Jay Gould Said Railroad Rates Should Be Set by "the Laws of Supply and Demand"
(p. 344) Jay Gould, asked in 1885 by a Senate investigating committee if he believed a "general national law" was needed to regulate railroad rates, responded that they were already regulated by "the laws of supply and demand, production, and consumption."
Nasaw, David. Andrew Carnegie. New York: Penguin Press, 2006.
(Note: the pagination of the hardback and paperback editions of Nasaw's book are the same.)