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In February 1908, came the Supreme Court decision in the Danbury Hatters' case, which held that members of a labor union could be held financially responsible to the full amount of their individual property under the Sherman Anti-Trust Act for losses to business occasioned by an interstate boycott.
As Circuit judge Noyes said in his judgment approving the decree: "The extent to which it has been necessary to tear apart this combination and force it into new forms with the attendant burdens ought to demonstrate that the Federal anti-trust statute is a drastic statute which accomplishes effective results; which so long as it stands on the statute books must be obeyed, and which can not be disobeyed without incurring far-reaching penalties.
The forty men separate, each carrying with him the conviction that at length the time has come when something definite is to be decided upon in the war against Trusts. Trueman remains in Chicago after the close of the Anti-Trust conference so as to be present at the National convention of the Independence party.
By the '90's surely, the egregious folly of a Sherman Anti-Trust Law should have been evident to any man who pretended to political leadership. Yet here it is the year 1912 and that monument of economic ignorance and superstition is still worshiped with the lips by two out of the three big national parties. Another movement like that of the trust is gathering strength to-day.
It seems possible to bring about these reorganizations without general business disturbance. But now that the anti-trust act is seen to be effective for the accomplishment of the purpose of its enactment, we are met by a cry from many different quarters for its repeal.
Finally, he believed that the country demanded a commission which should act as a clearing house for facts relating to industry and which should do justice to business where the processes of the courts were inadequate. The results of this undertaking were the Federal Trade Commission act of September 26, 1914, and the Clayton Anti-trust act of October 15.
It has been made more clear now than it was then that a purely negative statute like the anti-trust law may well be supplemented by specific provisions for the building up and regulation of legitimate national and foreign commerce.
The Sherman Anti-Trust Law constitutes precisely such an attempt to save the life of the small competitor; and in case the Roosevelt-Taft policy of recognition tempered by regulation is to prevail, the first step to be taken is the repeal or the revision of that law.
After the Civil War, with the portentous growth of industrial combinations in this country, came a period of reactionary decisions by the courts which, as regards corporations, culminated in what is known as the Knight case. This demand the Anti-Trust Law was intended to satisfy. The Administrations of Mr. Harrison and Mr.
Leaders in federal railroad regulation found the President cold toward projects to strengthen the Interstate Commerce law; the Sherman Anti-trust Act was scarcely enforced at all during McKinley's administration, and the parts of his messages which relate to the regulation of industry are vague and lacking in purpose.
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