be inimical to our free institutions. It is felt that they should not be tolerated, both because the few are supposed to get undue advantage of the many, and because of the ability of powerful corporations to corrupt legislatures.
Monopolies are further antagonized because they are opposed to the prevailing economic philosophy of the American people. The doctrine of laissez faire has probably been more completely engrafted upon the political and industrial institutions of this country, and more thoroughly absorbed into the consciousness of the people, than anywhere else in the world. The individualistic theories in philosophy, politics, and economics were most widely accepted at the time the colonies achieved their independence and formed their state and national governments. The doctrines of the French philosophers were especially influential. It is not to be expected, however, that the early constitutions and statutes will show any effort to prevent commercial combinations and restrictions of competition. The country was largely agricultural, and the vast unoccupied territory rendered impossible monopolies in that branch of industry which was generally pursued. Moreover, when manufactures began to develop, the more rapid development of the country and its growth in population made it impossible for the evils of competition to bear heavily upon any industry. This condition of affairs continued until the close of the Civil War. No attempts were made to restrict monopolies, because monopolies did not exist; and since constant progress was seen to be possible under the reign of free competition, it was very generally supposed that free competition was the necessary condition of all material prosperity.[1]
Thus it has resulted that on account of political tradition and political and economic philosophy, as well as because of the good results credited to free competition, monopolistic combinations have been almost universally regarded as "odious, contrary to the spirit of a free government, and the principles of commerce."
- ↑ The tariff legislation is the only evidence of inconsistence with this theory.
