now regulated.
Either the Bureau of Corporations should be authorized, or some other
governmental body similar to the Inter-State Commerce Commission should
be created, to exercise this supervision, this authoritative control.
When once immoral business practices have been eliminated by such
control, competition will thereby be again revived as a healthy factor,
although not as formerly an all-sufficient factor, in keeping the
general business situation sound. Wherever immoral business practices
still obtain--as they obtained in the cases of the Standard Oil Trust
and Tobacco Trust--the Anti-Trust Law can be invoked; and wherever such
a prosecution is successful, and the courts declare a corporation
to possess a monopolistic character, then that corporation should be
completely dissolved, and the parts ought never to be again assembled
save on whatever terms and under whatever conditions may be imposed by
the governmental body in which is vested the regulatory power. Methods
can readily be devised by which corporations sincerely desiring to
act fairly and honestly can on their own initiative come under this
thoroughgoing administrative control by the Government and thereby be
free from the working of the Anti-Trust Law. But the law will remain
to be invoked against wrongdoers; and under such conditions it could be
invoked far more vigorously and successfully than at present.

It is not necessary in an article like this to attempt to work out
such a plan in detail. It can assuredly be worked out. Moreover, in my
opinion, substantially some such plan must be worked out or business
chaos will continue. Wrongdoing such as was perpetrated by the Standard
Oil Trust, and especially by the Tobacco Trust, should not only be
punished, but if possible punished in the persons of the chief authors
and beneficiaries of the wrong, far more severely than at present. But
punishment should not be the only, or indeed the main, end in view. Our
aim should be a policy of construction and not one of destruction. Our
aim should not be to punish the men who have made a big corporation
successful merely because they have made it big and successful, but
to exercise such thoroughgoing supervision and control over them as
to insure their business skill being exercised in the interest of the
public and not against the public interest. Ultimately, I believe that
this control should undoubtedly indirectly or directly extend to dealing
with all questi