The less the state governments
have to do with private corporations whose income is greater than their
own, the better it will be for their morals, and the more effectively
are they likely to perform their own proper and legitimate functions.
Several generations may well elapse before the American public opinion
will learn this lesson; and even after it is well learned there will be
enormous and peculiar obstacles to be removed before they can turn their
instruction to good account. But in the end the American Federal
Constitution, like all the Federal Constitutions framed during the past
century, will have to dispense with the distinction between state and
inter-state commerce; and the national authority will prevail, not
because there is any peculiar virtue in the action of the central
government, but because there is a peculiar vice in asking the state
governments to regulate matters beyond their effective jurisdiction.
II
THE RECOGNITION OF INDUSTRIAL ORGANIZATION
The central government in its policy toward the large corporations must
adopt one of two courses.
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