c or private, on a
price below which neither will sell. If they cannot do this
publicly, they will assuredly do it secretly. This is what, with
alternations of conflict, the railroad companies have done in one
way or another; and this is what they are now doing and must always
continue to do, until complete change of conditions is brought
about. Against this practice, the moment it begins to assume any
character of responsibility or permanence, statutes innumerable
have been aimed, and clauses strictly interdicting it have of late
been incorporated into several State constitutions. The experience
of the last few years, if it has proved nothing else, has
conclusively demonstrated how utterly impotent and futile such
enactments and provisions necessarily are."

Disregarding for the present the latter part of the above quotation,
consider the statement that during the whole history of railway
corporations, agreements to restrain competition have been the rule.
This the slightest research proves to be an historical fact, and it is
in perfect accord with our preceding statement, that such agreements
were necessary to the solvent existence of railway corporations. The
records also show that invariably when these agreements have been broken
and competition has been allowed to have full play, the revenues of the
roads have been rapidly reduced to a point where, unless a peace was
effected, bankruptcy ensued.

Mr. Adams said, with truth, that no law had proven of any effect in
preventing these competition-killing agreements between railways; but
since the above extract was written, the Interstate Commerce law has
been enacted. Let us pay some attention to its working and results. It
is a curious fact that the framers of railway legislation in this
country, almost down to the present time, have concentrated all their
energies on the endeavor to keep up free competition; and the Interstate
law is no exception to this rule. The plan of the Interstate law was
about as follows: "Here are a few dozen great commercial centres where
the railway lines of different systems meet. We will first prohibit the
pooling by which they have restricted competition at these points. Then,
in order that the thousands of other shipping points shall receive an
equal benefit, we will enact a 'long and short haul clause,' obliging
the rates charged to be in some degree proportionate to the dista