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Annual Report of the 
a railroad, it is quite certain tliat everybody cannot do it, and but 
comparatively few can do it. Such corporation may therefore be 
practically though not theoretically a monopoly. It is especially 
of this species of so-called monopolies, and their relation to the in¬ 
dustrial interests of the country that I intend to speak to-day. 
There are other monopolies—many others that might profitably 
be discussed in this connection to which I can barely allude for 
want of time. I have therefore chosen to dwell more at length on 
that which just now most absorbs public attention. It is perhaps 
a matter of regret that the necessities of any government or of any 
people should oblige them to invest in any class of persons special 
privileges or monopoly rights, but we have not yet sufficiently ad¬ 
vanced in wisdom or civilization, call it what you will, to dispense 
with this way of providing the public with what seems absolutely 
essential to its welfare; and when we reflect that monopolies and 
monopoly rights are the product of civilization, we cannot in the 
present state of our knowledge reasonably look forward to the time 
when it will be otherwise. 
This subject is by no means a new one, nor is it peculiar to this 
country, for monopolies have existed everywhere in every country 
and in every age of which history gives any account. Puffendorf, 
in his work on the laws of Nature and Nations, in speaking of this 
subject says, Chap. 5, Sec. 7, “In this place something may be ex¬ 
pected to be said concerning monopolies, whether any or all of them 
be against the law of nature or no; for it is an odious name and the 
laws of manj^ states brand it grievously." Still he says that mag¬ 
istrates (and government) may give one man or company of men 
the sole power of importing certain commodities from certain places 
exclusive of all others. And there may be good reasons for grant¬ 
ing such, a privilege, for it requires vast charges to settle a trade 
with a very remote nation, * * * * and therefore the authors 
of such a commerce ought in reason to have security that others 
may not intercept gratis what thay have established at their great 
risk and charge. But as for those privileges a prudent government 
will not grant them except * * * * when the products con¬ 
cern the necessities of life. Nor even then must the merchants be 
allowed to enhance the price of those things at their pleasure; for 
it is against reason to give an opportunity of scraping up exorbitant 
riches out of the fortunes of the rest when the public get nothing 
