How is Bryan's story about hogs related to the idea of government regulation of trusts?

On Labor Day, Bryan delivered a widely renowned dialogue in which he recommended that one of the tenacities of government was to lay "rings in the noses of hogs" which shows a allusion to regulation of trusts, though Bryan suggested that such 'hogs' should still be permitted to get 'fat.' Both Democrats and Republicans retorted with cartoons classifying other 'hogs' to be well-ordered.