with;
and that the industry be placed on such a safe and stable basis that the
capital invested in it shall receive the lowest possible rate of
interest, thus leaving the greatest possible amount for the payment of
wages of labor and permitting sales of the product at a low price.

XVI.

PRACTICAL PLANS FOR THE CONTROL OF MONOPOLIES.

The investigation of the preceding chapters, leading up to the final
conclusion that the proper and only wise remedy for the evils of
monopoly lies in direct action of the government to protect the rights
of the people, finishes the chain of our argument and really
accomplishes the work laid out in the opening chapter. The laws which we
have found to govern competition in modern industry are so far-reaching
in their effects, and their correct apprehension by the people at large
is so important to the general welfare, that economists ought to unite
in recognizing and teaching their truth, while all who desire to work
for the alleviation of present crying evils of society should understand
these laws and be guided by them.

In the practical application of these truths, however, so many
complicated details are involved that there is ample reason for the
widest differences of opinion. To decide intelligently upon these
practical methods demands special knowledge, in order that all necessary
details may be provided for, and rare practical judgment to adapt the
method to the means at hand.

The investigations which the author has pursued in the preparation of
the preceding chapters and for certain other purposes have suggested to
him certain principles in the practical execution of plans for the
control of various monopolies, which seem to him necessary to success in
the work. Well understanding the fallibility of any one man's judgment,
especially in these matters of detail, he has determined to outline in a
brief way what seem to him the most feasible plans for the control of
each class of monopolies. These suggestions, however, are to be regarded
in an entirely different light from the general laws propounded in the
preceding chapters; and they are presented with a full knowledge of the
fact that slight variations in circumstances may necessitate wide
changes in plans and processes.

Taking up the monopolies which by their use of natural agents or their
exercise of a franchise granted by the public, are already acknowledged
to be subject to the public control, let us consider