Los Angeles herald., 1907-12-04
SHERMAN ANTITRUST LAW

Moreover in my Judgment there should
be additional legislation looking to the
proper control of the great business con-
Germs engaged in interstate business, this
control to be exercised for their own bene-
fit and prosperity no less than for the
protection of investors and of the genera
public. AS 1 have repeatedly said in
messages to the congress and elsewhere.
experience has definitely shown not
merely the unwisdom but the futility of
endeavoring to put stop to all business
combinations. Modern industrial condi-
tons are such that combination is not
only necessary but inevitable. 1t is SO N
the world of business just as it Is so IN
the world of labor. and 1t is as idle to
desire to put an end to all corporations,
tc. all big combinations of capital, as to
desire to put an end to combinations of
labor.
Corporation and labor union alike have
come to stay Each If properly managed
is source of good and not evil. When
ever in either there is evil, it should be
promptly held to account; but it should
receive hearty encouragement so long as
it is properly managed. 1t is profoundly
immoral to put or keep on the statute
books law, nominally in the interest Of
public morality, that really puts pre-
MUM upon public immortality, by under
taking to forbid honest men from doing
what must be done under modern busi-
ness conditions, so that the law itself
provides that its own infraction must be
the condition precedent upon business
success. To aim at the accomplishment
of too much usually means the accom-
plishment of too little, and often the do
ing of positive damage.
1.-The antitrust law should not be re-
pealed: but it should be made both more
efficient and more in harmony with ac-
tual conditions. 1t should be so amended
as to forbid only the kind of combination
which does harm to the general public,
such amendment to be accompanied by,
or to be an incident of, grant of sup
ervisory power to the government over
these big concerns engaged in interstate
business. This should be accompanied by
| provision for the compulsory publication
of accounts and the subsection of books
and papers to the inspection of the gov
| ernment officials. A beginning has al
ready been made for ouch supervision by
the establishment of the bureau of cor
| porations.
"The antitrust law should not pro
hibit combinations that do no injustice tt
| the public, still less those the existence
| of which is on the whole of benefit to the
public. But even if this feature of the
| law were abolished. there would remair
| as an equally Objectionable feature the
| difficulty and delay now incident to its
enforcement. The government must nov
| submit to irksome and repeated delay be
fore obtaining a final decision of the
courts upon proceedings instituted, ant
even a favorable decree may mean ar
empty victory.
Moreover, to attempt to control these
! corporations by lawsuits means to i'm
pose upon both the department OF JUS
! tice and the courts an impossible burden
| it is not feasible to carry on more thar
a limited number of such suits. Such g
| law to be really, effective must of course
be administered by an executive body
| and not merely by means of lawsuits
| The design should be to prevent the
abuses incident to the creation of un-
| healthy and improper combinations, in
stead of waiting until they are in exist
| ence and then attempting to destroy
them by civil or criminal proceedings.
Against Monopolies
"a combination should not be tolerated
| If it abuse the power acquired by COM
bination to the public detriment. Nc
| corporation or association of any kind
should be permitted to engage in foreign
or interstate commerce that is formed fol-
| the purpose Of or whose operations
create, a monopoly or general control OF
| the production, sale or distribution OF
| any one OF more OF the PRIME necessities
| of life or articles of general use anc
necessity. Such combinations are against
public policy; they violate the common
| law; the doors of the courts are closed
| to those who are parties to them, and
| believe the congress can close the chan.
nels of interstate commerce against
them for its protection. The law should
make it's prohibitions and permissions as
clear and definite as possible, leaving the
least possible room for arbitrary action
or allegation of such action. on the par
of the executive. or of divergent inter.
pretations by the courts. Among tht
points to be aimed at should be the pro
hibition of unhealthy competition, such as
by rendering service at an actual los;
for the purpose of crushing out competi
ton, the prevention OF imitation of cap
ital. and the prohibition of a corpora.
tion's making exclusive trade with itseli
a condition of having any trade witt
itself. Reasonable agreements between
| or combinations of, corporations should
/ ba f1arfuitfed nrovfded thew are first eilb