/ * ( f
8 Conservative *
rest of the Union the states cnii not con
trol combinations except by combination
among themselves. The supreme court
has quite clearly defined the scope of the
federal anti-trust law by deciding that
"tho fact that an article is manufac
tured for export to another state does
not of itself make it an article of
interstate commerce and the in
terest of the manufacturer does not
determine the time when the article
or product passes from the control of
the state and belongs to commerce. " ( U.
S. VH. Knight Co. , 150 U. S. ) To the
pamo effect is Hopkins vs. United States
(71 ( U. S. , 578) ) . The federal govern
ment , therefore , can not control under
the present law.
Since the fourteenth amendment de
clares that "no state shall make or
enforce any law which shall abridge the
privileges and immunities of citizsns of
the United States , nor shall any state
deprive any person of life , liberty , or
property , without duo process of law ,
nor deny to any person within its juris
diction , the equal protection of the
laws , " and since this provision has been
repeatedly hold to restrict the authority
of the several states in dealing directly
with trusts , we are confronted with this
situation : First , the states can not
control except by unanimous agree
ment ; second , the federal government
can not control under the present law ;
third , the federal constitution restricts
states in dealing with this question ,
even if they should unanimously agree.
The ItJght ( if Man to UHO His Faculties in
Iufill " \Vnyu.
In a decision of Judge Swayno , of
the federal court , in anuuling the Texas
anti-trust law in 1897 , in discussing the
relation of the fourteenth amendment
to the question of state control of trusts ,
he says :
"The right of liberty embraces the
right of man to exercise his faculties
and follow any lawful avocation for the
support of life. Liberty , in its broad
sense , as understood in this country ,
means the right- not only of freedom
from servitude , imprisonment , or re
straint , but the right of one to use his
faculties in all lawful ways , to live and
work where ho will , to earn his liveli
hood in any lawful calling , and to pur
sue any lawful trade or avocation. * *
The right to combine to form partner
ships and joint stock associations , the
right to agree as to prices and produc
tion , the right to fix prices , to raise and
lower them as business may require , is
not oppressive to the public nor unjust
to the individual , or contrary to public
policy. It is an essential right as part
of the liberty of the citizen of which no
legislature can deprive him. " ( In re
Grice , 79 Fed. Rep. , 027. )
In considering this subject the ques
tion presents itself , Where shall the line
be drawn , and by what authority shall
a legislative body attempt to say to
persons artificial and natural thus far
shall you go in the acquisition of wealth
and power and no farther ?
Tiedumu , in his work on Limitation
of Police Power , stvys : "Combinations
are beneficial as well as injurious ac
cording to the motives and aims with
which they are formed. It is , therefore ,
impossible to prohibit all combinations.
The prohibitions must rest upon the
objectionable character of the object of
combination. " Objection must rest ,
then , not upon the fact of combination ,
but upon the object of combination.
The question , then , is whether acts done
lawfully on a small scale may be objec
tionable and against public policy when
done upon a largo scale. Whether what
A and B may lawfully do in a small way
may become illegal when done in a largo
way. Whether a series of lawful acts
tending to an object which , by the very
magnitude of it , may bo "prejudicial to
public interests may be declared unlaw
ful. And , finally , whether a combina
tion for the control of "a prime neces
sity" of life or a "staple commodity , "
thereby annihilating competition and
limiting production , is an object "pro-
iudjcial to public interests , " and there
fore unlawful.
Conclusion.
This , then , appears to bo the conclu
sion of the whole matter :
First. The states can not control because -
cause of lack of unanimity.
Second. The federal government can
not control by interference with matters
which belong to state control under
present law.
Third. Therefore , inasmuch as trade
constantly flows beyond state bounda
ries , there ought to bo a federal law for
the control of industrial corporations ,
which can follow and regulate them
always and everywhere.
This is not a subject to be discussed
in blind hostility or partiality. Regula
tion and control by government must not
be construed to moan restraint of pro
gress.
"In its preventive policy it ought to
bo sparing of its efforts , and to employ
means rather few , uufrequeut and
strong than many and frequent. "
Burke , volume II , 192.
There is such a thing as governing too
much. Progress is constant evolution ,
constant conflict and "rarely means
more than a surplus of advantages over
evils. " American pride was never bet
ter founded than now. The United
States today is foremost among the liv
ing , advancing powers of the world ,
"the heir of all the ages in the foremost
files of time. "
It is the best national illustration of
all time of what human liberty group
ing itself under the heads of statesman
ship , art , invention , capital and labor
can do. Iron ere is worth in the ground
perhaps 40 cents a ton. The locomotive
standing looking down the long track
MMUBiMtA *
that finally spans a continent is worth
in dollars twenty thousand , but its ben
efits to civilization are incalculable , and
the difference between the slumbering
ore and the marvelous mechanism on
the track is invention , labor and capital.
Hero invention , labor and capital stand
typified and illustrated , and when they
pull together the freight of the world
moves , and when they do not there is
an explosion.
But the greatest gains on nations can
not bo presented in the form of a bal
ance sheet. Every mail-made material
thing must first take shape in the hu
man brain. The necessities of widening
business inspire the dreams of inventors.
One thing accomplished suggests an
other thing to bo done or overcome.
The quality of the human brain , then ,
which means the quality of the man
hood and womanhood of a nation , de
termines the quality of the nation.
Keep tlie people bravo , strong , manly ,
clean and independent , and no human
power can set limits to American
achievement.
To this end , then , let every tendency
that gives to a few repressive control
over the many and restrains the upward
bent of human endeavor bo curbed with
malice toward none and with charity to
all.
Macauley , in his essay on Mill , says :
"The greater the inequality of condi
tions the stronger are the motives which
impel the populace to spoliation. As for
America , wo appeal to the twentieth
century. "
We , too , appeal to the twentieth cou-
tury , and may the Omnipotent ruler of
the destinies of men and nations so mix
and fuse , guide and direct the elements
which make America , that the years of
the twentieth century shall witness a
continuance of the splendid evolution of
the nineteenth century.
Credit T < yonimlH Capital Increased.
By a vote of the directors of the Credit
Lyonuais the capital of that institution
has been raised from $40,000,000 to $50-
000,000 by the issue of 100,000 new 500-
frano shares , which are to be allotted to
present shareholders as privileged stock.
These now shares will be issued at 925
francs and will rank for the 1900 divi
dend on an equal footing with existing
shares. It is said that this increase of
capital is necessitated by the increased
business of the bank , and also to enable
the institution to cope with the great
increase in the volume of general trade
and industry which seems to be antici
pated by all classes in France. The
Credit Lyonnais is the foremost joint
stock institution in France. It was es
tablished in 1803 with a capital of only
$ -1,000,000 , which was increased to $10-
000,000 in 1873 , $15,000,000 in 1875 , $20-
000,000 in 1879 , and $40,000,000 in 1881.
From these advances in capital the bank
has boon enabled to pay increased an
nual dividends. The total reserves of
