In the early days of the trust the attempt was made to regulate or to abolish it by state laws. It was soon found, however, that this method was ineffective, and so in 1890 Congress passed the Sherman Antitrust Act, which provides that "Every contract, combination in the form of trust or otherwise, or conspiracy, in restraint of trade or commerce among the states, or with foreign nations, is hereby declared to be illegal. . . . Every person who shall monopolize, or attempt to monopolize, or combine or conspire with any other person or persons to monopolize, any part of the trade or commerce among the several states, or with foreign nations, shall be deemed guilty of a misdemeanor."

This legislation, drastic as it appeared at first, although it has not been without beneficial results, has been far from sufficient to cope with the situation. It was early seen that something else was needed. For a time it was thought that publicity was the panacea. In line with this thought the Bureau of Corporations was established to investigate corporations other than common carriers doing an interstate business, and to report its findings to the President in order that he might make suitable recommendations to Congress. Under the Trade Commission Act of 1914 the powers and duties of the Bureau of Corporations were taken over by the Federal Trade Commission, which was then constituted, and certain additional investigatory and administrative functions were added. The same Congress passed the Clayton Act declaring certain corporation practices unlawful and leaving the enforcement of its principal prohibitions to the Federal Trade Commission.

While there is no reason for believing that the recent legislation will remedy all of the evils of the trusts at once, there is every reason to hope that, with a strong board giving constant attention to the problems and asking Congress for additional power as it may need it, the trust will ultimately be harnessed to do the people's work and that the more flagrant abuses will disappear. If, as is widely maintained, the trusts exist because they represent the economies of large scale production, they will continue to exist and their advantages will be preserved. If, on the other hand, their existence is primarily due to their unfair practices, they will come to an end.