The times. [volume] (Richmond, Va.) 1890-1903, 1892-02-18
xr,.MoNOPOLy BILLS.

rur ANTI-MONOPOLS bi'''
ru-r,.vs feels iubilant. messrs. VIRGIN
- c.,,do,. have considered the matter
..5 bove determined TO drop the biiis
,-.,~oarceI by them. At a meeting OF inc
~. Committee on Banks and Currency
x,ons.r afternoon Mr. Saunders bill was
s;rnIv ignored. whilc Mr.. Wright withdrew
ri. and offered another as q substitute winch
| the committee agreed To report to the House
Tba nrcsent bill is less Objectionable than
Mr. Wright's frat one. but even 1t Is oau
| enough and ought not to pass.
II has two essential provisions. one de-
| cIares that every contract in restraint OF trane
| 10 the injury of the people. every comolna-
ton in the form of trust in restraint OF
trade to the injury Of the people ana every
conspiracy in restraint Of trade TO the INJURY
Of the people shall be illegal and those VINO
shall participate in any one of these snail DO
severely punished.
The other branch provides that every per-
son who shall monopolize or attempt 70 mo-
nopolize or combine or conspire with any
other person or persons to monopohzo any
part Of the trade or commerce IN this o'a'e,
TO the injury of the people. shall DO deemeu
guilty of a misdemeanor" and severely pun
ishedS
The first branch of this bill simply declares
TO be Illegal contracts and agreements which
always have been illegal and void according
TO the course of tho common law. There
never has been a day in the history OF tho
American people, or Of their English ances-
tors when the courts would have failed TO
pronounce null and void any contract OF
agreement in restraint Of trade 10 the injury
Of the people. or any combination in the form
of trust in restraint of trade TO the injury Of
the people. or any conspiracy in restraint Of
trade to the injury Of the people.
This is the law of the land. and the Legis-
lature has no more power to make it moro the
law of the land than it is this day, than It
has to turn air into water. Why enact 1t into
law therefore, There is no reason for 1t. but
there is a perfectly good reason againstlt. The
tendency Of the courts will. Of course, be TO-
wards holding that the Legislature intended
to do something. They Will not willingly I'M
pute 10 il the purpose to do a vain thing.
This may constrain the courts to enlarge the
language of the act so as TO take in cases not
now condemned by the law IN which case
they will work a positive injury and harm to
trade. Further. 1t will not be understood.
Ii will be understood as some sort Of an at
tack on concerted action Of capital which will
keep capital and investors away from Viz
ginia. The matter should therefore be let
-. nlo L. no - 80 20 c1 Hciapt n npU
makes oil agreements in restraint Of trade
void. Leave il therefore alone, and run no
risk of making void agreements which are
really not in restraint of trade.
The second branch is positively noxi0us
and a death blow at all free and fair trade,
the discussion of which we postpone for the
present. to make one remark. Mr.. Wright is
terrified at a bugaboo. He has an unshaped
terror in his mind at something that he hears
talked of as trusts, " and his bill is loaded 70
the muzzle and aimed at these same trusts"
whatever they may be, and what we object to
about his bill is the vagueness of the thing
aimed at. Let Mr.. Wright mark out and de-
scribe tho particular combination that hecon-
siders q dangerous trust" and it might be
we would have no objections to seeing it de-
stroyed. What we object to is this general dis
charge Of musketry at all trusts
Now, we have a fixed opinion that 20
trust" is to be condemned if it is one organ
lied to carry out an innocent and praise
worthy object, and therefore we shall attack
the foundations of Mr. Wright's whole
theory; but this article is already long enough
and we defer our attack until tomorrow.