An official rate-making power would necessarily prefer certain rigid rules, favorable to the existing distribution of population and business.

Every tendency to a new and more efficient distribution of trade would be checked, because of its unfairness to those who suffer from it.

Thus the American industrial system would gradually become petrified, and the national organization of American industry would be sacrificed for the benefit of an indiscriminate collection of local interests.
If the interest of a corporation is so essentially hostile to the public interest as to require the sort of official supervision provided by the New York Public Service Commission Law, the logical inference therefrom is not a system of semi-official and semi-private management, but a system of exclusively public management.

The logical inference therefrom is public ownership, if not actual public operation.

Public ownership is not open to the same theoretical objections as is government by commission.