19
settled by the people themselves, and that the conscience of the people, and not the preferences of any servants of the people, is to be the standard in deciding what action shall be taken by the people. As Lincoln phrased it: “The [question] of National power and State rights as a principle is no other than the principle of generality and locality. Whatever concerns the whole should be confided to the whole—to the General Government; while whatever concerns only the State should be left exclusively to the State.”
It is utterly hopeless to attempt to control the trusts merely by the Anti-Trust Law, or by any law the same in principle, no matter what the modifications may be in detail. In the first place, these great corporations cannot possibly be controlled merely by a succession of lawsuits. The administrative branch of the Government must exercise such control. The preposterous failure of the Commerce Court has shown that only damage comes from the effort to substitute judicial for administrative control of great corporations. In the next place, a loosely drawn law which promises to do everything would reduce business to complete ruin if it were not also so drawn as to accomplish almost nothing.
As construed by the Democratic platform, the Anti-Trust Law would, if it could be enforced, abolish all business of any size or any efficiency. The promise thus to apply and construe the law would undoubtedly be broken, but the mere fitful effort thus to apply it would do no good whatever, would accomplish widespread harm, and would bring all trust legislation into contempt. Contrast what has actually been accomplished under the Inter-State Commerce Law with what has actually been accomplished under the Anti-Trust Law. The first has, on the whole, worked in a highly efficient manner and achieved real and great results; and it promises to achieve even greater results (although I firmly believe that if the power of the Commissioners grows greater, it will be necessary to make them and their superior, the President, even more completely responsible to the people for their acts). The second has occasionally done good, has usually accomplished nothing, has generally left the worst conditions wholly unchanged, and has been responsible for a considerable amount of downright and positive evil.
What is needed is the application to all industrial concerns and all co-operating interests engaged in inter-State commerce in which there is either monopoly or control of the market of the principles on which we have gone in regulating transportation concerns engaged in such commerce. The Anti-Trust Law should be kept on the statute-books and strengthened so as to make it genuinely and thoroughly effective against every big concern tending to monopoly or guilty of anti-social practices. At the same time, a National industrial commission should be created which should have complete power to regulate and control all the great industrial concerns engaged in inter-State business—which practically means all of them in this country. This commission should exercise over these industrial concerns like powers to those exercised over the railways by the Inter-State Commerce Commission, and over the National banks
