Bryan daily eagle and pilot. [volume] (Bryan, Tex.) 1909-1918, 1911-12-05


the voluntary formation of corpora
tons to engage in trade and commerce
among the states and with foreign ma
tiOns. 1t is even more manifest now
than it was then that the denunciation
Of conspiracies in restraint of trade
should not, and does not, mean the
denial of organizations large enough
to be entrusted with our interstate or
foreign trade. 1t has been made more
clear now than it was then that a
purely negative statute like the anti
trust law may well be supplemented
by specific provisions for the building
up and regulation of legitimate ma
tlonal and foreign commerce.
The supplemental legislation the
president desires is explained in n
paragraph: The attempt and purpose
Ia suppress a competitor by undersell-
ing him at a price so Improbable as
to drive him out of business, or the
making Of exclusive contracts with
customers under which they are re-
quired to give up associations with
other manufacturers and numerous
kindred methods for sitting competi-
tion and effecting monopoly, should
be described with sufficient accuracy
in a criminal statute on the one hand
to enable the government to shorten
its task by prosecuting single misde-
meanors instead of an entire con-
spiracy, and, on the other hand, to
serve the purpose of pointing out more
in detail to the business community
what must be avoided"
Mr.. Taft did not attempt to set
forth the details of the federal incor-
poration act he recommended, but sug-
2ested that combinations of capital al
lowed to become federal corporations
should be subject to rigid rules as to
organization and procedure, including
effective publicity, and to the closest
supervision" as to stock and bond is
sues by the proposed executive bureau
o, commission in the commerce and
labor department Federal incorpora-
tion, the president declared, would not
exempt any concern or its officers
from prosecution under the Sherman
act for illegal acts. Such an act could
be framed so as to prevent "veXatious
and unnecessary invasion by the
states but yet permit control by the
states with respect to purely local bus
mess. The courts should be empow-
cred, the president said to invoke the
aid of the bureau of corporations in
determining the suitable reorganiza.
tion of corporations dissolved by de-
crees. This work, he pointed out,
might be entrusted to the proposed SUI
pervisory commission which should
be an executive tribunal, of the dig
nifty and power of the comptroller OF
the currency or the interstate CON-
merce commission"
The fate that it dealt with only one
subject; that it was comparatively
brief and that accompanying it was
an appendix showing trust prosecu-
tions instituted by all administrations
since the enactment of the Sherman
act in 1890, made the message I'M
usual. According to this appendix
seven suits were brought under this
act in the administration of President
Harrison; eight in Mr.. Cleveland's sec
ond term; three under President Nc
Kinley; forty-four under Mr.. Roose-
welt in about seven and one-half years,
and thirty-seven, so far in the Taft
administration.
The president frequently expresses
tersely his opinion of the Sherman
law and what might be expected if L
were to be repealed. He says;
The antitrust act is the expression
of the effort of freedom loving peo-
pie to preserve equality of opportunity
This statute as construed by the SUI
preme court must continue to be the
line of distinction for legitimate busi-
ness. It must be enforced unless we
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