cturing industries.

We decide, then, that it is for the public advantage at present that
both the ownership and operation of manufacturing industries and of
trade must remain in private hands. The next question is, will the
greatest advantage to the public be secured by starting a crusade to
re-establish competition and break up all existing monopolies in
manufacturing and trade; or by taking the opposite course, legalizing
monopolies and so regulating them by law that they shall be prevented
from making undue profits by laying an exorbitant tax upon the public?

Practically all the efforts made or proposed thus far for remedying the
evils of monopolies in manufacturing and trade have had for their
purpose the re-establishment of competition. The investigation to which
the first part of this book was devoted shows the wide extent of the
movement to restrict competition. Is it possible to wholly counteract
this? All our study of the laws of competition seems to show that the
tendency of modern competition is to destroy itself by its own
intensity. Certainly all the strenuous efforts to keep it alive by the
force of legal enactment and public opinion have thus far proved
unavailing. There are now, probably, at least a million persons in the
United States who are directly or indirectly interested in unlawful
contracts in restraint of competition; and among them are included many
of the best financiers and most enterprising business men of the
country. Certainly those who propose to drive these men into a renewal
of competitive strife contrary to their will have set themselves a very
difficult task.

Let us consider the opposite alternative. It cannot be a good thing to
have such a great proportion of the active business men of the country,
who bear the highest personal character, engaged in illegal contracts.
Let us therefore take them within the pale of the law. They seem to be
determined to make contracts with each other in restraint of
competition; and believe, indeed, that they are forced to do it by
modern conditions of trade. Suppose we were to legalize these contracts
and permit the establishment of monopolies. What can we then do to
protect the public from extortion in prices and adulteration in its
products on the part of the monopoly?

In the first place, now that we have legalized monopolies there is no
more excuse for secrecy. To work in darkness and privacy befits
law-breakers, but is needless for legitim