Of
combination should be laid aside"
over Capitalization Menace.
But MIR. Hill admits there Is one
plain evil connected with the crea-
tion OF certain great corporations that
has not been corrected. although it
is easily reached" This. he says, il
overcapitalization, and he adds that
nearly all the large concerns en-
gagged in manufacture of trade that
have come to grief owe their dowa-
fall to excessive capitalization. This
Is a real menace"
Mr.. Hill asserts that the general
government could easily prevent this
evil. He suggests that amy company
desiring to transact business outside
Of the state In which it is ineorrora.
ted should be held to n uniform pro-
vision Of federal law, namely, that
all should satisfy commission that
their capital stock was actually paid
up in cash or in property taken at d
fair valuation.
1T is only fair to dealer In Min
sofa. California or Oregon. II COM
pany claims to have ten, twenty or
fifty millions OF capital. and wishes
to do business in that state. that he
should know that It's solyency AMI
the honesty of its alleged capitaliza-
tion have been passed upon by fed
eral commission"