18 THE HAMILTON ASSOCIATION. 
and another most striking occurrence of the present year. I refer to 
the formation of that gigantic industrial combination which centres 
itself about the name of J. Pierpont Morgan. 
The formation of a billion dollar trust, which seeks even to 
secure control of our great international highways, will by many be 
viewed as another step in the widening process between labor and 
capital, through which the few rich are ever becoming more rich 
and the many poor becoming yet poorer. Be this as it may, the 
event itself is of sufficient importance for the thoughtful student to 
look about for an explanation of its causes and probable effects. 
With many, a sufficient cause for the present tendency toward con- 
solidation is to be found in our partial industrial laws, which are 
held to favor unduly the combining process. There can be no 
doubt that the privilege of entering such combinations with a limited 
liability, and of watering the stock of a company to such an extent 
that a ten thousand dollar manufactory may be converted into a 
fifty thousand dollar stock company, has dealt a death blow to the 
smaller private industries. I cannot agree, however, that the whole 
cause lies here, or that a re-adjustment of our commercial legislation 
would remove the present tendency toward consolidation. A deeper 
reason, perhaps, will be found in the revolution which modern 
science has brought about in our industrial methods. Foremost 
among these may be mentioned the great and numerous inventions 
which, while cheapening, have also lengthened the course of pro- 
duction, and secondly, the great chemical applications by which the 
waste refuse of one industry becomes the raw product of another. 
It must be evident, however, that the more scientific our industrial 
life becomes, the more gigantic must be the scale upon which it 
proceeds. If these conclusions be true, we must ask ourselves 
whether we are willing to forego all this saving of physical labor 
and material for a return to primitive simplicity. Is the lightening 
of labor and the increase of social commodities to result only in 
social degradation? Shall we not rather say that every such ad- 
vance must mark an onward step in physical and moral freedom ? 
Though the present outlook may at times seem dark, let us not 
be of those who would lose faith in the social future. Can we not 
rather draw comfort from the present tendencies of our industries ? 
When we see these vast consolidations being successfully operated 
