(Wis.), Sulloway, Tawney, Tayler (Ohio), Thayer, Thomas (Iowa), Thropp, Tongue, Van Vorhis, Wachter, Wadsworth, Wanger, Warner, Waters, Watson, Weeks, Wise, Wright, Young, The Speaker.

(One Democrat, Campbell of Montana, and Mr. Newlands, the Silver Republican of Nevada, voted with the Republicans.)

Nays Adamson, Allen (Ky.), Bailey (Texas), Ball, Barber, Bartlett, Bell, Bellamy, Benton, Bradley, Brantley, Breazeale, Brenner, Brewer, Brundidge, Burleson, Burnett, Caldwell, Candler, Clark, (Mo.), Clayton (Ala.), Clayton (N. Y.), Cochran (Mo.), Cooney, Cooper (Texas), Cowherd, Cox, Crowley, Cummings, Davenport, S. W., Davis, DeArmond, DeGraffenreid, DeVries, Denny, Dinsmore, Dougherty, Driggs, Elliott, Finley, Fitzgerald (Mass.), Fitzgerald (N. Y.), Fitzpatrick, Fleming, Foster, Gaines, Gaston, Gilbert, Glynn, Gordon, Green (Pa.), Griffith, Griggs, Hall, Hay, Henry (Miss.), Henry (Texas), Howard, Jett, Johnston, Jones (Va.), King, Kitchin, Kleberg, Kluttz, Lamb, Lanham, Lassiter, Latimer, Lentz, Lester, Levy, Lewis, Little, Livingston, Lloyd, Loud, McCall, MeClennan, McLain, McRae, Maddox, May, Meekison, Meyer (La.), Miers (Ind.), Moon, Muller, Neville, Noonan, Otey, Pierce (Tenn.), Quarles, Ransdell, Rhea (Ky), Rhea (Va.), Richardson, Ridgeley. Riordan, Rixey, Robinson (Ind.), Robinson (Nebr.), Rucker, Ryan" (N. Y.), Shafroth, Sheppard, Sims, Smith (Ky.), Snodgrass, Spight. Stallings, Stark, Stephens (Texas), Stokes, Sulzer, Sutherland, Swanson, Talbert, Tate, Taylor (Ala.), Terry, Thomas (N. C.), Underhill, Underwood, Wheeler (Ky.), Williams, J. R., Williams, W. E. Williams (Miss.), Wilson (Idaho), Wilson (N. Y.), Zenor, Ziegler.

(Mr. Loud, of California, and McCall, of Massachusetts, were the only Republicans who voted with the Democrats.)

Roosevelt on Trusts.-President Roosevelt's discussion of the trust question in his first message to the Fifty-seventh Congress was conservative, but fearless. He did not arraign the trusts as wholly bad, but conceded that they were a part of the industrial development of this country as they were of the industrial development throughout the civilized world. He said:

"The tremendous and highly complex industrial development which went on with ever accelerated rapidity during the latter half of the nineteenth century brings us face to face, at the beginning of the twentieth, with very serious social problems. The old laws, and the old customs which had almost the binding force of law, were once quite sufficient to regulate the accumulation and distribution of wealth. Since the industrial changes which have so enormously increased the productive power of mankind, they are no longer sufficient.

"The growth of cities has gone on beyond comparison faster

than the growth of the country, and the upbuilding of the great industrial centers has meant a startling increase, not merely in the aggregate of wealth, but in the number of very large individual, and especially of very large corporate, fortunes. The creation of these great corporate fortunes has not been due to the tariff, not to any other governmental action, but to natural causes in the business world, operating in other countries as they operate in our own."

"The process has aroused much antagonism, a great part of which is wholly without warrant. It is not true that as the rich have grown richer the poor have grown poorer. On the contrary, never before has the average man, the wage-worker, the farmer, the small trader, been so well off as in this country and at the present time. There have been abuses connected with the accumulation of wealth; yet it remains true that a fortune accumulated in legitimate business can be accumulated by the person specially benefited only on condition of conferring immense incidental benefits upon others. Successful enterprise, of the type which bene.its all mankind, can only exist if the conditions are such as to offer great prizes as the rewards of success.

The Captains of Industry.-"The captains of industry, who have driven the railway systems across this continent, who have built up our commerce, who have developed our manufactures, have on the whole done great good to our people. Without them the material development of which we are so justly proud could never have taken place. Moreover, we should recognize the immense importance to this material development of leaving as unhampered as is compatible with the public good the strong and forceful men upon whom the success of business operations inevitably rests. The slightest study of business conditions will satisfy anyone capable of forming a judgment that the personal equation is the most important factor in a business operation; that the business ability of the man at the head of any business concern, big or little, is usually the factor which fixes the gulf between striking success and hopeless failure.

"An additional reason for caution in dealing with corporations is to be found in the international commercial conditions of to-day. The same business conditions which have produced the great aggregations of corporate and individual wealth have made them very potent factors in international commercial competition. Business concerns which have the largest means at their disposal and are managed by the ablest men are naturally those which take the lead in the strife for commercial supremacy among the nations of the world. America has only just begun to assume that commanding position in the international business world

which we believe will more and more be hers. It is of the utmost importance that this position be not jeoparded, especially at a time when the overflowing abundance of our own natural resources and the skill, business energy, and mechanical aptitude of our people make foreign markets essential. Under such conditions it would be most unwise to cramp or to fetter the youthful strength of our nation.

Rule of National Life.-"Moreover, it cannot too often be pointed out that to strike with ignorant violence at the interests of one set of men almost inevitably endangers the interests of all. The fundamental rule in our national life-the rule which underlies all others-is that, on the whole, and in the long run, we shall go up or down together. There are exceptions, and in times of prosperity some will prosper far more, and in times of adversity some will suffer far more, than others; but speaking generally, a period of good times means that all share more or less in them, and in a period of hard times all feel the stress to a greater or less degree. It surely ought not to be necessary to enter into any proof of this statement; the memory of the lean years which began in 1893 is still vivid, and we can contrast them with the conditions in this very year which is now closing. Disaster to great business enterprises can never have its effects limited to the men at the top. It spreads throughout, and while it is bad for everybody, it is worst for those farthest. down. The capitalist may be shorn of his luxuries; but the wageworker may be deprived of even bare necessities.

"The mechanism of modern business is so delicate that extreme care must be taken not to interfere with it in a spirit of rashness or ignorance. Many of those who have made it their vocation to denounce the great industrial combinations which are popularly, although with technical inaccuracy, known as "trusts," appeal especially to hatred and fear. These are precisely the two emotions, particularly when combined with ignorance, which unfit men for the exercise of cool and steady judgment. In facing new industrial conditions, the whole history of the world shows that legislation will generally be both unwise and ineffective unless undertaken after calm inquiry and with sober self-restraint. Much of the legislation directed at the trusts would have been exceedingly mischievous had it not also been entirely ineffective. In accordance with a well-known sociological law, the ignorant or reckless agitator has been the really effective friend of the evils which he has been nominally opposing. In dealing with business interests, for the Government to undertake by crude and ill-considered legislation to do what may turn out to be bad, would be to incur the risk of such far-reaching national disaster that it would be preferable to undertake nothing at all. The men who demand

the impossible or the undesirable serve as the allies of the forces with which they are nominally at war, for they hamper those who would endeavor to find out in rational fashion what the wrongs really are and to what extent and in what manner it is practicable to apply remedies.

Evil of Over-Capitalization.-"All this is true, and yet it is also true that there are real and grave evils, one of the chief being overcapitalization, because of its many baleful consequences, and a resolute and practical effort must be made to correct these evils. "There is a widespread conviction in the minds of the American people that the great corporations known as 'trusts' are in certain of their features and tendencies hurtful to the general welfare. This springs from no spirit of envy or uncharitableness, nor lack of pride in the great industrial achievements that have placed this country at the head of the nations struggling for commercial supremacy. It does not rest upon a lack of intelligent appreciation of the necessity of meeting changing and changed conditions of trade with new methods, nor upon ignorance of the fact that combination of capital in the effort to accomplish great things is necessary when the world's progress demands that great things be done. It is based upon sincere conviction that combination and concentration should be, not prohibited, but supervised and within reasonable limits controlled; and in my judgment this conviction is right.

"It is no limitation upon property rights or freedom of contract to require that when men receive from Government the privilege of doing business under corporate form, which frees them from individual responsibility, and enables them to call into their enterprises the capital of the public, they shall do so upon absolutely truthful representations as to the value of the property in which the capital is to be invested. Corporations engaged in interstate commerce should be regulated if they are found to exercise a license working to the public injury. It should be as much the aim of those who seek for social betterment to rid the business world of crimes of cunning as to rid the entire body politic of crimes of violence. Great corporations exist only because they are created and safeguarded by our institutions; and it is therefore our right and our duty to see that they work in harmony with these institutions."

THE SHARE OF TRUSTS IS SMALL.

The trusts have not occupied as great a place in the manufacturing industries as they have in public discussion. According to the returns of the Census for 1900 the value of trust-made articles

was only 12.8 per cent of the total output of the manufacturing establishments in that year. The value of the total output of all manufacturing establishments in the census year was $13,004,400,143, while the value of the output of the trusts was $1,667,350,941, or 12.8 per cent of the whole.

The Director of the Census in collecting these statistics included all corporations organized in recent years by combination or consolidation under a single corporate management of a number of plants engaged in the same line of industry. The list contains 183 corporations, controlling 2,029 different manufactories that were active during the census year, and also 174 that were idle at that time. Sixty-three of these were organized prior to the year 1897 and 92 were chartered during the eighteen months between January 1, 1899, and June 30, 1900. The largest of these was the United States Steel Corporation, with $1,005,351,740 capital stock and bonds. The total outstanding and authorized capitalization of the 183 corporations included in the list was as follows:

The Census Office has fixed the true value of the capital invested by the 183 trusts in their active and idle plants at $1,458,522,573, or 47.3 per cent of the total bonds and capital stock issued, and $175,583,851 more than the amount of bonds and preferred stock issued.

The most interesting feature of the inquiry by the Census Office is the proportion of the industrial products of the country produced by the trusts. Of course the most important item to be considered in this connection is the public food supply. The inquiry embraced every branch of that industry in which labor is a factor after the product has reached a marketable condition. Purely agricultural supplies were not included; neither grains, vegetables, nor meats in their natural state; but from the Census point of view, a steer becomes a manufactured article when it is slaughtered; a bushel of wheat when it is ground into flour; and fruit and vegetables when they are preserved or otherwise prepared for the market by artificial means. The results of the inquiry in this direction will be a surprise, because of a total value of $2,277,702,010 only $285,941,066, or 12.06 per cent of the food of the people is controlled by the trusts.