But killing the elephants -- legally or not -- doesn't stem the demand because the reason there's a crisis in the first place is that the demand far outstrips the supply. The hunters, to cover the market as sufficiently as the poachers do, would have to kill as many elephants as they do; then what's the point of doing it in the first place? I'd also say that it's unrealistically idealistic to suggest that the hunters will ever have a monopoly on the supply, and even if they did the instant they tried to use their monopoly to limit supply (such as by artificially inflating the prices), they'd just be providing the fuel for the formation of an even more pervasive and well-armed black market.There are other methods, of course. Donations, more government money, and perhaps most important of all, stemming demand.
The last one is perhaps the hardest to do. You have to break centuries of tradition in a market that is newly rich. There are many efforts to do so (Yao Ming, for instance, has worked for rhino conservation), but it's not making much of a dent as I understand it.
At the moment, donations don't seem to help as much as hunting does either. People love to talk about how important these conservation efforts are, but how often are they putting their money towards those goals? Not often enough to completely replace hunting permits.
Stopping poachers is also an option, but I don't know enough about what it takes to stop them as well. They'll likely dissappear along with the demand.
The real issue here is Africa itself and the ubiquitous lack of proper living conditions and the kind of governments that come along with proper living conditions. They don't have the means (or the incentive, really) to control this problem.