of Prof. Ely: "Production on the largest possible scale will be the only practical mode of production in the near future." It is for this reason that we must not cease to look about for some better protection against this new class of monopolies than are afforded by merely placing stumbling-blocks in their way. We shall have need, for many years yet, of such weapons in fighting monopoly as the public is already familiar with; the creation of new competitors and their support by public opinion, judicial decisions against combinations, and the like. But before these grow absolutely useless, we ought to be prepared to meet the new conditions of industry with something better than mere opposition; and even now be experimenting and studying upon a permanent and consistent policy.
In attempting to control monopolies which are not dependent on natural agents for their strength, we are met at once by the declaration that the government has no power or right to interfere with property which is the product of labor; and that the owner cannot be prevented from making such disposition of it as he chooses. The President and Counsel of the Sugar Trust said after Judge Barrett's decision was announced: "We do not believe that the law prevents two persons engaged in rivalry with each other from uniting their interests." This seems indeed true; and yet, on reflection, it appears to be absolutely certain that power must reside in the sovereign people to protect themselves from the unjust taxation which a monopoly may seek to enforce. Let us brush away cobwebs and set the facts clearly before us. That competition among producers is the sole present protection of the public against extortionate prices is undoubted. When by combination this defense is abolished, has not the public a right to adopt some other means of protection? There can be no doubt that it has; the only question is, what form should that protection take?
It must be plain that, as a general rule, it is unfitting that government should own and operate industrial establishments. Practical experience