ous regulation-might easily prove so attractive that the sound corporations would readily organize under the law and aid in its just enforce

ment.

A Federal corporation law, if enacted, should certainly at first be made permissive rather than mandatory. There would thus be no danger of a revolution in business; the courts and the industrial community would adapt themselves gradually to the new line of organization. If the law were reasonable, even though very strict, the best corporations would come under it at The others would soon feel the pressure of public disapproval, if the Federal law were distinctly the best. If experience showed that it were necessary to extend the scope of the act, though that is not probable, it would be comparatively easy later on to force, by taxation or otherwise, other State corporations engaged in interstate traffic to incorporate under it.

once.

The three plans indicated are not contradictory; they are rather progressive along the same line. Either act could be passed alone, or all of them might be passed together. From present indications, it seems that the people are rather inclined toward somewhat rigid, although

not destructive, measures.

If the first law dis

cussed were enacted, it would doubtless give us valuable experience and decisions, and would be, with the exception of one point, a distinct step in advance, possibly all that should be taken at first. But so far as has appeared, it is practically entirely compulsory in its nature and could be readily evaded. The other two measures seem more drastic, and doubtless would be more rigid in many ways; but, on the other hand, the last at any rate might contain provisions which would remove the hostility of the better class of corporations. These would then themselves readily aid in the enforcement of the law; while if it were made optional, even if combined with the other plans, there certainly could be no charge of action hostile to the interests of capital legitimately invested and properly employed for the welfare of the public.

BIBLIOGRAPHICAL NOTE

For those who wish to investigate the subject further, the following books will be found to be suggestive and helpful:

Baker, Charles Whiting. Monopolies and the People." New York and London: G. P. Putnam's Sons. 1899. 368 pp., 12mo. (Questions of the day, No. 59.) Collier, W. M. "The Trusts; What can we do with them? What can they do for us?"

New York: The Baker and Taylor Company. 1900. 338 pp., 8vo.

Ely, Richard T. "Monopolies and Trusts."

New York: Macmillan Company. 1900. 273 pp., 8vo.

Halle, Ernst L. von. "Trusts; or, Industrial Combinations and Conditions in the United States."

New York: Macmillan Company. 1895. 350 pp.,

12mo.

Liefmann, Robert. "Die Unternehmerverbände (Konventionen, Kartelle). Ihre Wesen und ihre Bedeutung.”

Leipzig: J. C. B. Mohr (Paul Siebeck). Schriften des Vereins für Socialpolitik. Nr. 60.

1897.

"Über

wirtschaftliche Kartelle in Deutschland und im Aus

lande."

Leipzig: Duncker und Humblot. 1894.

Bibliographical Note

United States Industrial Commission. Preliminary report on trusts and industrial combinations, together with testimony, review of evidence, charts showing effects of prices, and topical digest. Volume I. of the Commission's reports.

Washington: Government Printing Office. 1900. Trusts and industrial combinations. Statutes and decisions of federal, State, and territorial law. Together with a digest of corporation laws applicable to large industrial combinations. Volume II. of the Commission's reports.

1900.

Washington: Government Printing Office. Report of the Industrial Commission on trusts and industrial combinations (second volume on this subject), including testimony taken since March 1, 1900, together with special reports on prices and on the stocks of industrial corporations. Volume XIII. of the Commission's reports.

Washington: Government Printing Office. 1901. Report of the Industrial Commission on industrial combinations in Europe. Volume XVIII. of the Commission's reports.

Washington: Government Printing Office. 1901. Final Report of the Industrial Commission, containing summaries and recommendations for legislation. Volume XIX. of the Commission's reports.

Washington: Government Printing Office, 1902.