The New NationPaxson, Frederic L. (Frederic Logan)
History
The New Nation
Paxson, Frederic L. (Frederic Logan)
United States -- History -- 1865-1921
Most of the agitation against the trusts came from individuals whose
lives were touched by them. Competition was ruthless and often
unscrupulous. Every man who was crushed by it hated his destroyer. There
was much changing of occupations as firms merged and reorganized and as
plants grew in size and ingenuity. Perhaps more workers changed the
character of their occupation in the eighties than in any other decade.
As each individual readjusted himself to his new environment, he added
to the mass of public opinion that believed the trusts to be a menace to
society.
As early as 1881 there was a market for anti-trust literature, for in
March of that year the _Atlantic Monthly_ printed the "Story of a Great
Monopoly," by Henry Demarest Lloyd, who became one of the leaders in the
attack. It had been fashionable to regard success as a vindication of
Yankee cleverness and worthy of emulation, without much examination of
the methods by which it was attained. The Standard Oil Company,
attracting attention to itself, raised the question of the effect of
industry upon society.
The evils ascribed to the trusts were social or political. In a social
way they were believed to check individualism and to create too large a
proportion of subordinates to independent producers. As monopolies, they
were believed to threaten extortion through high price. It was strongly
suspected of the largest trusts that having destroyed all competition
they could fix prices at pleasure. Economists pointed out that such
price could hardly be high and yet remunerative to the trusts, because
the latter did not dare to check consumption. But fear of oppression
could not be dispelled by any economic law.
The trust was believed to have an evil influence in politics, and to
obtain special favors through bribery or pressure. The United States was
used to the influence of money in politics, and distrusted public
officials. The state constitutions framed in this period were being
expanded into codes of specific law in the hope of safeguarding public
interests. There was little belief that corrupt overtures, if made by
the trusts, would be resisted.
Lloyd, and men of his type, believed in regulation and control. Some of
them became socialists. Others hoped to restore a competitive basis by
law. The greatest impression on the public was made by one of their
literary allies, Edward Bellamy.
Public-domain text, read in full here on John Shaqi.
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