(1882) than this rapid decrease was arrested. In 1883 the difference in price between the crude and refined oil was 5.52 cents, and in the succeeding ten years it had declined to 4.72-a decrease of but three-quarters of a cent. While the trust is obliged to accommodate its export prices of crude and refined petroleum to Russian competion, it is enabled to maintain the price of the refined article against American consumers. The defender of the oil trust will hardly pretend that the Standard Oil Company has caused the great cheapness of Russian petroleum.

consumers.

But in sugar the evil effects of monpolistic control are quite as plainly seen. The American Sugar Refining Company does not produce any raw sugar. It buys the raw cane and beet sugars in the world's open markets, and the high protective duties enable the trust to maintain the price of its refined product against American In 1887--the year before the trust was organized— the difference in price between raw and refined sugar was 64 cents per hundred pounds. In 1889--the year after the organization of the trust the difference was 1.32 cents. It dropped to 70 and 73 cents in 1890 and 1891 respectively; was $1.03 in 1892, $1.15 in 1893, 88 cents in 1894 and 1895 and 91 cents in 1896. In consequence of the warfare with the Arbuckles the margin of profit has been somewhat reduced; but should the negotiations which are in progress be consummated the trust would be able to again increase the difference in price between the raw sugar it buys and the refined product which it sells.

HOW SHALL THE TRUSTS BE REGULATED?

Recognizing the fact that trusts have their advantages as well as their serious disadvantages, a large number of people still believe that they should be regulated so as to meet the best interests of combinations of capital, and also, of individual enterprise and labor. One of the methods proposed for this regulation is one which the leaders of the Republican party have brought forward, a law by which they propose to exclude trusts from privileges of inter-state commerce, and also prohibit the use of the mails to all

corporations declared by the courts to be trusts.

Amendment of

the Constitution, to be called the 16th Amendment, has been offered. It is as follows:

THE SIXTEENTH AMENDMENT

The amendment as reported to the House proposes the following as Article XVI. of the Constitution:

"Section 1. All powers conferred by this article shall extend to the several States, the Territories, the District of Columbia, and all territory under the sovereignty and subject to the jurisdiction of the United States.

"Section 2. Congress shall have power to define, regulate, control, prohibit or dissolve trusts, monopolies or combinations, whether existing in the form of a corporation or otherwise.

"The several States may continue to exercise such power in any manner not in conflict with the laws of the United States.

"Section 3. Congress shall have power to enforce the provisions of this article by appropriate legislation."

The Democratic Party while agreeing with the proposed act for the regulation of trusts, oppose the proposed amendment to the Constitution on the ground that it would restrict the power of the States to deal with monopolies as they might see fit. The States Rights idea may again come into prominence; powers of the State should not be lessened that the powers of the National Government may be increased. To become a part of our fundamental law, this amendment must be passed by two-thirds of both Houses of Congress, and approved by the State Legislatures, or conventions of two-thirds of the States. Probably no more. interesting and valuable information on the trust problem can be secured, than from the report of the Chicago Conference on trusts, held in September, 1899. In another chapter we give the discussion submitted by Hon. Burke Cochran, and William Jennings Bryan.

CHAPTER V.

Financial Legislation Since 1870-The Gold Bill of March 14, 1900.

Set forth and discussed by

HONORABLE LYMAN B. GAGE,

Secretary of Treasury.

HAVE sometimes thought that no more interesting story could be written for the business man of to-day than one which should faithfully portray in graphic terms the struggles, vicissitudes, anxieties, triumphs and defeats of some merchant or manufacturer of large affairs during the last thirty years.

Thomas Benton left behind him a valuable record of his political experience in his "Thirty Years in the United States Senate." Mr. Blaine did a similar work in his "Twenty Years in Congress." The memoirs of Generals Grant and Sherman give to us the story of varied movements by contesting armies upon many bloody battlefields. But no one to my knowledge has recorded with any fidelity the dramatic movements to which by outward influences the life of the business man has been subjected since the years 1865 or 1870. The business man I know is nowhere regarded as a hero or a statesman. He neither makes laws nor conducts military campaigns. He is so common a factor in the operations of ordinary life that he fails to attract the public eye. Nevertheless, within the range of his activities the wisdom of the statesman and the courage of the war leader are often required of him. If he cannot make law he must always be on the alert to watch the laws that are made. If such laws touch upon the field of economics he must anticipate their action and adjust his affairs to their operation and anticipated