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Updated: June 23, 2025
"Granted that this corporation is young and untried: let it be disciplined in time, that it may avoid more expensive mistakes in the future. No cause, to a true lawyer, is like a human cause; the time may come when the talent of the American bar will be the parasite of corporations and monopolists, but it is too early for that degradation for you and me, Senator Clayton.
There were certain men in Airess, shrewd above their fellows, who secretly combined to secure a controlling interest in all the land producing liquid air. In course of time these shrewd schemers, who are known as monopolists, gathered this liquid air into large tanks and warehouses, and put an exorbitant price upon it.
There were rich men outside the Senate, successful plebeians, men who had made fortunes by trade, bankers, monopolists, and others; but these, if ambitious of social position or political influence, became gradually absorbed among the senatorial families. Those who could afford to buy the votes of the people, and those only, became magistrates and senators.
My Lords, there is a great difference between the East India Company governing India, and carrying on their trade with China as a joint-stock company, and carrying on the same trade as monopolists.
All the old Whigs now long hungry, the old Federalists in disguise, the old plotters and schemers long defeated, were here. The motley elements that Douglas had derided as anti-Masonics, Know-nothings, Abolitionists, Spiritualists, where were they? Sunk in silence, out shouted, out talked, outnumbered by office seekers and monopolists. Tom Hyer was bawling, Garrison could not be heard.
The royalists called the men who clamored for civil and religious liberty fanatics, just as the monopolists of to-day, who control the dominant parties, call men who cry out against their oppression fanatics. It is sometimes difficult to distinguish the instinct of fanaticism from the soundest judgment, for fanaticism is sometimes the keenest sagacity.
For this reason we may well be alarmed, as we note from time to time, the large tracts of land which are being purchased by wealthy individuals, foreign syndicates, home corporations and land monopolists generally, who are quietly operating, while prices are so abnormally low, to obtain such complete control of our valuable agricultural lands, as will enable them in the near future, by a concert of action, to raise prices to such a pitch, that practically they would then be beyond the reach of the ordinary farmer.
In other words, even monopolists behave as though their market was fully competitive, their production and pricing decisions and actions constrained by the "ghosts" of potential and threatening newcomers. While intellectually tempting, contestability theory has little to do with the rough and tumble world of business. Contestable markets simply do not exist.
Suppose the Railway Companies refused to lend the great highways of which they have become the monopolists for such an undertaking without a subvention, then the necessary subvention should be forthcoming.
The American Federation of Labor, and the majority of the labor unions comprising it, are thus seen to have a political program scarcely distinguishable from that of the radical wing of either of the large parties, for it seeks little if any more than to join in with the general movement against monopolists and large capitalists in a conflict that can never be won or lost, since the leaders in the movement are themselves indirectly and at the bottom a part of the capitalist class.
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