alone would wipe out nearly all the trusts, or at least render them harmless, and perhaps helpful. Mr. Bryan told a very important truth when he declared that the destruction of the money trust would at the same time kill all the other trusts. Unhappily, Mr. Bryan does not propose to destroy the money trust. He wishes simply to transform it from a gold trust into a gold and silver trust. The money trust cannot be destroyed by the remonetization of silver. That would be only a mitigation of the monopoly, not the abolishment of it. It can be abolished only by monetizing all wealth that has a market value-that is, by giving to all wealth the right of representation by currency, and to all currency the right to circulate wherever it can on its own merits. And this is not only a solution of the trust question, but the first step that should be taken, and the greatest single step that can be taken, in economic and social reform.

I have tried, in the few minutes allotted to me, to state concisely the attitude of anarchism toward industrial combinations. It discountenances all direct attacks on them, all interference with them, all anti-trust legislation whatsoever. In fact, it regards industrial combinations as very useful whenever they spring into existence in response to demand created in a healthy social body. If at present they are baneful, it is because they are symptoms of a social disease originally caused and persistently aggravated by a regimen of tyranny and quackery. Anarchism wants to call off the quacks, and give liberty, nature's great cure-all, a chance to do its perfect work.

Free access to the world of matter, abolishing land monopoly; free access to the world of mind, abolishing idea monopoly; free access to an untaxed and unprivileged market, abolishing tariff monopoly and money monopoly-secure these and all the rest shall be added unto you. For liberty is the remedy of every social evil, and to anarchy the world must look at last for any enduring guarantee of social order.

The announcement of the chairman that the remainder of the afternoon would be devoted to five-minute talks in open discussion of the day's papers was met with calls on Governor Pingree for a "speech." After several minutes of applause, the governor

stepped forward and said:

"Most of you know where I stand in am opposed to them; always have been. ardly way of doing business. If you

regard to trusts. I I claim it is a cowcannot do business

without being in a trust, I haven't any use for you. Get out. I will be here this evening, and I have a short paper I will be pleased to read to you. I want to thank you for this invitation right now."

The conference took a recess until 8 o'clock.

EVENING SESSION, SEPTEMBER 14.

Third Vice-Chairman Corliss called the session to order at 8:05 o'clock, and Secretary Easley read the nominations for membership on the Committee on Resolutions as follows:

NATIONAL ASSOCIATION OF MANUFACTURERS.-Theodore C. Search,

President.

NORTHWESTERN TRAVELING MEN'S ASSOCIATION.-D. K. Clink, Secretary and Treasurer.

AMERICAN FEDERATION OF LABOR.-Samuel Gompers, President. BROTHERHOOD OF RAILROAD TRAINMEN.-P. H. Morrissey, Grand Master. UNITED GARMENT WORKERS OF AMERICA.-Henry White, General Secre

tary.

SINGLE TAX LEAGUE OF THE UNITED STATES.-Louis F. Post.

ORDER OF RAILWAY CONDUCTORS.-E. E. Clark, Grand Chief Conductor. BROTHERHOOD OF LOCOMOTIVE FIREMEN.-W. S. Carter.

NATIONAL GRANGE PATRONS OF HUSBANDRY.-S. H. Ellis.
ILLINOIS COMMERCIAL MEN'S ASSOCIATION.—R. A. Cavenaugh.
NEW ENGLAND FREE TRADE LEAGUE.-Byron W. Holt.

AMERICAN ACADEMY OF POLITICAL AND SOCIAL SCIENCE.-John H. Gray. NATIONAL ALLIANCE THEATRICAL STAGE EMPLOYES.-Lee M. Hart, General Secretary and Treasurer.

NATIONAL BUSINESS MEN'S LEAGUE.-John W. Ela.

AMERICAN ANTI-TRUST LEAGUE.-M. L. Lockwood, President.

KNIGHTS OF LABOR.-J. G. Schonfarber.

UNITED STATES EXPORT ASSOCIATION.-Francis B. Thurber, President. COMMERCIAL TRAVELERS' NATIONAL LEAGUE.-P. E. Dowe, President. NATIONAL GRAIN GROWERS' ASSOCIATION.-S. H. Greeley.

NATIONAL FARMERS' ALLIANCE AND INDUSTRIAL UNION OF AMERICA.— John Hill, Jr.

NATIONAL TAX LEAGUE.-Lawson Purdy.

NATIONAL SOCIALISTS' LEAGUE.-Thomas J. Morgan.

BRICKLAYERS' AND MASONS' UNION OF AMERICA.-M. R. Grady.
MILLERS' NATIONAL ASSOCIATION.-F. H. Magdeburg.

FARMERS' NATIONAL CONGRESS.-B. F. Clayton.

ASSOCIATION OF WESTERN MANUFACTURERS.-Walter Fieldhouse.
AMERICAN SOCIAL SCIENCE ASSOCIATION.-C. R. Henderson.

INTERNATIONAL TYPOGRAPHICAL UNION.-Samuel B. Donnelly, President.
TRAVELING MEN'S PROTECTIVE ASSOCIATION.-M. W. Phalen, President.
EX-OFFICIO-Franklin H. Head, President Civic Federation of Chicago.
Ralph M. Easley, Secretary Civic Federation of Chicago.

A motion was made by P. E. Dowe of New York that the names of all persons who had been admitted to the floor since the organization was effected be stricken from the rolls. There was no second, and on calls for the regular order of business Chairman Corliss introduced as the first speaker of the evening, Governor Hazen S. Pingree of Michigan, who was obliged to wait several minutes for the applause to subside before he could speak. His subject was,

"The Effect of Trusts on Our National Life and Citizenship":

HAZEN S. PINGREE.

Governor of Michigan.

In all that has been said about trusts, scarcely a word has been written or spoken from the standpoint of their effect on

society.

In this busy, rushing, feverish world, everything is ruled by the commercial spirit. The dollar seems to be the standard for measuring all things.

In gathering material for the use of this conference, the Civic

Federation of Chicago sent out circulars containing in all sixtynine questions. These inquiries were addressed to trusts, wholesale dealers, commercial travelers' organizations, railroads, labor associations, contractors, manufacturers, economists, financiers, and public men.

Only one of these sixty-nine questions related in any way to the effect of trusts upon society. I do not call attention to this in order to criticise the Civic Federation.

I do so for the purpose of showing that in all the discussion of trusts, there is no indication that any thought whatever has been given to their effect upon our national life, upon our citizenship, and upon the lives and characters of the men and women who are the real strength of our republic.

I think that this is the most important consideration of all. Everybody has been asking whether more money can be made by trusts than by small corporations and individuals—whether cost of production will be increased or decreased-whether investors will be benefited or injured-whether the financial system of the country will be endangered-whether we can better compete for the world's trade with large combinations or trustswhether prices will be raised or lowered-whether men will be thrown out of employment-whether wages will be higher or lower-whether stricter economy can be enforced, and so on.

In other words, the only idea nowadays seems to be to find out how business or commerce will be affected by trusts. The "Almighty Dollar" is the sole consideration.

I believe that all these things are minor considerations. I think that it is of far greater importance to inquire whether the control of the world's trade, or any of the other commercial advantages claimed for the trust, are worth the price we pav for them.

Will it pay us either as individuals or as a nation to encourage trusts?

Instead of discussing the question from the standpoint of commercial gain, let us view it as patriots.

I believe that a conference of this kind should not attempt to judge a question so important to our national welfare as this, by the selfish standard of commercial greed. I think that loftier motives should rule us in this discussion.

The commercial and financial aspects of the trust problem are important. I believe, however, that there are considerations more important to us as a nation.

In this republic of ours we are fond of saying that there are