. The Americana : a universal reference library, comprising the arts and sciences, literature, history, biograhy, geography, commerce, etc., of the world . ingproposition is: The modern trust is the natural outcome ofevolution of social conditions and ethical stan-dards which are recognized and established amongmen to-day as being necessary elements in thedevelopment of civilization. The above definitiondoes not necessarily imply, however, that socialconditions or ethical standards are entirely whatthey should be. The ethical standards whichappear to justify certain features of the trustmoveme
. The Americana : a universal reference library, comprising the arts and sciences, literature, history, biograhy, geography, commerce, etc., of the world . ingproposition is: The modern trust is the natural outcome ofevolution of social conditions and ethical stan-dards which are recognized and established amongmen to-day as being necessary elements in thedevelopment of civilization. The above definitiondoes not necessarily imply, however, that socialconditions or ethical standards are entirely whatthey should be. The ethical standards whichappear to justify certain features of the trustmovement may be false; and insofar as theyhave contributed any vicious or unjust charac-teristics to the working of the trust tendency,they certainly are false. Now, while all suc-cessful trusts are not monopolies, all successfuland permanent ones which are capitalized onanytliing but a free-competitive basis, do at leastembrace elements of monopoly. For monopolyis one of the necessary assets in modern methodsof financing; it is an element that reaches fardown and makes its influence felt in every walkof life, and is, if not directly, at least indirectly,. Growth of the * Tobacco , 1904, by John Moody. All rights reserved. one of the great factors which makes for con-centration throughout all civilized society. Busi-ness could not be carried on under presentmethods without at least a tacit recognition ofthe legitimacy of the monopoly-factor. Thenatural law which engenders monopoly is funda-mental. That men naturally seek to gratify theirdesires with the least exertion is a fundamental TRUSTS truth, and the experience of all civilized societydemonstrates it. And as men liave graduallybecome more civilized, their minds have beenexerted more and more to devise short-cutsto achieve their aims. Thus, machinery and allother economical factors for production havereduced time and labor to a minimum, and inmatters of business method, economy in com-merce and finance, men have i
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