Many important financiers and corporation lawyers are still bitterly
opposed to any effective centralized regulation, even if accompanied by
recognition; but such opposition is not merely inaccessible to the
lessons of experience, but is blinded by theoretical prejudice.
Doubtless the position of being, on the one hand, inefficiently
regulated by the state governments, and, on the other hand, of being
efficiently protected in all their essential rights by the Federal
courts--doubtless such a situation seems very attractive to men who
need a very free hand for the accomplishment of their business purposes;
but they should be able to understand that it would necessarily produce
endless friction. The states may well submit to the constant extension
of a protecting arm to corporations by the Federal courts, provided the
central government is accomplishing more efficiently than can any
combination of state governments the amount of supervision demanded by
the public interest. But if the Federal courts are to be constantly
invoked, in order to thwart the will of state legislatures and
commissions, and if at the same time the authority which protects either
neglects or is unable effectively to supervise, there is bound to be a
revival of anti-Federal feeling in its most dangerous form.
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