Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1903-04-15
JUDGE THAYER's DECISION.

The decision Of the United States
circuit court which knocks out the
plans of the Northern Securities Com
pany is the most important court de-
| cision that has been rendered In recent
years. In the language of Judge Thay-
/ er who wrote ii, it presents entertain
ing reading, but its length would dis
courage the average reader, hence the
Times Republican will attempt to give
| in brief installments the courts ruling
on each point involved.
The Liberty to Sell.
Again, it is urged, tentatively, that
| it the existing combination which the
government seeks to have dissolved is
held to be one In violation of the anti
trust act and unlawful then the act
unduly restricts the right of the indi-
yidual to make contracts, buy and sell
property. and is invalid for that rea-
son.
With reference to this contention, 1t
might be suggested Gas it has been by
the government that, as the situs of
the stock which the Securities company
sin and Minnesota, which respective
ly chartered the Northern Pacific and
the Great Northern companies, anu
as the stock owes its being to the laws
of those states, and as each state has
forbidden the consolidation of compet-
ing and parallel lines of railroad there
in, and has likewise prohibited any
consolidation of the stock and fran
chises' of such roads, the contention
last mentioned is entitled to little con-
sideration in the case at bar; but, waiv-
ing and ignoring this suggestion the
arguments advanced in behalf of the
defendants are met and answered, so far
as this court Is concerned, by the de-
cision in Addyston Pipe and Steel Com
yany VS.. United States, 175 U. S. 22S,
229. where 1t is said. inter ALA, under
this grant of power to congress (the
power to regulate commerce between
the several states and with foreign
nat:ons) that body, in our Judgment,
may enact such legislation as such, de-
clare void and prohibit the performance
of any contract between individuals or
where the natural and di-
rect effect of such contract will be
when carried out, to directly. and not
as a mere incident to other and innocent
regulate to any substantial
extent interstate commerce. We
do not assent to the correctness of the
that the constitutional
of liberty to the Individual
to enter into private contracts limits
the power OF congress and prevents
1t from legislatlng on the subject OF |
contracts of the class mentioned |
1t has been held that the word /
liberty" as used in the constitutions |
was not to be confined to the mere lib I
erty of persons but included, among |
others. a right to enter into certain |
classes of contracts for the purpose
Of enabling the citizen to carry on his I
business. But it has never been. /
md, in our opinion, ought not to be
held, that the word included the right I
10 enter into private contracts upon T
III subjects. no matter what their ma
-ure, and wholly irrespective, among I
other things, of the fact that they
would, II performed result in the regu-
alton of Interstate commerce and in
'iclation of any act of congress upon
hat subject.
The provision of the constitution
Ices not, as we believe, exclude con-
,ress from legislating with regard to
ontracts of the above nature while in
he exercise of it's constitutional right
0 regulate commerce among the states.
IN the contrary, we think the provision
egarding the liberty of the citizen IS
0 some extent limited by the COM ,
nerce clause of the constitution, and I
hat the power Of congress to regulate y