trusts are affording but a temporary breastwork for our captains of industry.
It will, however, be a flank movement rather than a frontal attack that will finally dislodge the captains from their fortress. The trust is not only a protection against undue competition but it is a labor saving device of the highest possible efficiency. Every argument in favor of combined production on a small scale is redoubled for production on the largest possible scale. The trust pursues its ends in a perfectly sane and scientific manner. No longer do the old planless methods of competition prevail. The trust being the only producer in the field produces exactly what the market needs. There is no more danger of either an over-production or a shortage of Standard oil in any city than there is of water, gas, or postage stamps. The trust no more needs canvassers and advertisements to sell its goods than does the government to advertise the postoffice. This increased industrial efficiency of the trust, together with its prevention of waste of capital in unnecessary duplication of machinery, hasten by so much the completion of the world's industrial outfit.
Capital will in vain seek profitable investment. Interest which is determined by the amount of gain received by the last amount borrowed will fall to zero and still money will remain unlent in the banker's hands. The last incentive for
