The development of the Transcontinental Railroad was considered by some to be an "opportunity for opportunists" since railroad giants such as William Vanderbilt, Jay Gould and Cyrus Fields formed a railroad trust out of their Union Pacific, New York Central and Lake Shore & Dependence lines forming an unregulated monopoly. In the case, Munn v. Illinois (1877), the Supreme Court upheld the Granger Laws and won the right to regulate the railroads for the benefit of farmers and consumers. This established an important principle, that is, the federal government's right to regulate private industry to serve the public's interest. Research the government's attempts to regulate industry using the following links:
Interstate Commerce Act:
http://www.civics-online.org/library/formatted/texts/interstate_commerce.html
Sherman Antitrust Act
http://www.u-s-history.com/pages/h760.html
What posed the biggest obstacle to enforcement of these laws? Do you think government regulation of industry is necessary? Why or why not? Can you give examples of when there might be too much or too little government interference with private industry? Give specific examples.
