New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-04-02
THE ACCIDENTS OF LEGISLATION.

In the discussion which the Supreme Court de-
cision in the Trans Missouri case has evoked
the one thing which has been made 10 appear
with ccarness is that the Antitrust law mas
much wider scope and longer range than us
authors intended or than the men VINO clalnoreu
FOR IFS massage ever dreamed Of. Under the III
terDretatjon of the Supreme Court 1t appears
that the law which our wise statesmen loaded
ca carefully and aimed so accurately at the
qreat trusts. which they said were operating IN
rostrain, Of trade was so crammed with dyha-
mite that at the very first discharge it burst the
crn doing vastly more damage at the breech
than at the muzzle and scattering CONSERVATION
,hrorsbout the whole range of business inter
csts among all our industrial classes and in al
financial circles 1t makes all conversation De-
twecn men engaged in the same branch OF
trade dangerous and any approach 10 p"Sin'''
understanding between them. positively crinl-
inol That this was not the purpose OF 'he
law or rho intention Of its authors, hardly need
he said II only goes TO show that our "lse''
stotosren are falliile. and that slcdce-hammer
legislation TO pu: down some real OF 'iii'- mary
ahusc is more often dangerous than salu'ary.
This was one of those accidents OF lcs'S'a''o" VI
which we have had so many instances J" our
Doltical history. some Oh tnelAi nav "'N' -"
notable as TO be worth recalling
II was by an accident of legislation 'nit the
Pacific railroad charters contained no pro''H'on
for an option in the subsidy bonds. differing III
that respect from all other Government ISSUES
In consequence Of this omission, lns'eau oi pc
inc refunded at a lower rate rs o'her ISSUES
were long before maturity. they carried SIX pe'
cent for thirty years and for hal1 lhat ''ine
compellcd the roads to bear burden or interest
charges which finally swamped them. men,
whom Congress got angry a: the supreme Court
decision which postponed the payment OF inter-
est TO the maturity of the debt ana uhder'ooN
~ bring the companies TO book II passeu 'ne
Thurman act under which twenty-five per cent
Of the net earnings of the roads were ordereo 10
no invested in Government five per cents as d
sinking fund In less than year the PURCHASE
of the five per cents in the market at the ruling
nron,irm brought about a condition of analrs
IN which the sinking fund was drawing only
two and a half per cent on the investment
rvorvhodv saw then that to Invest Inc cohl-
papies earnings at two and one-hair per cent
when they might be invested at SIX or seven
nor cont in the companies own issues WAS
neither Craftsmanship nor business But Col-
nrpss having blundered at the outset peTsls'eu
in il. and il was not until millions had peeh
wasted that the blunder was corrected. lha'
WAS an accident Of what was considered IN the
time of il wise legislation.
Again. in 1890 in Difference to the clamor OIL
men who from 1865 TO specie resumption III
1879 had been bowling for imitation or Inc CUT
rencv and payment of Government oDllgatlohs
in qrccnbacks. and who took up the CT! ioI
free-silvcr coinage as soon rs II appeared 'la'
the prjce of that commodity afforded an oppor-
tunity for fractional reputation, Congress
passed the act containing the silver purchase
nrovjsion That was supposed to embody the
hest thought highest craftsmanship ana clear
est financial forecast of the period. III was De-
Ncved that It would AT once advance the price
Of silver and bring it 10 parity with gold winch
being done the question OF free coinage Woulu
cease 10 be troublesome. What happened!
WHY after a momentary advance, the price Oh
silver saggDd and kept saggng, until upon the
entrance of a new Administration IN IN''-' III
extra session Of Congress had TO be called Tor
the sole purpose of repeating the SILVER tuT-
| chase Act. which had not only failed 10 accom-
nlsh the purpose for which il was enacted, Dut'
in the opinion Of fnanciers and capitalists ana
| Of most statesmen had wrought havoc with the
| commercial and business interests or me couh-
| try That too was an accident OF leslSla'loh
| And now here, at the beginning of another
| Administration, we confronted Win tIllS
| accident of legislation, by which a law OF the
most beneAcent intent, aimed at the correction
| of what was considered n great ana growing
| abuse turns ont to be a sweeping blow, not at
| the trusts It was aimed at, but at railroads,
banks. all kinds Of corporations, every branch
of trade and industry; in short, at everybody.
And all the time we are trying in Congress ana
in State Legislatures 10 regulate everything ny
| law. IN enact remedies out Of hand and on the
snur Of the moment, for whatever seems 10 DC
an abuse or gives Us momenlary trouble. in
view of these repeated accidents OF legislation
| and the sweeping disasters 10 which they
| exposc us. would It not be well to take rest
| from law-making? The machinery OF ieglsii-
lion is oyerworkcd. 1t creaks, and creates Dis
| turbance.
TD GIVE THE UIER 4 CHANCE.