It will thus be seen from the cases referred to in this inquiry that the Supreme Court of the United States has done an immense service to the world in placing the freedom-preserving principles of the Common Law upon the right ground, and bringing them within constitutional protection; whilst, at the same time, acting in full accord with the demonstrated truths of economic, as well as civil law; but no other court, as yet, seems to have examined the whole subject.
Mr. Mill thus states the matter:[1] "Loans are not the only kind of contract of which Governments have thought themselves qualified to regulate the conditions better than the persons interested. There is scarcely any commodity which they have not, at some place or time, endeavored to make either dearer or cheaper. * * * In some cases, as for example the famous 'maximum' of the Revolutionary Government of 1793, the compulsory regulation was an attempt by the ruling powers to counteract the necessary consequences of their own acts; to scatter an indefinite abundance of the circulating medium with one hand, and keep down prices with the other; a thing manifestly impossible under any regime except one of unmitigated terror. * * * All that Governments can do in these emergencies, is to counsel a general moderation in consumption, and to interdict such kinds of it as are not of primary importance. * * * A limitation of competition, however partial, may have mischievous effects quite disproportioned to the apparent cause."
- ↑ John Stuart Mill, in "Principles of Political Economy." Book V, Chapter X, Section 3.
