Read Ebook: Popular Law-making A study of the origin history and present tendencies of law-making by statute by Stimson Frederic Jesup

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Proper Field of Legislation; Meaning of the Word "Law,"; Modern Importance of Statute Law; Representative Government and the Right to Law; Enforcement of the Common Law; Origin of Representative Legislatures; Customary or Natural Law; No Sanction Necessary; The Unwritten Law and Outlawry; Early Parliament Merely Judicial; Contrast of Common Law with Roman Law; Theory that the King Makes Law; Parliament Retains the Right to Tax; Parliament Recovers Legislative Powers.

Constructive Legislation a New Idea; Statutes Increase of Late Years; Sociological Legislation only Considered; Early Legislation Political; English Law not Codified; Early Anglo-Saxon Laws; Freedom Gained in Guilds; Threefold Division of Government; No Constitution Controls Parliament; Restoration of English Law After the Conquest; Taxation by Common Consent; Earliest Social Statute; Recognition of Personal Property; Law of Land Tenure; The Charter of Liberties; Early Methods of Trial; Distinction Between Sin and Crime; Church Law Governs Sin; Important Clauses of Magna Charta; Freedom of Trade; Taxation for the Common Benefit; The Great "Liberty" Clause; "Administrative" Law not English; No Government Above Law.

Common Law Against Civil Law; "We Are Unwilling to Change the Laws of England;" Usury and the Jews; Towns Represented in Parliament; The Fixing of Prices; Sumptuary Laws; The Benefit of Clergy; Partial Codification; The Statute of Westminster I; Law Extended to All People; Labor Makes Men Free; The Freedom of Elections; "Cruel and Unusual Punishment"; Sexual Offences Made Secular Crimes; Earliest Duties on Imports; Early Duties on Wool; The Law of Wrecks.

Extortion and Discrimination; Forestalling, Regrating, Engrossing; The Statute of Bakers; Origin of Law of Conspiracy; The Law of Combination; The Modern Definition; Combinations Against Individuals; Intent Makes the Guilt; Conspiracy More Heinous than the Act Committed; Combinations to Injure Trade; Individual Injuries to Business; Definition of Forestalling; "The Iowa Idea"; The Statutes of Labor; First Statute of Laborers; A Fixed Wage; Early Law of Strikes; Early Law of Trades-Unions; Labor Conditions in Early Times; Combinations to Fix Prices; Unlawful By-Laws of Unions; Restraint of Trade; The Eight to Labor; The Earliest Boycott; Origin of the Injunction in Labor Cases; The Common Law Vindicated; Compulsory Labor in England; Free Trade to Merchants; Jealousy of Chancery Power; Guilds and Corporations; Chancery and the Star Chamber; By-Laws Tending to Monopoly; Hours of Labor Laws; Idlers and Vagabonds; Trusts and Labor Combinations; Riots and Assemblies; The Statute of Elizabeth; Early Labor Regulations; The First Poor Law; The First Complaint of Monopolies; Growth of Monopolies; The Statute of Monopolies; The Impeachment of Monopolists.

Early Increase of State Legislation; The State Constitutions; When Statutes Should Be Unconstitutional; Effect of the Initiative and Referendum; The True Value of Precedent.

Proper Classification of Statutes; Anarchism, Individualism, Socialism; Definition of Communism; Definition of Nationalism; Property a Constitutional Right; Not a Natural Right; Socialism Unconstitutional; Eminent Domain; What Are Public Uses; Irrigation, Drainage, etc.; Internal Improvements; Bounties; Exemptions from Taxation; Limits Upon Tax Rate; Income Taxes; Inheritance Taxes; License Taxes; Betterment Taxes; Double Taxation; The Police Power; Government by Commission; Noxious Trades, Signs, etc.; Modern Extensions of Police Power; Pure Food and Drug Laws; Prohibition Laws; Oleomargarine Laws; Examinations for Professions; Christian Science and Osteopathy; Trading Stamps and Department Stores; Usury Laws; Negotiable Instrument Laws; Bills of Lading and Warehouse Receipts; Sales in Bulk; Intestate Succession; Laws for Protection of Debtors; Mechanics' Lien Laws; Mortgage Foreclosures; Nuisances; The Buying of Futures; Tips and Commissions; Weights and Measures; Laws Against Middlemen.

Laws Fixing the Rate of Wages; Wages in Public Work; Logic of Rate Regulation; The Granger Cases; Theory of Rate Regulation; Regulation by the States; Constitutional Difficulties of Rate Regulation; The Railway Rate Act of 1910; The Long and Short Haul Clause.

The Trusts at Common Law; The Sherman Act; State Laws Against Trusts; Federal Incorporation; Other Remedies of the States; Class Legislation and Organized Labor; Recent Decisions and Laws Against Trusts; Constitutional Provisions Against Trusts; Growth and Decline of Anti-Trust Legislation; Best Remedy for Trusts; Only Three Courses Possible; Centralization and Federal Control.

History of Trading Corporations; Two Theories of Corporation Law; The Massachusetts Commissioners' Report; The Payment Up of Stock; The Massachusetts Law; The "Business Corporation" Act; Corporation Laws of All the States; Publicity and Other Remedies; Laws Regulating "Holding" Companies and Stock Ownership by Corporations; Corporations of Other States; States May Exclude; Summary of the Trust Question; Public Service Companies.

English Law Does not Enforce the Labor Contract; Freedom to Trade and Labor; Sources of Reform Legislation; Constitutional Difficulties; Minimum Wage Laws; The Rate of Wages in Public Work; Equal Wages for Women; The New York Constitutional Amendment; Hours of Labor Laws for Men; Hours of Labor Laws for Women; Prohibited Employments to Women; Hours of Labor of Children; Laws of All the States To-day; Hours of Labor in Factories, etc.; Child Labor Prohibited; Hours of Labor in Mines; Age Limit for Child Labor, Dangerous and Immoral Trades, Protection of Young Girls, Labor in Mines, Hours of Labor in Peculiar Trades, The Constitutional Difficulty, Farms and Domestic Labor, Continental Legislation, Sanitary Restrictions on Female Labor, Sweatshop Laws, The Factory Acts, Employers' Liability, Anti-Truck Legislation, Factory Stores and Dwellings, Benefit Funds and Compulsory Insurance, The R?gime of Contract, Compulsory Labor and Peonage, Statutes Against Intimidation, Blacklists, Picketing, Armed Guards, Political and Militia Duties, Miscellaneous Matters, Profit-Sharing, etc., Discrimination Against Union Labor, Twenty Years of Labor Legislation, Foreign Labor Legislation, Employers' Liability, Old Age Pensions, Minimum Wage Laws, Co-operation and Profit-Sharing, Arbitration Laws, Labor Legislation in Europe.

The Law of Combination and Conspiracy, Intent the Test, The English Conspiracy Act, Modern Reforms Desired by Organized Labor, Boycotts and Blacklists, Intimidation, Interference with Political Rights, The Oklahoma Labor Code, European Law of Combination.

The Right to Civil Law, Martial Law, Military Law, The Right to Arms, Military Service, The Struggle Against Martial Rule in England, Standing Armies, Mobs, Riots, Lynching, The Use of the Army in Labor Troubles,

The Right to Assembly and Free Elections; The Suffrage, 28; The Force Bills; Interference with Voting; Bribery and Corrupt Practices; Lobbying Acts; The Form of the Ballot; Direct Primaries and Nominations; The Distrust of Representative Government; Corrupt Elections Laws; Direct Election of U.S. Senators; Women's Suffrage; Municipal Elections, The Initiative, Referendum, and Recall; The Judicial System.

Freedom of Speech and of the Press; The "Unfair" List; Prohibition of Anarchistic Propaganda; The Right to Privacy; Search Warrants and Self-Incrimination; Religious Rights.

The Race Question; Races Capable of Citizenship; The War Amendments and Their Effect; The Negro's Social and Property Rights; The Privileged Classes.

A Woman Is a Citizen; Her Right to Labor and Property; Marriage, Divorce, and Children; Women in Politics and Education; Reform of Divorce Procedure; Uniformity of Law in Divorce; The Secular Law in Sexual Matters; Marriage a Contract; The "Single Standard" and Free Divorce; Control of Marriage by the State; Recent Legislation; Radical Statutes in Sexual Matters; Legal Separation; The Married Woman's Privileges; The "Age of Consent"; Female Suffrage by Property-Owners; Kidnapping, Curfew, Rape; Statistics of Divorce; Industrial Liberty of Women; Female Labor in England and U.S.A.

Common Law Prevails; New Crimes and Penalties; Self-Regardant Actions; Reform in Punishment; Procedure in the Courts; Lynching and Mob Law; Interstate Commerce in Liquor, etc.; Physicians' Privilege; Prohibition Laws; City Ordinances; Juvenile Courts and Laws; Present Needs.

Government by Commission; Taxes, Debt, and Franchises; Municipal Socialism; Internal Improvements; State Farms and Forests; Education; Taxation and State Aid; Present Questions.

The Form of Our Statutes; Need of Authorized Revisions; Reforms Recommended; Indexing and Arrangement; Need of a Parliamentary Draughtsman; Recommendations of the State Librarians; Purpose of this Book.

INDEX

POPULAR LAW-MAKING

THE ENGLISH IDEA OF LAW

So it was that the Witenagemot--this Great Council of the realm--was primarily judicial, in the first instance always judicial; that is, it never made new laws. It got together to try people for the breach of law; and that incidentally brought up the validity of the old law, and then decided whether old law was valid or not. In a sense, therefore, you see they told what the law was, they announced it; but they never supposed they were making new laws. That was the last thing they intended to do, and the last thing the people would have stood, had they tried it.

EARLY ENGLISH LEGISLATION AND MAGNA CHARTA

These early Anglo-Saxon laws mostly concern only matters of procedure for the courts, or the scale of punishment. As they assume a knowledge of existing law, they are often hard to understand. Here are some of the laws of Wessex:

CAP. 11. "If any one sell his own countryman, bond or free, though he be guilty, over sea, let him pay for him according to his 'wer.'"

CAP. 36. "Let him who takes a thief, or to whom one taken is given, and he then lets him go, or conceals the theft, pay for the thief according to his 'wer.' If he be an ealdorman, let him forfeit his shire, unless the king is willing to be merciful to him."

CAP. 27. "If a man, kinless of paternal relatives, fight and slay a man, and then if he have maternal relatives, let them pay a third of the 'wer'; his guild-brethren a third part; for a third let him flee. If he have no maternal relatives, let his guild-brethren pay half, for half let him flee."

CAP. 28. "If a man kill a man thus circumstanced, if he have no relatives, let half be paid to the king, half to his guild-brethren."

"2. And if a ceorl throve, so that had fully five hides of his own land, church and kitchen, bell-house and burh-gate-seat, and special duty in the king's hall, then was he thenceforth of thegn-right worthy.

"6. And if a merchant throve, so that he fared thrice over the wide sea by his own means, then was he thenceforth of thegn-right worthy."

Worldly success has thus always been the foundation of English nobility.

CAP. 71. "And if any one depart this life intestate, be it through his neglect, be it through sudden death; then let not the lord draw more from his property than his lawful heriot. And according to his direction, let the property be distributed very justly to the wife and children and relations, to every one according to the degree that belongs to him."

CAP. 81. "And I will that every man be entitled to his hunting in wood and in field, on his own possession. And let every one forego my hunting: take notice where I will have it untrespaesed on under penalty of the full 'wite.'"

There is further a continued evidence of the efforts of the people to restore the common law of England as against the king's law or Roman law, or later against the law of the church, also a kind of Roman law known as canon law; and later still against the law of the king's chancellor, what we should now call chancery jurisdiction; for the jealousy of chancery procedure was quite as great in the twelfth century as it is with the most radical labor leaders to-day; but of this later on.

To-day, the American constitutions all say that a militia is the natural defence of a state of free men. It is interesting; therefore, to find, hardly a century after the Norman Conquest. In 1181, the Assize of Arms, which revived the ancient Saxon "Fyrd," the word for what we now call militia; and, twenty years before that, "scutage" replaced military service. To the burdens of the feudal system, compulsory military service and standing armies, our ancestors objected from the very beginning. In a sense, scutage was the beginning of taxation; but it was only a commutation for military service, much as a man to-day might pay a substitute to go to war in times of draft. General taxation first appears in 1188 in the famous Saladin tithe, the first historical instance of the taxation of personal property as distinct from a feudal burden laid upon land. The object of this tax was to raise money for the crusade against the Sultan Saladin. It was followed, five years later, by a tax of one-fourth of every person's revenue or goods to ransom the king, Richard I having gone to this crusade against Saladin, and been captured on his return by his good friend and Christian ally, the Emperor of the Holy Roman Empire. It is interesting to note that the worth of the king in those days was considered exactly one-fourth of the common wealth of England. John was less expensive; but he was not captured. He levied a tax ten years later of one-seventh part on the barons, and one-thirteenth on every man.

In 1213 two important things happened. The high-water mark of domination by the Roman Church is reached when King John surrendered England to the pope, and took it back as a fief of the pope for a tribute of one thousand marks. The same year the other early method of trial of lawsuits was abolished by the Lateran Council--trial by ordeal. This was the only remaining Saxon method. The Norman trial by battle had already been superseded by trial by jury; and from this time on, in practice, no other method than a jury remains, though trial by battle was not abolished by statute until the nineteenth century.

Lastly, we have in cap. 41: "Merchants shall have safe conduct in England, subject only to the ancient and allowed customs, not to evil tolls"--a forecast of the allowable tariff as well as of the spirit of modern international law. Finally, there is a chapter on mortmain, recognizing that land might not be given to monasteries or religious houses, and particularly under a secret trust; the object being to keep the land, which made the power of the realm, out of the hands of the church. As far as that part of it goes, it is merely historical to us, but it developed into the principle that corporations "which have no souls," and do not die, should not own too much land, or have too much power--and that is a very live question in the United States to-day.

One must not be misled by the generality of the phrase used in chapter 39, and think it unimportant because it looks simple. It is hard for an American or Englishman to get a fresh mind on these matters. We all grow up with the notion that nobody has the right to arrest us, nobody has the right to deprive us of our liberty, even for an hour. If anybody, be he President of the United States or be he a police officer, chooses to lay his hand on our shoulder or attempts to confine us, we have the same right to try him, if he makes a mistake, as if he were a mere trespasser; and that applies just as much to the highest authority, to the president, to the general of the army, to the governor, as it does to a tramp. But one cannot be too often reminded that this principle is peculiar to English and American civilization. Throughout the Continent any official, any judge, anybody "who has a red band around his cap," who, in any indirect way, represents the state--a railway conductor, a spy, a station agent--not only has the right to deprive you of your freedom, but you have no right to question him; the "red band around the cap" is a final answer. Hence that extraordinary incident, at which all England laughed, the Kupenick robbery. A certain crook who had been a soldier and was familiar with the drill and the passwords, obtained possession of an old captain's uniform, walked into a provincial town of some importance, ordered the first company of soldiers he met to follow him, and then with that retinue, appeared before the town hall and demanded of the mayor the keys of the treasury. These were surrendered without question and he escaped with the money, representing, of course, that he had orders from the Imperial government. It never occurred to any one to question a soldier in full uniform, and it was only some days later, when the town accounts were sent to Berlin to be approved, that the robbery was discovered.

RE-ESTABLISHMENT OF ANGLO-SAXON LAW

In the same Statute of Merton there is a sentence against usury, "no usury permitted against minors"; and there are two things to note here. One is, that the secular legislature is also taking jurisdiction of minors, who were claimed at that time to be solely under the jurisdiction of the church; and the other is the reference to usury. Mind you, usury is interest. It didn't mean excessive interest, as it does now. As you probably know, the notion prevailed in the early Middle Ages that all usury--interest--was a sin and wrong; and even Ruskin has chapter after chapter arguing that principle, that it is wrong to take interest for money. I should perhaps add another reason why interest was so disliked in early England: There was very little money in early England; and it mostly belonged to the Jews. It was a good deal as it is in Russia to-day; the Jews were persecuted in Russia as in early England, because, in the country districts of Russia, the Jews have all the money, and money-lenders are always unpopular. So in early England. The great barons had their land and their cattle and crops, but they had little money. When they wanted money they got the value of it out of their tenants. Nobody carried large sums of money around with him then, any more than a woman does to-day--she relies on her husband or father; they went to the nearest Jew. When the king wanted cash, he also extorted it from the Jews. One of the early Henrys said seriously, that he regarded the Jews as a very convenient sponge! That is, they sucked all the money in the kingdom and got it into a place whence he could easily get it out. But it made the Jews very unpopular with the masses of the people and with the Parliament; hence, their great dislike of usury. I doubt very much if they would have cared much about usury if one gentleman had been in the habit of loaning money to another; but all the money came from the Jews, who were very unpopular; and the statutes against usury were really made against them, and that is why it was so easy to pass them--they based it, doubtless, on the references to usury in the Bible. Thus they got the notion that it was wrong to charge interest, or at least extortionate interest; more than a certain definite per cent.; and this is the origin of all our interest and usury statutes to-day. Although most economists will tell you that it is ridiculous to have any limit on the rate of interest, that the loan of money may well be worth only four per cent. to one man and twenty-five to another, and that the best way for everybody would be to leave it alone; nevertheless, nearly all our States have usury laws. We shall discuss that later; but here is the first statute on the subject, and it really arose because of the feeling against the Jews. To show how strong that prejudice was, there was another statute passed in the interest of liberality to protect the Jews--a statute which provided liberally that you must not take from a Jew "more than one-half his substance." And a very early commentator tells us of a Jew who fell into a privy on a Friday, but refused to be helped out on Saturday because it was his Sunday; and on Sunday he besought the Earl of Gloucester to pull him out, but the Earl of Gloucester refused because it was his Sunday; so the Jew remained there until Monday morning, when he was found dead. There is no prejudice against Hebrews to-day anywhere in Europe stronger than existed even in England for the first three or four centuries after the Norman Conquest; and had it not been for the protection given them by the crown, probably they would have been exterminated or starved out, and in 1289 they were all banished to the number of 16,160, and their movables seized.

In 1264 citizens of towns were first represented in the Parliament , originally only composed of the great barons, who were the only land-owners. The notion of there being freemen in towns was slowly established, but it was fully recognized by 1264, and in that year citizens of towns first appeared in the Council. To-day, under the various Reform Acts, tenants or even lodgers in towns are just as much represented as the land-owners; but the reform which began in 1264 took six hundred years to be thoroughly established.

In the year 1266 I find the first statute in the French language, Norman French; before that they were all in Latin; and they lasted in French for some four or five hundred years, and then they were put in English. The Statute of Marlborough, 1267, is a very important one historically, but it does not concern us, because it mainly had to do with the ownership of land, the tenure of land in England, an extremely important subject, but one that is obsolete here. Then we have something about the trial of clerks for murder. Of course the word clerk there means not what we mean by a clerk, but a person who could read and write; and nothing more than that. It originally meant persons in holy orders, who were called clerks , but there got to be clerks who were not in holy orders. Originally only priests could read and write. No one else knew how, except possibly great personages like kings, and consequently it was the same thing whether, when you said a clerk, you meant a person who could read and write or a priest. But when there got to be people who could read and write and who were not priests, it became an important distinction. There was a privilege in England known as the "benefit of the clergy"; if any clerk was tried for a criminal offence, no matter what, all he had to do was to state that he was a priest and he was at once set free. In other words, he could not be punished. That doesn't concern us; but, I suppose, it resulted from the old notion that all priests were subject only to Rome, and to the church courts, and not to the civil law courts; and consequently when a priest was attempted to be tried in a civil law court, it was a way of doing what we should call "pleading to the jurisdiction" of the court. Later, as time went on, in England it was greatly abused, especially when there got to be clerks who were not priests. When it meant anybody who could read and write, and anybody who had committed a murder had only to say, "I can read and write," and be set free, it led to an extraordinary state of things. So, from time to time, they modified the benefit of the clergy, until ultimately it was abolished entirely; first by not allowing it in high offences like murder; then by imposing certain slight punishment--they were "burned in the hand"; then by applying it only to the first offence, and so on, until they got rid of it entirely; and this Statute of Marlborough is simply one of the first of that long chain of statutes which finally did away with it and prevented people from getting rid of a criminal prosecution merely because they knew how to read and write or were priests.

"Fines are to be reasonable." You find that principle in all our constitutions to-day in the clause that there shall be no cruel or unusual punishments, and that fines shall be proportionate to the offence; this principle is expressed also in Magna Charta.

There is another interesting clause in this statute; I don't know whether in this country so much as there, but it is in England the almost universal custom of ships to have a dog or cat on board. You never will find a coasting vessel without a dog or cat, usually both; and I believe it is for this strange historical reason, as shown in this Statute of Westminster I: In those days all wrecks belonged to the king. So all wrecks belonged to the king. The result was, that whenever any vessel went ashore the king's officers seized it; and naturally the owner of the vessel didn't like that, because it very often happened that the vessel was perfectly good and could be easily repaired and the cargo saved. It is still a great principle in marine law that if one-half of the cargo is good, the man who owns the vessel cannot surrender and claim from the insurance company as a total loss; it is important still how much of a wreck a wreck is. But in those days the king, even if the vessel was stranded and could be raised, would seize it on the plea it was a wreck. The man who owned the ship would say she is perfectly seaworthy; and then would come the dispute as to what a wreck was. Or even when the vessel was destroyed, a great part of the cargo might be saved, and the owner of the vessel thought it very unjust that the king should claim it all. So the Parliament of England established as part of the liberties of the English merchant or trader that he should still have a property in his wreck; and then the question came up as to what was a wreck. It was generally admitted that when all hands were lost, that was a wreck; but they wanted to get as narrow a definition as they could, so they got Parliament to establish this law, that in future nothing shall be considered a wreck out of which a cat or a dog escapes alive; and from that time until the present day no vessel coasts about England without carrying a cat or dog.

EARLY LABOR LEGISLATION, AND LAWS AGAINST TRUSTS

Far the most important phrase to us found in the Statute of Westminster I, save perhaps that common right should be done to rich and poor, is to be found in this sentence: "Excessive toll, contrary to the common custom of the realm," is forbidden. The statute applies only to market towns, but the principle established there would naturally go elsewhere, and indeed most towns where there was any trade were, in those days, market towns. Every word is noticeable: "Excessive toll"--extortion in rates. As this statute passed into the common law of England and hence our own, it has probably always been law in America except, possibly, in those few States which expressly repealed the whole common law and those where civil law prevailed. It was therefore equally unnecessary to adopt new statutes providing against extortion or discrimination, for the last part of the phrase "contrary to the common custom of the realm" means discrimination. But this is one of the numerous cases where our legislatures, if not our bar and bench, erred through simple historical ignorance. They had forgotten this law, or, more charitably, they may have thought it necessary to remind the people of it. There has been a recent agitation in this country with the object of compelling great public-service companies, such as electric lighting or gas companies, to make the same rates to consumers, large or small. This also was very possibly the common law, and required no new statutes; there are cases reported as far back as the fourteenth and fifteenth centuries where, for instance, a ferryman was punished for charging less for the ferriage of a large drove of sheep or cattle than for a smaller number, "contrary to the common custom of the realm." Nine years before this statute is the Assize of Bread and Beer, attempting to fix the price of bread according to the cost of wheat, but notable to us as containing both the first pure-food statute and the first statute against "forestalling."

Now forestalling, regrating, and engrossing are the early English phrases for most of the unlawful or unmoral actions which we ascribe to the modern trust. In fact, there is hardly one legal injury which a trust is said to commit in these days which cannot be ranked under those three heads, or that of monopoly or that of restraint of trade.

"Forestalling" is the buying up provisions on the way to a market with intent to sell at a higher price; and the doctrine applied primarily to provisions, that is to say, necessaries of life. Precisely the same thing exists to-day, only we term it the buying of futures, or the attempt to create a corner. We shall find that the buying of futures, that is to say, of crops not yet grown or outputs not yet created, is still obnoxious to many of our legislatures to-day, and has been forbidden, or made criminal, in many States. "Regrating" is defined in some of the early dictionaries as speculating in provisions; the offence of buying provisions at a market for the purpose of reselling them within four miles of the place. The careful regulation of markets and market towns that existed in early times in England would not suffer some rich capitalist to go in and buy all that was offered for sale with intent of selling it to the same neighborhood at a higher price. Bishop Hatto of the Rhine, you may remember, paid with his life for this offence. The prejudice against this sort of thing has by no means ended to-day. We have legislation against speculation in theatre tickets, as well as in cotton or grain. "Engrossing" is really the result of a successful forestalling, with or without regrating; that is to say, it is a complete "corner of the market"; from it our word "grocer" is derived. Such corners, if completely successful, would have the public at their mercy; luckily they rarely are; the difficulty, in fact, begins when you begin to regrate. But in artificial commodities it is easier; so in the Northern Pacific corner, a nearly perfect engrossing; the shares of stock went to a thousand dollars, and might have gone higher but for the voluntary interference of great financiers. Leiter's Chicago corner in wheat, Sully's corner in cotton, were almost perfect examples of engrossing, but failed when the regrating began. All these tend to monopoly, and act, of course, in restraint of trade; the broader meanings of these two latter more important principles we leave for later discussion.

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