Wherever the tendency in any particular industry continued to run in the direction of combination, and wherever the increasingly centralized control of that industry was associated with a practical monopoly of some mineral, land, or water rights, the government might be confronted by another instance of a natural monopoly, which it would be impolitic and dangerous to leave in private hands.

In all such cases some system of public ownership and private operation should, if possible, be introduced.

On the other hand, in case the tendency to combination was strengthened in an industry, such, for instance, as that of the manufacture of tobacco, which does not depend upon the actual ownership of any American natural resources, the manner of dealing with it would be a matter of expediency, which would vary in different cases.
In the case of a luxury like tobacco, either a government monopoly might be created, as has been already done so frequently abroad, or the state might be satisfied with a sufficient share of the resulting profits.

No general rule can be laid down for such cases; and they will not come up for serious consideration until the more fundamental question of the railroads has been agitated to the point of compelling some kind of a definite settlement.
This sketch of a constructive national policy in relation to corporations need not be carried any further.

Its purpose has been to convert to the service of a national democratic economic system the industrial organization which has gradually been built up in this country; and to make this conversion, if possible, without impairing the efficiency of the system, and without injuring individuals in any unnecessary way.