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Therefore, in the interest of the whole people, the Nation should, without interfering with the power of the States in the matter itself, also assume power of supervision and regulation over all corporations doing an interstate business. This is especially true where the corporation derives a portion of its wealth from the existence of some monopolistic element or tendency in its business.
The decisions rendered in these various cases brought under my direction constitute the entire authority upon which any action must rest that seeks through the exercise of national power to curb monopolistic control. The men who organized and directed the Northern Securities Company were also the controlling forces in the Steel Corporation, which has since been prosecuted under the act.
And, as is now well known to all of us, the same net loss to society comes from reckless overproduction and monopolistic underproduction of natural and manufactured commodities. Overproduction, underproduction and speculation are three evil sisters who distill the troubles of unsound inflation and disastrous deflation.
The supervision established might be analogous to that now exercised over national banks. At least, the antitrust act should be supplemented by specific prohibitions of the methods which experience has shown have been of most service in enabling monopolistic combinations to crush out competition. The real owners of a corporation should be compelled to do business in their own name.
Raleigh would naturally want as much sweet wine imported as England could be induced to swallow. So, too, would Elizabeth, who got the duty. Crews would be wanted for the monopolistic ships. They would also be wanted for 'free-trading' vessels, that is, for the ships of the smugglers who underbid, undersold, and tried to overreach the monopolist, who represented law, though not quite justice.
On the first day of the session, when the young leader had been pointed out to him, Uncle Billy's humble soul was prostrate with admiration, and when Hurlbut led the first attack on the monopolistic tendencies of the Republican party, Representative Rollinson, chuckling in his beard at the handsome youth's audacity, himself dared so greatly as to clap his hands aloud.
For a time the shell of the old Accumulation remained for our social habitation, and we dwelt in the old competitive and monopolistic forms after the life had gone out of them that is, we continued to live in populous cities, and we toiled to heap up riches for the moth to corrupt, and we slaved on in making utterly useless things, merely because we had the habit of making them to sell.
Once again the men who went and saw came back, not only with tales of an El Dorado in fur, but with the furs themselves, and the dashing Prince forthwith secured from the easy-going Charles II a monopolistic charter to trade and generally to control the whole vast region drained by rivers that emptied into Hudson Bay.
But this monopolistic period has come, the trusts are rapidly dominating the whole field of industry and government, and yet it seems improbable that they will be forced to any final compromise with the small capitalist investors and consumers for some years to come.
The democratic equality among free men has turned into an aristocracy, with aristocratic institutions, the hereditary kingdom into an elective kingdom, while the provincial particularism and independence have given way to the constitution of a centralized, monopolistic state. No changes could be more fundamental.
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