ffee, and other daily necessities
are now obtainable cheaper than ever before in the history of the world,
because the Consolidated Companies has made them so. Transportation
charges, wherever we have obtained the franchises, have been reduced
twenty per cent.; lighting costs, both gas and electric, are fifteen per
cent. cheaper in those cities which we control; government loans placed
through us are from one to two per cent. lower, thus substantially
reducing the rate of taxation. We have prevented war in at least two
instances, and thus demonstrated the possibilities of our power in
preserving universal peace. For the Government to interfere with our
work because of a technicality would result in an international
calamity."

"Are you now speaking for the Administration, Mr. Gorham?"

"Now, I am speaking as a private citizen."

"If the Attorney-General agrees with me," added the President, joining
in the discussion for the first time, "I think I may say that Mr.
Gorham's views as a private citizen are shared by the Administration; on
the other hand, I agree with the Attorney-General in the position which
he takes regarding the conflict between the legal and practical bearing
of the Sherman Act. There is only one way to solve the problem, and that
is to modify that Act so that a distinction can be made between those
consolidations which advance the country's prosperity, and those which
are operated solely for personal gain to the detriment of all except the
few directly interested. You may report back to your constituents,
Senator Hunt, that the Administration will refrain from further action
in this matter for the present, and will direct its efforts toward
securing amendments to the Sherman Act which shall make it possible to
draw a distinction between good and bad trusts, as you call them,
without discrimination."

The President rose, signifying that the conference was ended, and Gorham
left the White House in company with Senator Kenmore and the
Attorney-General. The latter wore a serious expression upon his face.

"The President took the only logical position," he remarked to his
companions; "but I tell you, gentlemen, that there is not the slightest
possibility of passing any bill through either house which can
accomplish the results we all desire."

"In another twelve months," observed Gorham, "granting that the
Companies continues to make history as it has, the people themselves
will prevent their represe