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An incorporation not only renders them necessary, but makes the

act of the majority binding upon the whole. In a free trade, an

effectual combination cannot be established but by the unanimous

consent of every single trader, and it cannot last longer than

every single trader continues of the same mind. The majority of a

corporation can enact a bye-law, with proper penalties, which

will limit the competition more effectually and more durably than

any voluntary combination whatever.