ON IXDCjRIAL EVOLUTION
F. A. Brogan iwnrae Problemi Presented
by lmation of Trusts.
CONCERT OF'OWERS SEEMS NATURAL
lltlraate Bents Depearl Ipon Wl
atom llni'llabiifii of tba
Manaaa Inrlne-
trt Combinations.
The follow) U a paper on "Combin
ations of Cspl." prepared by Fraacla A.
Brogan of tbOmaha br:
The closing-ar of the nineteenth cen
tury presenteto the etudeat of economic
nil eoclal cdtlon a problem that la at
once new aotartllng.
That It Is startling question will be
readily admlfl when attention la drawn
to the vaet aunt of controreray which it
baa provokedi4 the Important part It ha
played In plcal and economic discus
tone. It Orentered the political arena
In 188. whei wa made the subject of a
apeelal mesai from the chief executive to
congress. IRS figured In political con
teata ever iL and haa evoked all manner
of propoeed ledlea, ranging from the re
cent suggest of the prealdent of the
United Stat requiring publicity of the
business of combination to that made
ome time aby a college prealdent, that
the evlla obe trust problem could be
Umlnated fcoclally ostracising the trust
magnate.
That the lem i a new one baa not
been admll on all aide. There are
those who tend that the questions in
rolved in t dlscumlon are the same In
kind but dfent in form and magnitude
with the qtlons that have at all times
arisen in ttelatlone between capital and
labor in tferoductlon, distribution and
consumptlof the world's supply. Thus
It has beecld that the modern trust la
merely an irgement of the corporations
which pretd it; that the corporations
themselves're, merely greater partner
ships and i there la no essential differ
ence betwehe larger business carried on
by a partnlp and the smaller business
conducted in Individual. So, too. It has
been point out that the action of the
trust In savoring to control the pro
duction anttle of a given commodity la
- essentially same as certain evils known
. te the lacker from time Immemorial
vend deslgd in the law books as "fore
stalling tkiarket." and known in more
Recent tines "cornering" It. There are
those whflleve that the effort of the
modern trto dictate the conditions upon
wbVch allt business in a certain line
shaJl be ccd on Is but a temporary Inci
dent In tbowth of corporations and that
by the a-atlon of a few drastic legal
measures se evils can be eliminated
from the em and the principle of com
petition, oe restored to manufacture and
commerced the familiar remedy which
is alwayl be Invoked in such cases of
passing a new laws snd demanding
their enfment is relied upon as suffi
cient tofect all the real or supposed
vlls In ;rowth and development of the
trusU.
Cir It New Question.
Upon others hand, there Is very
pronovnfnd groans school of economic
thought fh matnUJns that the combina
tions ofjtal, popuily known as trusts,
re an (eJy new d aarture In the dis
tribution the funct.ns of modern In
dustrial litlons.
A trun the sense In, which the term
Is now irstood, has been correctly de
fined aaornlnant combination of money,
propert'buslness, or commercial power,
or east The significant word la this
deflnltM the word dominant The mere
magnltpf a combination of capital or
the fa at It may have resulted from a
eotnblm of numerous corporations en
gaged e same business would not of
Itself pee a trust In the sens in which
the ten now understood. The thing
that diulshes the modern trust from
any ol combination of capital Is the
purposing back of Its formation of
domlni and controlling the particular
Una oilneas in which it Is engaged.
This be the exclusion. If the purpose
of that is successfully carried out, of
11 ot persons and corporatlona from
taking In the same business upon any.
thing equal terms with the truat. It
Is trut there are at the present time
very trusts which have successfully
carria- their purpose, but, a we shall
herease. that la because trusts are
still Br formative period and have not
obtalnelr ultimate growth.
Thf the word truat has arisen from
the that the first combinations of
capltgb class we are now considering
were ed by an arrangement whereby
11 onjorlty of the stockholders of the
varlompanlea desiring to form a trust
transl their stock In trust to a trustee,
or cote of trustees, thereby putting It
Into wer of such committee to control
the f of all the companies. These
trusMued truat certificates which sa
mlet holders to a pro rata share of
all tiflts arising from the operation of
all ompanles. This method was de
clared) by the Sherman law and It
waal practicable to enforce that law,
so til form of combination has been
gen abandoned, but the use of the
wort Ms remained.
rrlopufst of ladaatrle.
Tqulry to which I wish to direct
youantlou is, whether the formation
of : has resulted from a mere selfish
des the part of a few millionaires to
eofor time the gathering of the
pref a successful business, allowing
thiforms of production and dlstrlbu
tlfesum their sway In dus time, or
w the growth of the trusts is the
nsoutcome la the development of In
du conditions.
3 of us who accept the doctrine
tk existing conditions of the present
tvo reaulted from the slow, gradual
n from the primitive and simple
t; the highly developed and complex
oni of the preeent day, and who be
l&at all the forms of animate life
)rlesu by the proceas of evolution
the simple eell In primordial erea
nd who hold that the same rule of
a applies to all growth, whether
eta, of vegetable, of animals or of
al. Industrial or social organisms,
-idy of the growth of truata presents
ensely Interesting question.
will doubtless remember that the
toolsts profess to find an exact
el between the functions of an aal
belng and thoae of a social organism,
here Is ths same paaalng from simple
nplex conditions and the other pro
I which are described in the Intricate
ilao of evolution.
w there la the same parallel found be
i the growth of political Institution
is one hand and the growth of Indus
Institutions on the other,
m Indebted to a noted economist who
itly lectured in Omaha for a very use
schedule of comparlaooa between the
lopment of political tnatltutlona and
development of Industrial tnatltutlona.
beginning of political life Is the Indl
al man. as ws say In law sul Juris,
,ly Independent, acknowledging allegl-
to no man, depending on hla brawn
muscle sad his club, and the neatness
its feet, the Quicksets of bis senses, for
preservation u the atastaat warfare
which hs carries on with bis fellows. la
tlms the Individual merges Into families
who set together for certain purpoaea and
become for the time being the political unit.
Tfcea Cosaes the Clam.
These In turn give way to the clan, which
Is merely sn extension of the family, or
rather the family carried through many
generations and enlarged by successive
growth. These in tltne coalesce Into the
village, city or stste, made up of people of
the same race, having common history
and common needs snd purposes. But cities
snd countries war upon each other, the
week often finds Itself unable to cope alone
with the strong, and o combines Into con
federacies with other weak cities, the bonds
of confederstlon being of a more or less
temporary character, which afterwards be
come strengthened until out of ths confed
eration there has grown ths nstlon. And It
msy now be said that out of nations which
have warred upon each other and which
still maintain the outward appearance of
the military condition, as shown In vsst
armle and fleets maintained at enormous
expenss, yet In fact even the nations aro
rapidly passing out of the militant state
and approaching a condition of unity, aa
Instanced In the concert of power to deal
with the various oriental questions and the
custom by which the chancellories of the
European nations consult with each other,
looking towards unltsd action on Interna
tional questions.
To follow the parallel In the Industrial
state, It 1 only necessary to remember
that the Industrial unit was the Individual
who alone manufactured everything for bis
own use. In time be specialised and ex
changed some of the surplus of his products
for the surplus products of some of his
neighbors. Again ths individual confined
himself to the manufacture of one product,
which be sold upon the market and with
Its price purchased his other necessaries.
Afterward he was assisted by members of
hi family who, at hla death, carried on
the family trade. Individual or Individual
families entered Into partnerships for the
enlargement of their buslnesa. Partner
ships In time gave way to Joint stock com
panies, and these In turn were merged
Into corporations. These corporations in
large numbers divided among them the
business In which they were engaged and
there was sn Industrial warfare between
them, which ha been much lauded as the
competition which Is the life of trade, and
yet, to the student of economic history, it
Is nevertheless warfare, as much so as the
warfare carried on by neighboring clans
and states In the early periods of modern
history.
Cnltnlaatlon of the Trust.
Just as there has been a concert of
powers to deal with questions that are
common to several adjoining nations, and
Just as temporary confederacies have grown
into nations, thereby eliminating warfare
from between themselves at least, so there
has been a tendency In the Industrial de
velopment to eliminate the Industrial war
fare of competition by establishing a com
munity of Interest which afterward merges
Into a strict combination of capital, and
thus we have the modern trust.
Before going further in this direction it
might be well to call attention to the fact
that the thing which the opponents of the
trusts most greatly deplore and the thing
which the people at large moit greatly re
gret la the elimination of competition from
industrial life. It Is said that competition
tends to protect ths 'pnbllo against the
exactions of the trusts, and that It Is com
petition which has so sharpened the wits
and developed the ability of business men
as to bring forth much of the success, of
the) past century in Industrial and economic
conditions.
There Is no doubt that competition has
played Its part In the world's development,
Just as there is no doubt that the warfare
of tribes and the battles of nations have
bsen necessary part in the process of
evolution. The military condition has de
veloped and brought forth some of the
finest and strongest qualities of the human
character, the Ideals of courage, of devo
tion, of loyalty, and of that form of altru
ism which enabled the soldier to give up
bin life for bis country, getting nothing In
return except the remembrance of bis
herola deeds. And so in the Industrial
development It Is probable that the wastes
of competition were a necessary part of
Industrial growth. But thoae who believe
that the world la passing out of the mili
tary state. Into that time when the nations
shall slumber, "wrapped In universal law,"
cannot have occasion to regret the passing
of Industrial warfare.
There need be no fear that the system
which seems now to be ushered In will fail
to develop and bring out the finest business
qualities In the msn engaged tn the carry
ing on of the business. The successful
conduct of ths gigantic combinations will
call forth the finest qualities of business
character, not only In the so-called capta'.ni
of Industry, but In all the subordinate offi
cers of the trust down to Its lowest em
ployes. The competition which will take
the place of the former wasteful competi
tion between rival business houses will
have place between Individuals for pro
motion In the ranks of tbs trust organlia-
tlon.
Proposition of Socialists.
Before aolng into the other question of
how ths public is to be protected sgalnat
ths exactions of the trust, I must refer to
the contributions which tbs socialists have
given to this discussion. Tou will remem
ber that long before the trusts earns Into
existence there were theorists who advo
cated a political stats which would be in
itself vast trust of all Industries and all
distribution participated in by all Individ
uals. Ths world did not accept the
theories of the socialists, and In
my humble Judgment never would ac
cept them under any possible con
ditions nor after any imaginable lapss of
tlms. I refer to the socialist argument
now merely for the purpose of pointing
out that the strongest reason put forth by
the socialist in support of their system
was the elimination of the wastes of the
competlttvs systsm. We all remember the
wave of interest which swept over the reed
ing publie on the issuance of Edward Bel
lamy's "Looking Backward," which waa a
dram at to plea for ths soclalletle atate, and
yet It we recall the detail of that now
almost forgotten book ws will remember
that the strongest point mads In It was
against tbs wastefulness of the competitive
system of that day.
To soma extent, and subject to very nat
ural modifications, the trusts of the present
day.1 not by taking the theory of a school
and applying it to practical conditions, but
by ths natural working out of practical
conditions themselves, have realised the
aavlng of the wastss of the competitive
struggle.
It Is the belief of many that a still greater
saving of ths world's energy will be ac
complished by th trusts In the elimination
of recurring financial panics, which ars
msrely part of th ebb and flow of the
conteat which necessarily takes place In
tns competitive system. Tbst Is to say.
when the demand for the products of the
factories is brisk, competitors strain every
nerve not only to meet the demand, but to
anticipate and forestall each other in
meeting It. and this involves the
preparation of manufacturing facili
ties and th storing up in factories and
warehouses of manufactured products
for the purpose of taking advantsis of
competitors in meeting ths market at every
poini woero me aetnand exists. In time and
by the operation of the natural law of ebb
and flow, the demand grows lass, but under
in competitive, systasn. so prices tall when
tk demand tseas, U bocouea necessary
THE OMAHA
to Increase the output by reason of the
smaller margin of profit and endeavor In
some wsy to force It upon the market. In
this there Is overproduction and the stor
Ing up of the unsalable product, resulting
In financial crash and a long period of in
dustrial depression, during which the very
depression itself diminishes tbs demand for
the article, until the natural buoyancy of
the Industrial system, like a convalescent
recovering slowly from a wasting sickness
has revived business conditions; then there
Is sgain the same fsverlsb sctlvity provoked
and developed by the competitive eyetem,
resulting sgaln in another period of over
production and consequent financial panic.
Check on OTer-Productloa.
It Is claimed, but by no means generally
conceded, that when. If ever, tbe trust sys
tem has been completely developed, when
the process of putting forth the articles of
any one line of Industry shall have been
completely unified and under a centralized
control, the overproduction can be checked
before It baa resulted In any evil, and
there can be, during a slack demand for
articles, a uniform production to meet the
demand which will thereafter arise. In
stead of the seven fat years and the seven
lean years of Pharaoh's dream, the trust,
like a modern Joseph, will store up the
products of the fat year and equalise the
conditions throughout the entire period.
But It must be said as to this that it is a
mere prophecy and remains to be verified.
It must be understood that I am discuss
ing trusts In the abstract and that I have
not undertaken to vouch for the outcome
of the existing trusts. It may be that the
intense rapidity and feverish activity with
which they have been organized, and the
doubtful, not to say dishonest, methods
which have entered into the financing of
them, stamp them as an unhealthy
excrescence, rather than a natural
growth. It 1 of the essence of
the theory of evolution that the
process Is slow, enduring through the ages,
and proceeding by natural selection, so that
the organlsma which are found unfit to
their surroundings are killed off and their
places taken by others better fitted for the
conditions under which they live. I am not
prepared to either assert or to admit that
so important a step in the industrial evolu
tion as the chsnge from tbe competitive
system, which haa endured for centuries,
Into the co-operative system, has been com
pleted within one short generation. We
know that competition does still exist tn a
large measure in many, if not all, of the
avenues of industry, and It is probable that
there will be a reaction which will restore
the competitive system, perhaps for genera
tions. If the present trusts are organized,
upon dishonest and unhealthy principles,
If they are designed to rob the investor,
practice extortion upon the people and op
press the laborer, they will fall, crushed
by the weight of their own iniquity; and
If we are correct In claiming that the
process of Industrial evolution points to the
ultimate triumph of the co-operative sys
tem, their places will be taken by other
combinations based upon sounder and
healthier principles.
Where Benefits Oo.
But the more serious objection to the ex
istence of the trusts remains to bo consid
ered. Assuming that they can succeed In
eliminating the wastes of competition and
distribution, the general public is Inter
ested In knowing who is to benefit by the
saving. If the result is merely to swell the
already enormous profits of their origina
tors and the capitalists who control the
operation of the trusts, and If the general
public Is to get no portion of the saving,
but is to be mulcted in higher prices by
reaaon of the ability of the trust to fix Us
own prices, it would be difficult for the peo
ple to see any benefit in the elimination of
competition and the saving of the wastes
of production and distribution.
In its larger aspect this question, like the
one Just considered, muet b regarded as
still In process of solution. Some light :s
to be bad upon It from conditions as they
now exist and as they have existed for the
past generation. Upon ths one band we
know that the formation of trusts In recent
years has been followed by an increase in
tbe price of an article. In defense of this
It has been given out that before the for
mation of the trust and by reason of the
effect of competition prices were less than
the actual cost of manufacture; that if the
existing conditions had continued they
would have been followed either by the
failure of many of the factories or an enor
mous overproduction, In the hope of making
up by large sales for the smallness of tbe
margin of profit, which In time would have
resulted In a financial panic.
Upon the other hand, we know that where
the truat Idea has been exemplified tor any
considerable period the tendency has been,
not only to decresse the cost of production
and enormously Increase the profits of tbe
trust, but also to produce a better quality
of product and to rapidly decrease its
price. This Is exemplified In the history of
the Standard Oil truat, which, within less
than a generation, has reduced the cost of
oil to tbe consumer so that it is now not
more than one-sixth of what It formerly
was. How much of this would have taken
place under the competitive system by the
Improvement In process ws cannot know,
but It Is true that control by a trust bss a
tendency to develop the rapid Improvement
of process, since the trust can afford to do
what tbs individual cannot that is, dis
card ths worn-out process and stand the
loss of machinery, buildings, etc., and re
place It with a modern and better method.
Government Cannot Crash.
Those who have called upon the govern
ment to uae its supposed powers to termi
nate th trusts, and who have endeavored to
create a public opinion for their annihila
tion, should bear In mind that If trusts ars
a natural outcome of the growth of the In
dustrial system they cannot be crushed by
all the powers of government, and they will
not be. They may, Indeed, be regulated and
made to serv ths public need rather than
to tend to th public Injury. Being citizens
of ths commonwealth, they can and may be
required to respect Ita laws and to con
form, in common with their fellow-citizens,
to the golden rule of tbe law books, "that
they must so use their own property as not
to injurs tbs property of others;" but de
stroyed they cannot be, and If the competi
tive system 1 paaalng out of exlatence by
tne natural process of tbe growth of a new
condition, then It cannot be restored by all
the force of law. The public agitators who
would persuade the people that they have
tbe power to Impede a natural development
need to b rebuked tn the same way that
King Canute rebuked the courtiers who told
him tbst be was tbs lord of tbs sea and had
absolute power over It. He led them to tbe
seashore and sat down before the advanc
ing ttde and commanded It to recede Of
course ths tide was at once guilty of less
majeai wnien the monarch was Incapable
of punishing So with this matter of the
trusts; if they are natural growth, ths
powers of government are Ineffectual to
prevail against them and the agitators who
would persuade the people that they had
suoh power are falsa counsellors and shal
low courtiers.
Among those who recognise ths fact that
the trusts have com to stav th.r. i. .
division of opinion. Thsre are some who
maintain tnat it will be necessary for the
government either by a general law. or by
th establishment ef boards with suitable
powers, to fix the price at which the trust
must be allowed to sell Its product to the
public It seems to me that this view is
a narrow ons. It is. D fact, surrender
to ths socialists and recognition of the
tact that, wail socialists Is not te ba ac
cepted, yet an attempt U to be made to
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retain some of the socialistic Ideas by per
mitting tbe trusts to exist Independent of
the government, but to deprive them of
some of their full power and operation by
writing tbetr price lists.
Price Fixing Mast Fall.
It seems to me that if such a system can
be imagined, it must fall for sev
eral reasons. Who Is to compose
thto government whose agencies will
fix prices? If ws can Imagine all In
dustries, each organized into its respective
trust, with all Its force of maangers. Its
holder of it invested capital and all Its
army of employes, as composing one side
of the political controversy which results
in the selection of a government, and the
great mass of consumers on the other hand
endeavoring to control tbe 'government and
check the exactions of the trust. Is there
not every reason to believe that the trusts
are more apt to control the government,
which has such powers conceded to It. than
that the consumers are likely to establish
a government which can control the trusts?
Upon the other hand, if we can Imagine
a public of consumers, not themselves par
ticipating In tbe dividends or the waa-e
of the truats, and strong enough to take
possession of the agencies of government.
would not that government Just as natu
rally and just as selfishly, as the trusts
would do In the contrary case, reduce the
prices to a point where the truats could
neither pay dividends on capital nor wages
to employes? The attempt to tlx prices by
law Is crude, unscientific, unnatural and
unreasonable. And there Is nothing In his
tory and nothing In past condition which
Justifies the supposition that this system
could ever be made to work. I have pur
posely refrained from discussing the com
binations of capital and relations between
producers and consumers which exists in
the case, . for instancs, of public service
corporations furnishing facilities to the
Inhabitants of a municipality. In such
cases the statute and the ordinances verv
often fix the rate, but that Is not a cass of
a government dictating prices to the pro
ducers of a commodity. It Is rather a mat
ter of bargain and barter between the
publto service corporations on tbe ons
hand and the people of ths municipality
through their city government on the
other, and Is, tn fact, a part of the play
of the natural forces, which may be th
solution of thl entire question of price.
XataraJ Influences at Work.
Opposed to those who believe tbst ths
government will fix the price of the trusts'
products are those who hold that there are
natural law Inhering In the growth of the
trusts and that there wtll result the opera
tion of natural conditions which will work
out the problem.
There are many grounds for believing
that this will be ths solution of the ques
tion. Even if the trust entirely control
the market, there are many reasona to be
lieve that it power to exact high price I
not unlimited. It I well known that as tbs
price Increases the demand and consump
tion decreases and the first effect of an In
crease In price is to lessen tbe sales of a
product, and yet the margin of profit may
depend upon the quantity of sales. Thers
is, of course, a point at which ths product
can bs most profitably put upon the market
and the tendency will be to vary above and
below this from time to time and probsbly
approach a condition of stable equilibrium
conforming to tbe conditions of demand
from tlms to time. And another Important
element which mill enter Into the control
of prices is ths fear that an effort on th
part of ths trust to maintain excessive
prices will provoks and bring about com
petition. In th ssme way, although the
civilised nations of th present time do not
engaga In war with each other, yet the abil
ity of each to wage an effective warfare
maintain th peace of nation. 80, al
though competition will cease, yet for a
period th possibility of Its renewal will
Und to control prices. But It seems to me
that tbe most Important factor which will
enter into the solution of this portion of
the question is the Influence of publie
opinion, not merely as expressed la
declamation and editorials, but as b aught
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to bear In more practical ways through the
numerous agencies of government, labor
organizations, associations of merchants,
consumers' leagues and other distributing
agencies who are affected by the operations
of the trusts. To illustrate, while I deny
to the government either the right or the
power to effectually fix the prices at which
the trust shall sell Its products, yet, if tbe
exactions of the trusts are qpch as to out
rage public opinion, the government can,
at tbe present day, hold a most effective
weapon over the trusts by changing tbe
tariff schedules, which in many instances
have furnished a cover for the operations
of the trusts. One of the hopeful signs of
the times Is the following extract from the
report to the stockholders of the United
States Steel company at Its first annual
meeting held recently, and submitted to It
by Its president, Charles M. Schwab:
Schwab on Frlce Question.
"The demand for the products of the sev
eral companies has been so great that prlcea
could easily have been advanced. Indeed,
higher prices have been voluntarily offered
by conaumers who were anxious for Imme
diate execution of orders, but tbe companies
have firmly maintained tbe position of not
advancing prices, believing that the exist
ing prices were sufficient to yield a fair re
turn on capital and maintain the properties
in satisfactory physical condition, and that
tbe many collateral advantages to be gained
In the long run by refusing to advance
prices would be of substantial and lasting
value, not only to the companies, but also
to the general business Interests of the
country.
''The strong position thus taken by the
companies tor stability tn prices, both of raw
material and finished products, has had a
reassuring effect on the trade and has con
tributed greatly toward restoring confidence
In the general business situation and creat
ing the present large demand for steel prod
ucts, by dispelling any doubt as to price in
the future."
Tbi may be regarded In one of two way.
It may be said that it is a mere sop to pub
lic opinion and Is not sincere, but in that
case it shows an important deference to
public opinion and a vital change from the
time when tbe managers of a large busi
ness were brutally Indifferent to the public
thought. Upon tbe other band. It may be,
and most probably la, a statement made in
good faith by tbe managers to their In
vestors outlining the actual policy of tbe
corporation.
If I may recur again to the parallel be
tween political and Industrial organisms, we
ars reminded that when stable governments
were first instituted among men they were
necessarily despotlo and arbitrary, and no
doubt those who believed In individualism
viewed with serious alarm tbe growth and
establishment of government by reason of
the vast power which can be exerted by the
government forcea as against tbe Individual.
But as governments progressed ths rights
of the Individual as agalnat ths government
have become more and more respected and
th force of public opinion haa operated
even upon the most despotic and arbitrary
governments. In like manner we have rea
son to think that the power which tbe
trusts msy seem to enjoy cannot long be
wielded by them, but must In time give way
to modifying Influences.
Doabt Proaheey of Dangers.
If there is 00 thing more than another
tbat we should be slow In accepting It Is
the prophecy of dangers to arise from newly
formed conditions. Tacitus says: "The
unknown alwsys seems terrifying." Whes
a nsw condition arises we are prone to fore
see Its dangers and overlook the modifying
Influences thst will check those dangers.
In such cass ths tendency U great to call
upon tbe government to uss its supposed
powers to remove the entire condition out
of which the threstened danger may grow.
It would indeed be a very Interesting study
te exsmlne Into the history of the appli
ances and Institutions which bavs grown
la ths fac of popular prejudice snd la
spits of adverse legislation. To recur to
on familiar Instaaca of this, I may say
tbat on ef th moat valuable agencies in
Where Quality and
Price count
We Win
the Industrial life of today 1 the financial
system which furnishes what might be
called tbe life blood of commerce. When we
examine Into the essence of that, we find
that the usefulness of money In the devel
opment of commerce and Industry arises, to
a large extent, from the fact that some
people who have a surplus of money are
Induced to lend it to others who csn use it
to develop and carry on Industrial pursuits.
Of course the Inducement to this is the in
terest paid to the owner of tbe money, and
this process is now recognized aa an abso
lutely necessary one In tbe carrying on of
the world's business. Yet when in the
crude beginning of financial operations ths
owner of the money loaned It for Interest
he encountered sn overwhelming popular
prejudice against tbe transaction, so that it
was at one time doubted whether a man
could be a Christian and take Interest on a
loan of his money; and we remember that
In the "Merchant of Venice" the typical
villain of tbe play Is the man who loaned
his money and took interest for it, not an
extortionate rate of Interest, but any Inter
est whatever, and his character Is set over
against the hero of the play, who allowed
his friends to have his money free of usage.
And so the early legislation of some coun
tries was directed against the taking of any
Interest whatever upon money.
Introduction of Machinery.
Another familiar instance of this growth
of appliances as against prejudice and law
is found in the introduction of machinery.
The evlla which are now foretold to result
from the operation of the trusts are mild
In comparison with the calamities that were
to follow tbe use of machinery. It was not
only going to eliminate the competition for
employment between workingmen, but It
was going to eliminate the worklngman al
together; and alarming pictures were drawn
of the laboring classes dying in masses
upon the highways, while the world's
production waa carried on by a few man
agers with tbs successful operation of elab
orate machinery. How idle were tbeae
fears was found In the fact that the devel
opment of machinery has Increased the
avenues for employment.
May it not be true tbat tbe trust will,
after all, be found a useful Instrumentality
in the world's progress, and that while sel
flsh man may in thla. as human selfishness
always has in the past, endeavor to grasp
the advantage derived from the new condi
tion of things, yet thst corrective Influences
will la time assert themselves and prevail
over tbe selfishness of man?
I have endeavored to refrain from proph
ecy in discussing this question, slthough it
Is difficult to do so in dealing with a new
phase of industrial growth, but I cannot
forbear making a suggestion aa to tbe Im
mediate effect of the combinations of cap
ital which unify the operations of each line
of business. I believe that w are now en.
tering upon a period when the leading na
tion of the world will engage In a glgantlo
conflict of the moat dramatic earneatness
and intensity, one In which no human blood
will be abed, nor guns fired, and no fleets
will be sunk, but a strife will tsk place
for commercial supremacy to which the
field of battle will be the undeveloped and
backward portions of the earth, and the
prize to be aought will be the control of the
world's commerce. For that contest our
nation Is seemingly equipping itself with
powerful Industrial armies, unified and die.
elpllned. well trained for tbe aervtce and
destined to win for us tbe meed of victory.
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waa am are of the fact tbat tbe swain had
been playing Romeo at the seaside for
something like twenty years. "80? Then
you must have a heart like a hotel directory
by this time."
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