This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1901 edition. Excerpt: ... CHAPTER IV MONOPOLIES AND THE LAW In dealing with trusts it might be expected that theory would be bold and practice conservative. In fact, however, actual law-making has gone to the extreme of boldness, while theory has steadily held to the more moderate way. Practice is apparently about to take the ...
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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1901 edition. Excerpt: ... CHAPTER IV MONOPOLIES AND THE LAW In dealing with trusts it might be expected that theory would be bold and practice conservative. In fact, however, actual law-making has gone to the extreme of boldness, while theory has steadily held to the more moderate way. Practice is apparently about to take the latter course. The policy of the future is well in sight; and it involves changes in the present condition that are so moderate as almost to incur the suspicion of being a laissez faire course. And yet it is an effective policy for the regulation of trusts, and will do its work so well that it will stir up strong resistance, and therefore the execution of it will require all the energy which a people devoted to industrial freedom will be able to use. In the making of new laws we shall do first what is most undeniably wise--that is, give protection to investors. When the public 56 is invited to buy stocks and bonds of industrial companies, it needs to know what real property it is getting by its purchases; and it will find a way to make the needed facts accessible. When, however, the investor shall have been, if not protected, at least placed where he can protect himself, the graver difficulties connected with the regulation of trusts will begin. It is not for the harm that they do to the men who own them, even though these men may pay too much for the ownership, that monopolies are dreaded. It is for the harm that they threaten to do to the public. Consumers are in danger, and so are all laborers who are not specially aided at the cost of consumers. The trust may pay its own operatives well; but it may close mills and force many employees into other occupations. It is there that the injury to labor is located. There are, indeed, four parties...
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