The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-03-24

There are many things which many peo-
PIE think should be suppressed but which
cannot be reached by law. The absorption
and consolidation of railroads, the COMPETE
ton of Incorporated capital with individual
capital. the competition OF machine labor
with hand labor, that of department stores
with separate stores-these and many other
phases Of modern business are condemned
by many persons. but cannot be prevented
by legislation. 1t is doubtful if trusts can
be. They can be regulated, but probably
not suppressed. They certainly cannot be
unless their purpose is opposed to public
policy such the law will not tolerate.
Trusts are not Inherently and necessarily
wrong any more than corporations dre, and
while some are foolish enough TO denounce
all corporations sensible people know the
modern world could not get along without
them. Even the ancient world had its
monopolies and its combinations of greed
and of capital. In the year OF our Lord 473
the Emperor Zeno issued an edict directed
to the pretorian project of Constantinople,
as follows:
We command that nc one may presume
To exercise a monopoly of any kind of cloth
ing, of fish, of any otner thing serV-
ing for food, or for any other use, Whatever
Its nature may be, either of his own au-
thority or under a rescript of an Emperor
already procured. or under imperial de-
cree. or under a rescript signed by our
Majesty: nor may airy persons combine or
agree unlawful meetings that different
kinds of merchandise may not be sold at a
less price than they have agreed upon
among themselves. Workmen and con-
tractors for buildings, and all who practice
otner professions, and contractors for baths
rlx~ nil tod
gether that one may complete u work
contracted for by another, or that a person
may prevent one who mas contracted for Il
work from finishing IL. Full liberty Is given
To any one To nnisn a work begun and aban-
doned by another without apprehension of
less, and to denounce all acts of this kind
without cost. And if any one shall pre-
sumo to- practice monopoly, let his prop
erty be forfeited and himself condemned TO
perpetual exile. And in regard to the prin-
ciples of other professions. II they shall
venture in the future TO fix a price upon
their merchandise and 10 bind themselves
by agreements not TO sell at a lower price,
let them be condemned TO pay forty pounds
of gold.
1t is fair TO assume that this edict, issued
1,50o years ago was no more effective in
preventing combinations OF greed and capt.
tai than similar laws during all the CEN
common law combinations in restraint of
trade or to prevent competition or control
prices have always been unlawful, and in
as far as a trust aims at these ends or
actually accomplshes them it can be
reached under common law. 1t is doubtful
if statutory legislation can add materially
to this remedy. A corporation which enters
into a combination 10 prevent competition
or control prices commits a crime against
forfeited, but as private concerns and part
nefships have no charters to forfeit they are
harder TO reach. The difficulty is in draw
ing the line so as 10 prevent public wrong
without interfering with private rights. For
example, if a merchant or a hotel keeper
is able to purchase all the stores or all the
hotels in his town and run them under a
common management to prevent COMPETE
ton and reduce expenses, why may not the
same thing be done by any manufacturing
business throughout the State or Nation?
1t is difficult to say where the rights of the
Individual end and those OF the public begin.
Ii is undoubtedly true that trust or COM
bination of manufacturers or business men
is not always formed for the purpose of
fleeing the public, but sometimes to pro-
tect those engaged in any particular bust
ness or manufacture from the more
scrupulous members of that business or
manufacture. Sometimes also it is done TO
prevent overproduction and 10 increase con-
sumption by furnishing the public a better
article at lower price.
Perhaps II would have been better TO have
exhausted the common-law remedy against
unlawful combinations of capital before re-
sorting TO legislation. Thus far such legis-
lation has not been effective. As far as ma
tional legislation is concerned it can only
apply to interstate relations and 10 cornbi-
nations to prevent competition or increase
the market price of some imported article.