The responsibility of the legislature for the protection of the public interest is consequently delegated to a commission whose duties are partly administrative and partly either legislative or judicial.

The most complete existing type of such a delegated power is not the Federal Inter-state Commerce Commission, but the Public Service Commissions of New York State; and in considering the meaning and probable effects of this kind of supervision I shall consider only the completed type.

A Federal Inter-state Commerce Commission which was fully competent to supervise all inter-state commerce and all commerce competing therewith would necessarily possess powers analogous to those bestowed upon the New York Public Service Commissions.
The powers bestowed upon those commissions are based upon the assumption that the corporations under their jurisdiction cannot be trusted to take any important decision in respect to their business without official approval.

All such acts must be known to the commission, and be either expressly or tacitly approved, and the official body has the power of ordering their wards to make any changes in their service or rates which in the opinion of the commission are desirable in the public interest.
Thus the commission is required not only to approve all agreements among corporations, all mergers, all issues of securities, but they are in general responsible for the manner in which the corporations are operated.

The grant of such huge powers can be explained only on the ground that the private interest of these corporations is radically opposed to the interest of their patrons.