e is more
limited than those who control the original product, so that an attempt
to exact too large profits would offer a tempting premium to competitors
of the Association.

Another staple article of consumption in which combinations are known to
exist is meat. It is affirmed that a combine of buyers and slaughterers
controls the markets of Chicago and Kansas City, and both depresses the
price paid for cattle in the market, and raises the price of beef to the
retail dealer. This monopoly proved so oppressive, and attracted so much
attention, that in February, 1889, Gov. Humphrey of Kansas, called a
convention of delegates from the legislatures of ten different States
and Territories to devise a system of legislation, to be recommended for
adoption by the several States, which should destroy the power of the
combination.

One of the combinations investigated by the New York State Committee
appointed to investigate trusts and similar organizations, was an
association of the retail butchers, and the brokers buying sheep, lambs,
calves, etc., from the farmers. The purpose of the association is to
prevent competition among its members and keep control of prices in its
own hands by charging a higher price to outsiders than to members of the
association. The ultimate effect is to increase profits by paying less
for the animals and getting higher prices for the meat sold.

We might go on at indefinite length to examine the various monopolies of
this sort, but it does not seem necessary. The salient fact which is
evident to any one at all conversant with business affairs is, that in
almost every line of trade the restriction of competition is in force to
a greater or less extent. Those monopolies are strongest, indeed, which
have control of production; but in so far as they can control the
market, the men engaged in buying and selling are equally ready to
create minor monopolies, and an acquaintance with the general markets
convinces one that these monopolies are numerous enough to have a very
important effect in increasing the cost of goods to the consumer.

We are accustomed to think of competition as a force which always tends
to keep prices down, and of a monopoly as always raising prices; but it
should be understood that this is true only of the competition and
monopolies among _sellers_ of goods. It must be remembered that the
competition among _buyers_, is a force which acts in the opposite
direction and tends to ra