266 INDUSTRIAL REVOLUTION AND WAGES 
For the protection of the public and of industry itself, it 
is, of course, conceded that measures of regulation should 
be established which would restrict profits and prices to 
a fair and reasonable basis. 
SEPARATE CoM MISSIONS IN Basic INDUSTRIES NECESSARY 
In this connection, it has been suggested that the Federal 
Trade Commission’s membership and powers should be 
expanded, and, as thus changed, it should be established 
as a regulatory body. The objection to such a proposal, 
however, is the impracticality of one commission being able 
to investigate and pass upon matters affecting not only 
all the basic but also the secondary industries of the coun- 
try. Promptness of action, which is so essential to stability 
and progress, would be practically impossible. This has 
been demonstrated by our experience with the Tariff 
Commission under the flexible provisions of the Tariff 
Act of 1922. The investigation of costs of production 
or operation have required such long periods of time to 
complete and use as a basis of judgment for decisions as to 
be of little practical value. Also in the case of the regula- 
tion of the railroads by the Interstate Commerce Com- 
mission, considerable periods of time are essential to pass 
upon requested changes in freight and passenger rates, 
the soundness of new security issues, or proposed plans 
of consolidation and reorganization of railroad properties. 
If, as has been proposed, a reconstituted Federal Trade 
Commission would be expected to pass upon similar ques- 
tions arising in all branches of manufacturing and mining, 
prompt and intelligent action would be impossible, 
The only practical basis of procedure is to create in 
each basic industry a commission for the regulation of 
prices, profits, and other relevant matters. An illustration 
of this procedure has already been afforded by pending