The Minneapolis journal., 1903-04-10
The Merger Decision.

The essence of the merger decision IS
the supremacy of the law. ~.
When we analyze this far reaching de-
greatest Importance and value to the pub
lie, we find it not in the dissolution OF
the Northern Securities company, impor-
tant as that consequence is, but in the
assurance it affords that there is a power
able and disposed to supervise, to regu
late, to comfortable, if necessary, to pro
hibit and dissolve the schemes of amb-
tious men,. calculated to evade the law
and undertaken with that deliberate pur-
pose.
The force and effect of this decision are
not lessened by the promptness of its
forthcoming. Under the provisions of the
law drawn by the United States attorney
general, it was possible to bring this i'm
portant merger case to the immediate at
tention Of the United States circuit court.
This case was argued scarcely three
three weeks ago. In the natural order of
things a decision could not be expected
for several months. The order of the
court, however, is already upon record.
The wholesome effect of this decision
Is not lessened by the promptness and
diligence by which it has been reached,
and It's healthful consequences will be felt
not only In the offices Of the Northern Sc
tcurities company and in the offices Of all
the other great combinations existing in
violation of the law and operating in re-
h straint Of trade, but it will be felt down
among the people whose hearts have been
I taken possession Of more or less by a feel
ing of desparing submission to the idea
that the power which money confers can
not be restrained or restricted; that the
gigantic combinations of; capital are fa1
beyond the reach of the state and law
unto themselves.
The assurance which this decision
brings to the public that the highest
power still resides within the law, and is
exercised by the government which the
4 people have created, r not only brings
comfort ito the people and confidence ir
popular government, but it is, after. all
the best guarantee to legitimate. CONNER
cial and financial operations everywhere
Of that stability and security which are
essential to the most healthful and Wig
orous commercial life. The decision o
the court strikes. directly upon this prop
osition when it indicates that the public
n welfare as well as the law is concerned
not so much asswith the. alleged ;benevo-
1 lent intentions or the possible superior
intelligence Of the monopolist to exercise
his great power for the good Of the many
as with the fact that he possesses at the
same time the power to exercise thi
& dominating control to the infinite harm
of the many
We have heard no end Of talk abou
b tendencies in connection with this matte
& of mergers. We are told that tendencie
are toward the higher organization of in
dustry. toward mergers. and that the
s must not be .interfered with. Undoubted
ly, there are tendencies toward the highe
organization Of industry, and 50 in nearl
all the activities of life. Within limit
& these tendencies are all right But it
very easy to overWork the tendency idea
It's very easy to make a bad mistak
S. about the tendency to grasp power owe
one.s fellows and to imagine that the nat
ural inclination in that direction is sneve
n to be interfered with. There have bee
Tendencies ofssthat kind since the Worl
4 began. There has been tendency Of th
ss strong to dominate the weak and a tend
ency Of the mighty to abuse their poWe