The laws in question have been uniformly upheld; but they have, as a rule, simply harassed trade without accomplishing the real end which they had in view. The very evident evils resulting from the concentration of power in the hands of a few irresponsible trust managers, and the questionable methods by which combinations have frequently been formed, have aroused the public to action. Naturally, then, with the prejudice against monopolies deep-seated in the public consciousness, legislation has been directed against the trust as such. It is easy to see that the popular prejudice is, in part, unjustifiable; for, without apologizing for many unscrupulous acts done by trusts, and recognizing the danger from irresponsible power, it may still be claimed that very great benefits arise from the economy of management, and the adjustment of production to the needs of consumption, made possible by wise and honorable trust management. Add to this the fact that prohibitory efforts have thus far proved abortive, and it becomes apparent that this, like a great deal of other social legislation, has been based upon a very imperfect knowledge of the facts involved.
Aside from this, the laws would fail of complete success in destroying monoplies, because none of them would prevent a single person from gaining control of an industry. With the prevailing view of the liberty of the individual, it is necessary to find a combination or conspiracy, or a corporation created by the state, to attack. It is not that individual monopolists are not regarded with suspicion; for the opposition to department stores and similar enterprises is frequently pronounced. But these have not yet been declared opposed to public policy; and a single powerful manufacturer or merchant may freeze out all competitors, yet without violating these anti-monopoly laws; while an individual or a corporation that might try to buy out or cooperate with competitors would be guilty of conspiracy. In this respect we have fallen below the anti-monoply law of the last parliament of James I.; for the old monopolists were individuals or individual companies, as the word itself indicates (μόνος + πωλὲομαι); and were in no sense trusts or cooperative asso-
