Certain essential aspects of this question will
not be discussed in the present connection. The thorough carrying out of
a policy of recognition would demand a Federal incorporation act, under
which all corporations engaged in anything but an exclusively local
business would be obliged to organize; but, as we have already seen,
such an act would be unconstitutional as applied to many technically
domestic corporations, and it would probably be altogether
unconstitutional, except, perhaps, under limitations which would make it
valueless. It may be that some means will be found to evade these
Constitutional difficulties, or it may not be. These are matters on
which none but the best of Constitutional lawyers have any right to an
opinion. But in any event, I shall assume that the Federal government
can eventually find the legal means to make its policy of recognition
effective and to give the "trust" a definite legal standing. What sort
of regulation should supplement such emphatic recognition?
The purpose of such supervision is, of course, to prevent those abuses
which have in the past given the larger corporation an illegal or an
"unfair" advantage over its competitors; and the engine which American
legislatures, both Federal and state, are using for the purpose is the
commission.
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