14 
TRANSACTION'S OF THE TEXAS ACADEMY OF SCIENCE. 
Destructive competition is a trespass upon the industrial liberties which 
it is the theory and spirit of the common law to defend. On the econ- 
omic side just competition is one of the cornerstones of the economic 
fabric. It is a contest as to who shall render to the community the 
greatest amount of satisfaction in goods or services. His reward may 
he accordingly. But these rewards must he won, not by putting clogs 
upon the feet, nor stumbling blocks in the way of competitors, but by 
fairly outrunning them in the race. 
A BETTER DISTRIBUTION OF WEALTH. 
Let us now imagine how great concentrations of capital affect the 
distribution of wealth throughout the community. Here we may extend 
our thoughts beyond the industrial trusts to all concentrations, whether 
of fixed or circulating capital, large portions of which are owned by in- 
dividuals. Here we encounter a strange confusion of ideas in the minds, 
or at least the language of many people, especially the modern social- 
istic agitator, who springs at once to the conclusion that the rich are 
growing richer, and the poor poorer. This is a grave error, wholly un- 
warranted and misleading. The riches they speak of is really capital 
which is defined in political economy as that portion of wealth which is 
applied to the production and distribution of more wealth. It is a 
means to an end, and the end is the wealth which is destined for final 
distribution to the community. If, therefore, one man owns the capital, 
the community gets all the goods it produces, except a small fraction of 
profit, which goes to the capitalist. Thus, while the ownership of capi- 
tal may increase in the hands of a few individuals, the products which it 
multiplies diffuse themselves to all, and are distributed with growing 
abundance lower and lower down in the scale of living. If, then, some 
of the rich grow richer in ownership of capital, the whole community 
grows richer in its usufruct. 
The question then is, do these great concentrations of capital tend to 
a wider and better distribution of its usufruct ? The answer must be yes. 
Whatever diminishes cost of production, whatever prevents waste, what- 
ever tends to the better organization and higher efficiency of labor leads 
to a greater product, and to a wider and more universal distribution of it. 
The world gets its living so much the easier, and gets a better living. 
Thus they are in line with the evolution of the age, and the tendency 
toward concentration in all fields where it can really accomplish better 
results is a natural and inevitable one. 
This, however, does not imply a concentration of capital in all fields 
of industry or commerce, but only in those where it yields a larger re- 
sult both in respect to profit and usufruct. The tendency is for good 
