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Updated: June 9, 2025
I think it will be easily agreed that we should let the Sherman anti-trust law stand, unaltered, as it is, with its debatable ground about it, but that we should as much as possible reduce the area of that debatable ground by further and more explicit legislation; and should also supplement that great act by legislation which will not only clarify it but also facilitate its administration and make it fairer to all concerned.
As is well known, the Northern Securities Company was subsequently declared to exist in violation of the Sherman Anti-Trust Act, and on a decision of the United States Supreme Court in 1904 it was practically dissolved and all its securities were returned to the original holders.
Trusts were formed in all of the important branches of industry and trade. The public looked upon the trust as a means of picking pockets through trade conspiracies and the boosting of prices. The Sherman Anti-Trust Law had been passed on that assumption. In reality, the trusts were organized by far seeing men who realized that competition was wasteful in practice and unsound in theory.
He is one of the delegates at large to this convention, and hopes to be able to exert an influence over its deliberations, now that he has won some renown as a speaker. In the rush of the sessions of the Anti-Trust conference he had had no time to keep his promise to Martha. Once only had he sent her a note telling her of his safe arrival in the city.
This fact will justify the Federal Government in granting a Federal charter to such a combination to make and sell in interstate and foreign commerce the products of useful manufacture under such limitations as will secure a compliance with the anti-trust law.
In the famous Northern Securities merger he presented a test case to the Supreme Court which ultimately opened the way for the prosecution of the other great corporations which had violated the Sherman Anti-trust Law.
The platform contained the usual planks concerning the party's past, the protective tariff and the civil service; and it reflected something of the rising interest in economic and political reforms in its advocacy of laws limiting the hours of labor for women and children, workmen's compensation acts, reforms in legal procedure, a simpler process than impeachment for the removal of judges, additions to the anti-trust law, the revision of the currency system, publicity of campaign contributions and a parcel-post.
The chief reasons given by Senator Nelson were summed up in a single sentence: "The defence of reasonable restraint would be made in every case and there would be as many different rules of reasonableness as cases, courts, and juries.... To amend the anti-trust act, as suggested by this bill, would be to entirely emasculate it, and for all practical purposes render it nugatory as a remedial statute.... The act as it exists is clear, comprehensive, certain and highly remedial.
Whether or not they might have been adequate originally, interpretation by the courts and the difficulties and delays of legal procedure have now definitely limited their effectiveness. We are already studying how to strengthen our anti-trust laws in order to end monopoly not to hurt but to free legitimate business.
It is not likely that the Anti-Trust Law has prevented honest men from earning legitimate profits from legitimate business service to anything like the extent which would be indicated by the vigor with which it has been opposed. But even if it has, we have received something for the price paid.
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