“On Tuesday next,” Gorham continued, “the Senate Committee will consider a bill which is in reality an amendment to the Sherman Act, and is intended to give the Government the power to discriminate between good and bad trusts.  The Consolidated Companies is to be cited as a case in point, and they are depending upon me to advance the principal arguments for the passage of the bill.  All the other big interests are naturally against it, and they are forcing the issue, hoping to compel the Government to act against the Consolidated Companies, and thus call down the wrath of the people upon trust legislation as a whole.  If the masses find that the one agency which has reduced their cost of living is prevented from continuing its co-operative work, they will effectually put a stop to further interference, and the other interests will be the gainers.”

“A clever game,” Sanford exclaimed.

“But now I am convinced there are no ‘good’ trusts, as I have been pleased to call them.  Those combinations, like the Consolidated Companies, which are really a benefit to the people to-day, may, as again in the case of the Consolidated Companies, become their greatest enemy to-morrow.  I am prepared to say that all this talk—­much of which I have made myself—­to the effect that combination effects economies of which the public receives the benefit, is true only for a time.  Just so soon as the combinations become monopolies, amounts saved by the economies simply go to swell the profits for the stockholders.  Competition must not be eliminated—­it is the vital spark which keeps alive the welfare of the country.”

“You are going to say all this before the Senate Committee?”

“Yes, and more.  I am going to use the Consolidated Companies as an example, and urge immediate active enforcement of the Sherman Act against all consolidations which aim at monopolies or the restraint of trade.  The Attorney-General said that this would mean an industrial reign of terror.  So be it.  Even that is better than this gradual strangling of the people’s rights, which is now being carried on with legislative approval.  I shall at least have the satisfaction of performing this one act in the interests of the people, even though I must forego the continued administration of a corporation honestly devoted to their welfare.  This statement from me, and the position I take regarding my own corporation, will go far toward defeating those other malign interests which hope to gain by their attack upon me.”

Allen’s face had been a study while Mr. Gorham was speaking, and Alice had particularly noted the varying emotions it expressed.  She saw there first the astonished incredulity at her father’s determination to dissolve the Companies; then the wonder as he heard Gorham state conclusions which coincided with those he had arrived at earlier; and finally the radiant joy as the realization came, not fully but in part, that his own understanding of the situation had not been all at fault.  It needed only the words which Gorham added to make the world look bright again.  But it was to his father rather than to Allen that Gorham addressed himself.