The Washington herald., 1907-08-15
THURSDAY, AUGUST Is. 1907.
"Sensihlo Regulation -

The Baltimore Sun expresses the belief
that the people of the United States
have come out second best in their con-
tests with the trusts under the leadership
of President Roosevelt" It says the
people do not want a policy of destruc-
tion, but Of sensible regulation" II
wants some practical results other than
big fines that threaten security values,
and prefers a trial of the put some
prominent man in Jail" polics which
has just been announced, with "a sardonic
smile, by Attorney General Bonaparte
That there is something wrong with the
trust policy of the administration we
readily admit. The trouble is that the
Sherman antitrust law, which the De-
partment Of Justice is trying to enforce.
is totally unsuited TO the conditions Of
the day. and that the more rigidIy it is
enforced the worse becomes the business
decentralization in consequence Of enforce
nent But we cannot agree that nothing
has been accomplished. The moral effect
of the assertion of governmental power
over vast combinations of capital has
undoubtedly. been very great; it has
shown that they are not above the law
or invulnerable TO prosecution for dis
obedience to il. Moreover, government
investigations of trust methods and the
experience gained through prosecutions
for infraction of law have blazed the way
for the sensible regulation" which the
Sun, echoing. uncOnsciously, perhaps, the
repeated recommendations of President
Roosevelt, is so anxious TO apply to the
trust problem. Before We can have sensi-
bic regulation, however, the Sherman
law will have 10 be got rid Of, and
more comprehensive and scientific piece
OF legislation enacted in its stead That
President Roosevelt favors such action
IS evident from the tenor of his messages.
Whether Congress will have courage
enough TO grapple with the question Of
trust regulation is another matters for
repeal Of the sherman law, even though
something better should be placed in its
room, would be interpreted by extremists
everywhere as going backward. Those
who believe that trusts should be destroy
ed could hardly be reconciled TO regula-
ton that permits them to exist.
y ASL .hOWt Hubiit CldlI1I turns 10 jail
penalties as a remedy for trust wrongs.
in this matter, public opinion in Wall
street and outside has curious affinity.
Judge Lands imposition of the big
Standard Oil fine touched the pocket
nerve Of the financial district. II af-
feeted security values. So Wall street
reasons that it would rather see Rookie
feller in jail than to have $29,240,o90 alb
Euacted from the revenues of the octopus.
The public, however, believing that even
such an enormous fine cannot seriously
tnjure the trust, because, if paid, 1t will
be recouped from the consumers, has a
notion that a term in the penitentiary
would be more. effective to reform trust
methods besides being less expensive To
consumers and investors. Well, Mr.
Bonaparte is going to try TO put some
body in prison. and we shall have a trial
Of that much-applauded plan. But while
that performance IS going on, we should
not lose sight Of the necessity for "sensi-
bic regulation" for constructive Iegisls-
ton that can be enforced without turn
ing the world of commerce and industry
upside down.