oduction in the near future." It is for
this reason that we must not cease to look about for some better
protection against this new class of monopolies than are afforded by
merely placing stumbling-blocks in their way. We shall have need, for
many years yet, of such weapons in fighting monopoly as the public is
already familiar with; the creation of new competitors and their support
by public opinion, judicial decisions against combinations, and the
like. But before these grow absolutely useless, we ought to be prepared
to meet the new conditions of industry with something better than mere
opposition; and even now be experimenting and studying upon a permanent
and consistent policy.

In attempting to control monopolies which are not dependent on natural
agents for their strength, we are met at once by the declaration that
the government has no power or right to interfere with property which is
the product of labor; and that the owner cannot be prevented from making
such disposition of it as he chooses. The President and Counsel of the
Sugar Trust said after Judge Barrett's decision was announced: "We do
not believe that the law prevents two persons engaged in rivalry with
each other from uniting their interests." This seems indeed true; and
yet, on reflection, it appears to be absolutely certain that power must
reside in the sovereign people to protect themselves from the unjust
taxation which a monopoly may seek to enforce. Let us brush away cobwebs
and set the facts clearly before us. That competition among producers is
the sole present protection of the public against extortionate prices is
undoubted. When by combination this defense is abolished, has not the
public a right to adopt some other means of protection? There can be no
doubt that it has; the only question is, what form should that
protection take?

It must be plain that, as a general rule, it is unfitting that
government should own and operate industrial establishments. Practical
experience has indicated that this experiment is wellnigh certain to
result in failure, for reasons so evident as to require no mention here.
The only alternative remaining is government regulation with private
ownership and management. The essential features in the adoption of any
plan should be that the returns of the private owner should be in
proportion to the skill and economy which he exercises in managing his
business; that competition and its resulting waste be done away