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of investors, the greater the pressure to find employment at even nominal terms, and the more difficult to maintain a profitable monopoly: and that the new capital coming into the market tomorrow will protect the public against the combinations of the old.

But even if we do not concur in the conclusions of Mr. Roberts, even if we see in the present tendency a menace to our social life, still I fear that it will be found impossible entirely to eradicate the present tendency of our great industries toward combination and monopoly.

The numerous laws which have already been enacted to break up trade agreements, pools, and technical trusts, have been ineffective. They have resulted in the organization of larger corporations which are more permanent and more dangerous in their character than the things which are prohibited by statute. If it were possible to break up these corporations, which may well be doubted, the men who compose them would unite perhaps in partnerships or other forms of union to accomplish the same objects. If you break up these there are infinite varieties of organization which will take their place. The tendency of men to associate for the accomplishment of a common purpose is like the law of gravitation, and no statute will be found effective against such a tendency.

I should like to consider in greater detail the reasons why the trusts cannot be entirely overthrown. But you have not come here to-night to hear me, but to listen to a far abler and more distinguished gentleman, and I will close.

I wish, however, to refer to another fact which has passed into history, and which may guide your judgment. Trades unions were illegal at the common law just as the monopoly of consolidated capital is to-day. Every combination of laborers to advance wages was punished as an offense against the so-called law of free competition in the labor market. But competition had to give way to co-operation, and who shall say that the condition of the workingman has not been improved? Will not the legal barriers which failed before organized labor be found equally ineffective against organized capital? Organization is part of the world's progress, even though we cannot fully see whither that progress tends. This much is surely evident, that if legislation cannot overthrow the present tendency to combination, it is worse than useless to enact for that purpose laws which shall cripple the productive agencies of the country while they fail to accomplish the end they have in view.

The present consolidating tendency of our industrial life is

largely beyond our control. We can guide it only a little way upon its journey, for the most part we shall have to stand aloof whether we will or no, and see the salvation of the Lord. And . if better things develop than we dream, it will not be the first instance in the evolution of our race where good has been the final outcome of apparent evil, and where the agencies which seemed to portend disaster and ruin have been in the end the ministers of prosperity and happiness.

Mr. Foulke was in the midst of his paper when Mr. Cockran entered and made his way to the seat reserved for him on the platform. The audience made a demonstration of welcome, while the speaker smilingly suspended his remarks. He resumed, but had not concluded when Col. W. J. Bryan entered and another outbreak of applause followed. Smiling at the interruption, Mr. Foulke said:

"I perceive you have come to hear some one else."

There were prolonged applause and cheers for the speaker with cries of "Go on! go on!" and Mr. Foulke concluded without further interruption.

EDWARD ROSEWATER.

Publisher Omaha Bee.

Edward Rosewater, of Nebraska, was the next speaker, and

said:

We are confronted by grave problems generated by the industrial revolution of the nineteenth century. The trust is but the outgrowth of natural conditions. The trend of modern civilization is toward centralization and concentration. This tendency is strikingly exhibited in the congestion of population in large cities, the building of mammoth hotels, tenement blocks, skyscraper office buildings, the department store and colossal manufacturing plants.

The monopolistic combination of corporate capital known as trusts has its origin in overproduction and ruinous competition. Honestly capitalized and managed with due regard for the well being of their employees and operated economically for the benefit of consumers of their product these concerns would be harmless. Within the past decade the trusts have, however, for the

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The imperative duty of th. - conference is to devise measures

that will make the trusts harmless. With this end in view it should recommend:

First-The creation by act of Congress of a bureau of supervision and control of corporations engaged in interstate commerce with powers for its chief similar to those exercised by the comptroller of the currency over national banks.

Second-Legislation to enforce such publicity as will effectually prevent dishonest methods of accounting and restrict traffic and competition within legitimate bounds.

Third-The abrogation of all patents and copyrights held by trusts whenever the fact is established before a judicial tribunal that any branch of industry has been monopolized by the holders of such patents or copyrights.

Fourth-The enactment by Congress of a law that will compel every corporation engaged in interstate commerce to operate under a national charter that shall be abrogated whenever such corporation violates its provision.

Fifth-The creation of an interstate commerce court with exclusive jurisdiction in all cases arising out of the violation of interstate commerce laws.

Sixth-The revision of the Constitution of the United States by a constitutional convention to be called by two-thirds of the states at the earliest possible date, as provided by article V of the federal Constitution, which reads as follows: "The Congress, whenever two-thirds of the states shall deem it necessary, shall propose amendments to this Constitution, or on the application of the legislatures of two-thirds of the several states shall call a convention for proposing amendments which in each case shall be valid to all intents and purposes, or part of this Constitution when ratified by the legislature, if three-fourths of the several states or by conventions in three-fourths thereof as the one or the other mode of ratification may be proposed by the Congress."

It will be noted that the initiative for the adoption of separate amendments to the Constitution must be taken by Congress while the initiative for a revision of the Constitution can be taken by the states through their legislatures and when two-thirds of the states have endorsed the proposal it becomes mandatory on Congress to call a constitutional convention and submit its work for ratification. Manifestly, the revision of the Constitution is more certain by a convention called by the states than would be an amendment proposed by Congress, which is not likely to pass the ordeal of a two-thirds vote of the United States Senate so long as its members are not elected by the direct vote of the people. In my judgment, the time is ripe for such a revision of our funda

mental law as will make it conform to the changed conditions wrought by more than a century's marvelous industrial evolution, commercial growth and territorial expansion.

While the trusts might be reached by a single amendment to the Constitution, I doubt very much whether anything could be gained by such patch-work, since the Constitution contains many other provisions that would constitute a bar to effective enforcement of the interstate commerce law. The mode of procedure for securing a single amendment is, if anything, more cumbersome and ratification thereof more difficult to obtain than would be a complete revision of the organic law of the land.

If you will examine the Constitution you will see that it lies within the power of the states to call a national constitutional convention whenever two-thirds have concurred in such call, whereas the ordinary amendment requires the concurrence of two-thirds of each of the houses of Congress, which is very difficult to procure in view of the tremendous influence exercised over the Senate by the confederated corporations.

Take, for instance, an amendment to elect United States senators by popular vote. Do you believe that the Senate will ever vote for an amendment that would bar out two-thirds of its members? Do you believe that a trust-made Senate will ever vote a constitutional amendment that would abolish the trusts?

W. BOURKE COCKRAN.

Perhaps twice or thrice in the lifetime of a brilliant and popular speaker does he receive such an ovation as was accorded Bourke Cockran when he stepped to the rostrum and bowed his acknowledgments of Chairman Howe's introduction. It was several minutes before he could do more, but finally the cheering, applauding, handkerchief waving assemblage became calm and Mr. Cockran began:

No person who has listened to the papers read from this platform during the last three days can doubt that the object of this gathering is an honest search for truth. I think the country is to be congratulated upon some of the contributions to this discussion, particularly those from the representatives of the trades unions, and of the National Grange.

As I realized the sound conceptions of economic law which distinguished many of the addresses delivered by delegates from

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