The Washington herald., 1914-10-08
The CLAYTON Bill
and applaud

If the Clayton bill were the end of it, business
might draw sigh of relief as its enactment in its
present form becomes a proximate certainty The
prospect of neverendng meddlesome interference by
the government is not cheerful one, but in some
way the country might adapt itself to the ham,
perng conditions If the leaders of trade and industry
could only be sure that they knew the worst.
But the passage Of the bill is not to be allowed to
bring stability Senator Reed heads small dissatis-
ned element and he proposes to introduce new
bill and begin agitation for drastic pro-
visions. He wants to put teeth in the law he pro-
poses to make it a criminal ofense for American
citizens TO their affairs their way. He talks
of passing his bill a supplement to the Clayton act
before the adjournment of Congress This is clearly
impossible if the present plans for the sessions end
be carried out So presumably the old struggle with
its lehal uncertainty is to be resumed when the Con-
gress convenes again in December
As it passes, the Clayton measure prohibits price
discrimination, regulates directorates so to limit
prevent nterlocking, and makes holding companies
outlaws where they lessen kill competition. Here
is vast labyrinth of prohibition and restriction
through which every concern above the level of
corner grocery will have to feel its way The inevi-
tabeness of contravention of clause by almost
any business is evident until the whole field of
affairs is plotted and mapped by means of admins
trative rulings and court decisions.
To subject business men to criminal liability in
such circumstances is simply to beset them with pit
falls and with springs to their certain undoing This
view after months of debate became clear to the
hackers of the bill and minimum of justice they
eliminated the element of personal risk. Had they
not done so, it is hardly too much to say that all
prudent men would have been driven out of big bust
ness They would have sought safety in the abandon
ment of enterprise.
Senator Reeds determination to renew the fight
is most perncious True, it may not succeed. Very
likely will not But serves to prolong the period
of doubt and hesitation Business will be liable
to hold aloof from active effort until the issue is
known. Of the legislation is entirely
necessary for the purpose of the Clayton BILL which,
ignoring the individual hits directly with the pre-
cision and efficiency of machine at the business
practices and customs which it assumes to be evil
by putting them outside the law the minute they
revealed.
The situation is curious in the new light which is
reaching the public hourly on business conditions
throughout the country Within day two atten-
ton has been drawn to the startling losses public
institutions and private investors suffering
through the gradual strangulation of the railroads
President E. P. Ripley, of the Atchison Topeka and
Santa Fe system, is the latest expert to place the
responsibility squarey where it belongs In his an
nual report he tells his stockholders that the main
danger to their interests is governmental regulation
The sense of its disastrousness is indeed growing
throughout the country through concrete practical
suits Yet here are beginning the application OF
a similar course of repression and destruction as
regards business in general And Senator Reed and
some OF his colleagues not satisfed.-New York
Sun