Note 173 — Chapter XX · THE ORGANIZATION AND CONTROL OF INDUSTRY
Reading edition
During the presidential campaign of 1896 there was a good deal of popular outcry over the asserted failure of the government to “curb the trusts”. When Mark Hanna, chairman of the Republican National Committee, replied, “There are no trusts”, he was laughed at from one end of the country to the other. But he was right, for most of the trusts had been converted into holding companies.