III. It is for the interests of American trusts to lower prices when possible. (a) where prices are at first increased it is due to a reaction from ruinous competition. Remarks of Hon. F. B. Thurber to the N. Y. Senate

Commission. Dec. 12, 188. (b) a temporary increase is followed by a steady decrease in prices. Polit. Sci. Quart. vol. III. p. 402.

IV. The right of Congress to enact such legislation is derived either from the power "to lay taxes" or "to regulate commerce."

V. National legislation will be use-less (a) taxation will affect those trusts only whose existence depends on revenue laws.- John Sherman, Congressional Record, 50th congress, second session, p. 7513. (b) Congress has no power over commerce, corporations, or partnership within a state.- Fiftieth congress, second session, pp. 619, 8520,8560.

VI. State legislation will be inefficient. (a) It cannot apply beyond the borders of the state; (b) it will vary in different states; (c) its operation within a state is limited.- Cook on "Trusts and Combinations," p. 17; 19 Abbott's New Case, 450.

VII. Neither state nor national legislation can reach trusts organized outside, but operating within the United States.

VIII. No sufficient reasons exist for declaring trusts illegal.