The times. [volume] (Richmond, Va.) 1890-1903, 1897-04-01

prohibit all agreements and combinations
I'm restraint of trade and commerce.
whether such agreements are reasonable
or the reverse
where does this take u.s. Although
this act may now be regarded as applying
TO RAILROADS only except possibly such
other Industries as may be carried on IN
two or more states at the same time)'
similar acts are rapidly finding their place
upon the statute books OF every state
and a similar construction may be expect
ed to be placed upon them by the local
courts. accustomed TO adopt the decisions
Of the supreme Court without hesitation
and subject 70 grave criticism II they 40
not Under such laws all agreemnts nc
tween insurance companies upon prem
ium rates are Illegal; all agreements DC
tween competing manufacturers Wni'h
seek TO enable them 20 obtain 1alr price
for their products. all agreements between
ncwspapors as 10 prices, advertising rates
or salaries; all labor unions which en-
deavor 10 maintain wages AT a living rate
an concerted action among farmers de-
eiencd 10 secure reasonable prices TOT
their crops: even agreements among law
vcrs and physicians. livcry-stable Keep
ers artisans Of all kinds. arc illegal; the
whole fabric Of methods under when bus
mess is to-day conducto falls TO Inc
ground. and at least one-naif OF the citl-
zons OF the republic are under the shadow
of the penitcntary
This IS revolution WITH n vengeance
Modern methods and modern necessities
are ignored and overturned, and we are
set back incontircntiy three hundred
years.
"In parsing IL may be noted that the
labor unions extending over more than one
state Including all railway labor organi-
zatlons. are doubtless directly subject 10
the decision: and probably all ire lnsur-
ance agreements that embrace more than
a single state in the territory covered.
However this may be. taking the Federdi
law in connection with the state Avs
the whole field IS included; 1t VIII De
difficult 10 find any person IN active Nocd-
tions. except such as are recipients ol
stated salaries who are not within the
net. ,..,.,
"It IL curious that while the opinion
reneatedlv alludes to the great wrong ac-
complished by driving out OF business
small traders and worthy men. the result
Of the decision must increase thls very
evil. if small manufacturers lot eNaihple,
cannot maintain reasonable prices pS
agreements 10 that end. they VIII be
come BANKRUPT and their business VIII tail
into the hands of more powerful rlNais'
We are not prepared to say that TINS
is an exaggerated view Of the case. Mod
orn machinery. steam and electricity have
enabled competitors 20 transact business
upon such even terms that some method
! If controlling competition IS absolutely
necessary or unbridled competition Just
as certainly becomes the death oil 'i"Ue
as that properly regulated competition Is
its life. The modern plan OF combining
resource and effort was the cohro''i"s
force that business experience had iouho
best adapted to the end. II 1t IS now 10
be suthoritatively said that our ins'l'u-
tions will not permit this principle TO be
emploved in our business AFFAIRS then we
are confronted with condition that de-
mands the most serious consideration in
deed.