The Denison review. [volume] (Denison, Iowa) 1867-current, 1903-05-09
ANTITRUST LAWS WIN.
Democratic Argument That Repub.
lican Legislation IL IneGec-
tive Disposed OF.

One of the most important Develop
ments in the war of legislation against
corporate combination is the decision
by the United States circuit court
which dissolves the merger of the
Northern Pacific railroad companies
under the title of The Northern, Securi-
ties company This merger by which
these two transcontinental lines were
consolidated, is declared to be illegal
because in Restraints of trade and there
fore in violation of the Sherman, anti
trust law. The weight of this decision
was felt in the depression which fol-
lowed Immediately in the stock mar
ket, although the capitalists interested
declared that the case would be car
ried to the United States supreme
court. 1t is intimated by the friends
of the merger that the circuit court
which passed upon the case, being
composed of western judges, is uncon-
sciously influenced by the anti-corpo-
ration sentiment which has been prev
alent in the western states, and that
when the more national body, the
United States supreme court, gets hold
of the decision it will be reversed.
This confidence, however, is not to
we'll based as it might be, says the Troy
court no more than the circuit court
which has Just given its decision can
decide as to the wisdom of congress
sional enactments. So long as con-
gress acted within its constitutional
rights in enacting the Sherman anti
trust law, all that the courts can do is
to decide whether or not that law has
been violated. The circuit court found
that the combination was substantial
ly in restraint of trade and in reduction
of competition. If this be so it is hard
to see how the supreme court can al
ter the verdict. But courts are uncer-
tain quantities, and the final decision
must wait.
The dissolution of this great mer-
ger disposes of the democratic argu-
ment that republican legislation has
been ineffective as against combina
lions commonly known as trusts. Here
is one of the greatest consultations
ever effected in this country, and it is
nullified by the operation of law
passed by republican congress. And
it is worthy of notice that antitrust
legislation, which has proved so effec-
tive in this case.'is. the product of re-
| publican craftsmanship and of the de-
| termination of that party to prevent
oppressive and monopolistic combina-
lions.
The whole question of the relation
between the public and corporate or
CARNATIONS is so complicated and deli
cate that it will be long time before
the issues are finally decided. Proba-
bly,, as in the case of the relations be-
tween employers and employees. there
will be a fuctuating understanding for
many years to come, with the emphasis
alternately upon one side and the
ether. How to say to human energk:
Thus far shalt thou go and no farther
SD as to prevent encroachment of one
or more upon the rights and priv
leges of others, is a problem which
has never yet been solved by definite
and final formula But the law is Ger
tainly justifiable in attempting as near
ly as it can to prevent excuses or mo.
nopolistic operation. Whether Or not
the court has properly applied the law
in the case of the railroad merger
is question for the court or its su.
pericr. Meanwhile it is shown that re-
pressive legislation can be enforced
and that the courts of the country
can bc relied upon to do their duty
in carrying out to the best of Their
knowledge the popular mandate.