The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1904-02-18
THE FORAKER BILL.


state Commerce and Sherman Anti
trust Acts but the way it has beer
received by the country at large shows
that it was very i'll judged move.
There can be no question that. al.
though Senator Foraker is firm
friend of the President, the bill was
drawn up and introduced without the
knowledge of the President and in nc
way reflected his sentiments OF
wishes. Attorney General Knox, who
represents the Presidents feelings in
the matter, when asked if the bill
was introduced with the knowledge OF
approval of the administration, ex-
claimed, Absolutely, mol" and went
on to disapprove of it so vigorously as
to destroy all notion that it is an ad-
ministration measure. Not Senator
or Representative has declared in
favor of the bill, though probably
some favor it, and it has no possible
chance of becoming a law, so at the
worst all its presentation has amount
ed TO has been to injure Sena'or For
aker's reputation and give the Hearst
newspapers an opportunity to cry for
a few days thai the President had
surrendered to the trusts"
The bill was of only one paragraph
providing:
THAT nothing in the act to regu
late commerce, approved FL bruary A.,
1887, or in he act to protect foreign
trade and commerce against unlawful
restraints and moropolies, approved
July 2, 1890, or in any act amenda-
tory of either of said aces, shall here
after apply to fol- eign commerce, or
shall prohibit any act or any contract
in restraint of trade or commerce
among the several States, provided
that such restraint be reasonable, or
shall hereafter authorize imprison
ment or forfeiture of property as
punishment for any violation of said
acts, except for perjury or contempt of
court.
At first thought it seems strange
that such little thing should have
stirred up such hornets nest, but
the public was quick to see in its
small compass weapon which it
feared might render powerlesi the
antitrust laws referred to and under
which Mr.. Knox has been laboring in
the famous merger case" to prevent
the great combinations of capital
which are inimioal to the interests of
the public. If that law stands up
under the fire which has been directed
upon it in that case by the ablest cor
poration lawyers in the country it
will mean that at last the United
States has statute which is really an
antitrust law and which can and will
be enforced so long at least as Theo-
dore Roosevelt is President The
general sentiment seems to be that
this little measure by Senator Foraker,
if it should become law, would prac-
tically annul the antitrust law.
1t is quite probable that Senator
Foraker thought his measure would
not have any such effect but would
instead bring the Sherman act to
mean more nearly what its trainers
intended. In fact he says he thought
it wonld meet the approval of Mr.
Knox and also of Senator Hoar, who
wrote the Sherman act. He had the
idea that it would be clever stroke
which would reconcile Wall street to
the administration and assure the
election of President Roosevelt next
fall. But it failed to work that way.
The administration disspproved, the
press of the country protested almost
unanimously with varying degrees of
bitterness, and not even Wall Street
was pleased.
The comment of the Wall Street
Journal in this connection j. both
interesting and instructive with re-
gard to the sentiment in the great
financial center of the country. 1t
says:
Liz dtplOuuo III 10
gard to the enforcement of law is un-
changed. The Foraker bill is not an
administration bill. Now this being
the Presidents position there is no.
thing that high finance can do but
accept Mr.. Roosevelt or something
much worse-perhaps a combination
of Bryan and Hearst. We think that
it will accept Mr.. Roosevelt. His
honesty, his firmness, his devotion to
law, are becoming mote and more ap-
preciated as time goes on, and even
financial interests which are incon.
venienced by having the law enforced
against them must feel sense of
security in having President who
will enforce the law against all. "
That is very sensible and reason
able way for the Wall Street intere sts
to regard the situation. They realize
how much better it is for them to
have their toes trodden on some by
the strict enforcement OF law by