THE CONSOLIDATIONS CALLED "TRUSTS" 87 



though the objections reviewed be untenable, it does not fol- 

 low that the so-called trusts, as they now exist, are without 

 menace to our welfare. Indeed, the real danger, as I have 

 already indicated, lies deeper than any consideration of prices 

 charged, or distrust aroused. It goes to the foundations of 

 our society as a republican people. Unless, by timely and 

 courageous measures we undo the danger, the danger will, in 

 my judgment, go far toward undoing us, and our present in- 

 stitutions. 



When the baker sold out his business to the Biscuit com- 

 pany, he invested little, if any, of the purchase money in the 

 Biscuit company's securities. He did not purchase another 

 bakery. Having deposited the larger portion of his capital 

 in some bank where it drew a small but steady interest, he 

 remained, in most instances, an employee of the purchaser. 

 So with the tanner, who sold to the Leather company; the 

 cigar maker, who sold to the Tobacco company; the sugar 

 manufacturer, who sold to the Sugar company; the whole 

 scattered legion of individuals, whose holdings have been 

 swallowed up by the great concerns. A table prepared by 

 the United States bureau of statistics shows the deposits in 

 the banks — national, state and savings banks — by the people 

 of the United States to be now in excess of $8,500,000,000. 

 This is the sum of money that the people of the United States, 

 including those who were the former individual owners of our 

 industries, deem it better to loan, than to invest. It is equal, 

 almost, to one dollar in nine of the whole remaining wealth of 

 the United States. It exceeds, by $1,000,000,000, according 

 to a recently prepared table, the combined par value of the 

 principal stocks listed on the New York stock exchange, in- 

 cluding railroads, street railways, express companies, gas and 

 electric light companies, telegraph and telephone companies 

 and the so-called trusts. It is nothing short of amazing that 

 a property loving people like ours could have so much money 

 left over, after having made all desired investments. But 

 the significance of the fact is not yet fully stated. Twenty 

 years ago the moneys thus deposited were a little in excess 

 of $2,000,000,000. By the growth of population and of 

 wealth, there would, of course, be a corresponding normal 



