THE FARMER AND THE TRUSTS. 411 



obtain, "options" to purchase the properties involved, usually 

 at prices far in excess of their value, and have organized 

 corporations to take over the property. If tlie "promoters" 

 can sell the stock of these great corporations tliey will buy the 

 })roperty, and retire rich. Those who buy the stock will lose 

 all the money paid in excess of the real value of the property 

 In a few instances, doubtless, there will be temporary success, 

 but capital, however concentrated, will never be able to really 

 and permanently oppress the people, for the people will not 

 permit it. 



The fact is that the American people, after a few prosperous 

 years, are now ripe for an era of speculation, and those who 

 live by promoting speculation have seized upon the Trust idea 

 as affording their opportunity. The unquestioned success — for 

 the time being — of some of these enterprises, in which the 

 property, depressed by long competition, was bought in at 

 really low prices, and greatly raised in value by organization, has 

 opened the way. Great Britain has just had such an experi- 

 ence. A sharp but unscrupulous person, known as Ernest T. 

 Hooley, organized in this way one or two companies, which 

 were really successful, and for a time brilliantly so, upon the 

 strength of which a craze started, which brought ruin to many, 

 and the speculator himself to the bankruptcy court. Some- 

 thing like this is now " in the air" in America. 



At the same time the genuine organization of substantial 

 interests, in a natural way, and under the pressure of com- 

 petition, is also doubtless going on, and the problem of properly 

 and effectively dealing with them becomes daily more pressing. 

 I think the proper metliod of beginning is indicated in the 

 preceding pages of this chai)ter. The next step to take will be 

 indicated by the facts when disclosed. Wild denunciation and 

 programs which do not go to the root of the evil, are worse 

 than useless. They are dangerous. If the people are inflamed, 

 and the cause of their discontent not removed, there is danger 

 to the public peace. No generation has ever been free from 

 this danger, and ours is not. But we can not abolish the 

 possibility of Trusts without paralyzing business. Whoever has 

 anvthing to sell, whether it be manufactures, farm produce, or 



