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apprehended. The monopoly undergoes modifications as the railroad network is extended and made more complete, running in all directions and affording all possible combinations. The monopoly comes in again, however, at later stages, in new forms, because the fundamental and irremovable grounds for it lie in the natural facts of the case.

Whether, then, we take an old country with a dense population and immense accumulations of capital, like England, or a new country, with a sparse population and an immense extent of territory, like the United States; it is not strange that this monopoly, going through the wide and rapid development which railroads have undergone during the last fifty years, should have presented economic problems which we have not yet been able to solve. It has been as much as we could do to note and keep up with the phenomena, as they have presented themselves; and when we have attempted an analysis, it has proved worthless as soon as it was made, on account of the constantly changing phases of the case. Neither is it subject for wonder that the problems presented should have differed somewhat in two countries so differently situated as England and the United States. There is every reasonable ground to believe that the differences of condition will call for differences of railroad policy. In any case, it seems to be the plain dictate of right reason, that we should not hastily interfere with the development of such a gigantic interest, under the annoyance of some temporary phase of the problem; but should get a firm grasp of the facts before attempting anything of the kind.

This we have not done, and it is certain from so much experience of the Act as we have yet had, that it was not based on any clear analysis or correct solution of the