Economic Addresses

Cover Economic Addresses
Economic Addresses
William Watts Folwell
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" They need the moderating hand and voice of the law to keep them in the paths of virtue. The state must control the trusts or the trusts will dominate the state. The state will control them. There is plenty of good doctrine and principle to justify her interference. It is ancient and elementary in law, that corporations are created by law "when it is for the public advantage. " The common law, for ages, has abhorred monopolies. Equally venerable is the doc- trine that whenever property is affe...cted by a public interest, it ceases to be sui juris, and may be regulated by law. I sub- mit that whenever a trust-corporation has completely monopo- lized an industry, or the supply of material, and the machinery of distribution, it may be considered, and treated, as having become, by its own act, a public institution and agency, in an eminent sense. It is within the just powers of government to attach any requisite conditions not only to the creation of corporations, but to their continuance.

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