Contemporary American History, 1877-1913Beard, Charles A. (Charles Austin)
History
Contemporary American History, 1877-1913
Beard, Charles A. (Charles Austin)
United States -- History -- 1865-1921
Having complete control, Mr. Bryan attempted what the politicians who
talked most aggressively about the trusts had consistently refused to
do--he attempted to define and precisely state the remedies for
objectionable combinations. Other leaders had discussed "good" and
"bad" trusts, but they had not attempted the mathematics of the problem.
In the platform of his party, Mr. Bryan wrote: "A private monopoly is
indefensible and intolerable. We therefore favor the vigorous
enforcement of the criminal law against guilty trust magnates and
officials and demand the enactment of such additional legislation as may
be necessary to make it impossible for private monopoly to exist in the
United States." In this paragraph, there is of course nothing new; but
it continues: "Among the additional remedies we specify three: first, a
law preventing the duplication of directors among competing
corporations; second, a license system which will, without abridging the
rights of each state to create corporations or its right to regulate as
it will foreign corporations doing business within its limits, make it
necessary for a manufacturing or trading corporation engaged in
interstate commerce to take out a federal license before it shall be
permitted to control as much as 25 per cent of the product in which it
deals, a license to protect the public from watered stock and to
prohibit the control by such corporation of more than 50 per cent of the
total amount of any product consumed in the United States; and third, a
law compelling such licensed corporations to sell to all purchasers in
all parts of the country on the same terms after making due allowance
for cost of transportation."
In dealing with railway corporations, the Democratic platform proposed
concretely the valuation of railways, taking into consideration the
physical as well as other elements; an increase in the power of the
Interstate Commerce Commission, giving it the initiative with reference
to rates and transportation charges and the power to declare any rate
illegal on its own motion, and to inspect railway tariffs before
permitting them to go into effect; and finally an efficient supervision
and regulation of railroads engaged in interstate commerce.
Mr. Bryan's proposals, particularly with regard to trusts, were greeted
with no little derision on the part of many practical men of affairs,
but they had, at least, the merit of being more definite in character
than any statement of anti-trust policy which had been made hitherto,
except by the Socialists in advocating public ownership. The
Republicans, for example, contented themselves with simply proposing the
amendment of the Sherman law in such a manner as to "give to the federal
government greater supervision and control over and secure greater
publicity in the management of that class of corporations engaged in
interstate commerce having power and opportunity to effect monopolies."
Public-domain text, read in full here on John Shaqi.
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