No. 4.] TRUSTS AND THE FARMERS. 185 



TRUSTS AND THEIR RELATION TO THE FARMERS. 



BY PROF. C. S. WALKEK OF AMHERST. 



A thorough discussion of our subject, ' ' The trusts and the 

 farmer," makes it necessary to consider the origin and devel- 

 opment of the trust ; its advantages and disadvantages ; and 

 then remedies for its evils, and means of utilizing its advan- 

 tages. 



I. During the civil war there was a great demand for 

 manufactures, greater than our home industries could fill ; 

 hence men and capital were withdrawn from agriculture and 

 employed in manufactures. A high tariff, rendered neces- 

 sary for revenue, raised prices and protected American man- 

 ufacturers from foreign competition. An inconvertible paper 

 currency also increased prices. Manufacturing became very 

 profitable, and many manufacturers grew rich. But at the 

 close of the war the home markets were supj)lied, and fierce 

 competition among American manufacturers set in. 



The first to succumb were individual manufacturers. A 

 partnership composed of several men could beat the individ- 

 ual, commanding more skill and more money. Then part- 

 nerships succumbed to corporations. In case of bankruptcy 

 the partner may lose all, but the stockholder loses only his 

 stock. Besides this advantage, the corporation has many 

 other advantages over a partnership. No individual, no mere 

 partnership can long hold out in a struggle for existence with 

 a corporation. Then came fierce competition between dif- 

 ferent corporations for the control of the market for their 

 products. Every means was tried to get the custom of rival 

 corporations. Advertising, the employment of drummers, 

 the presentation of chromos and other gifts to the buyers, 

 other shrewd contrivances, were constantly employed. Vari- 

 ous methods of cheapening the cost of production were used, 



