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Updated: June 28, 2025
To this purpose, we should strengthen our antitrust laws by closing those loopholes that permit monopolistic mergers and consolidations. Our national farm program should be improved-not only in the interest of the farmers, but for the lasting prosperity of the whole Nation. Our goals should be abundant farm production and parity income for agriculture.
The through freight lines greatly hastened freight traffic and by the consolidations through transportation became doubly efficient. Arteries of traffic had thus extended from the Eastern coast to the Mississippi Valley. Local markets had widened to embrace half a continent. Competitive menaces had become more serious and threatened from a distance. Local unionism no longer sufficed.
After the consolidations had taken place, these companies began to compete fiercely for through freight, and the rebates were an incident in this competition. The trunk lines in the early years of their existence were in the position of many other American business enterprises. For the time being, they were more than competent to carry all the freight offered at competitive points.
Yet the industry seems never to have accepted modern methods of adjusting differences between employers and employees. The industry could serve the public much better and become subject to a much more effective method of control if regional consolidations and more freedom in the formation of marketing associations, under the supervision of the Department of Commerce, were permitted.
The Liberator's reference to Tipperary is an unfortunate one for his purposes; for not only have we it in our power to prove, by the most unimpeachable evidence, that comparatively few evictions or consolidations of farms have taken place there, but we can demonstrate most satisfactorily, that the tenantry in this bloodstained district hold on the most moderate terms as regards rent, in general by a lease, and that they are in the full enjoyment of "the tenant-right," the honourable gentleman's most favourite panacea.
Whether the number of ultimate systems shall be more or less seems to me can only be determined by time and actual experience in the development of such consolidations.
Thereafter the recovery of the cotton market from the severe depression of the early 'forties caused a strong advance in slave prices which again checked the sugar spread, while the introduction of vacuum pans and other improvements in apparatus promoted further consolidations.
The second issue, the evils of big business, received renewed attention, although an old complaint, because of the many industrial consolidations of the years immediately preceding. The "trusts" were condemned for appropriating the fruits of industry for the benefit of the few, and the Republican party was charged with fostering them in return for campaign subscriptions and political support.
The dominion of the great business interests over politics was the rapid growth of about twenty years the consolidations of business naturally producing concentrations of the business world's political power in the hands of the few controllers of the big railway, industrial and financial combines.
Those portions of the present law contemplating consolidations ore not, sufficiently effective in producing expeditious action and need amplification of the authority of the Interstate Commerce Commission, particularly in affording a period for voluntary proposals to the commission and in supplying Government pressure to secure action after the expiration of such a period.
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