American literature -- Periodicals; Literature -- Periodicals
This demand, of course, has precipitated a very nice problem in
definition. What is a reasonable combination? What is an unreasonable
one? What is a good trust? What is a bad one? Upon this all-important
question the many weary hearings extending through four months before
the Judiciary Committee last winter shed practically no light. The
Civic Federation bill was based upon this fundamental distinction;
and a large number of distinguished citizens appeared in favor of
it. Congressman Littlefield, as each speaker appeared before the
Committee, asked him to give a concrete illustration of a combination,
forbidden by the Sherman Act, which really promoted the public interest
and was therefore "reasonable." Mr. Seth Low frankly admitted that he
could name no concrete case of the kind. He caused some amusement,
however, when he read a letter from Andrew Carnegie touching upon this
very subject. "One point seems to me essential," wrote Mr. Carnegie,
"without it, little general progress can be made; namely, when new
combinations are proposed, the first question must always be 'what is
the object sought?' _In ninety-nine cases out of a hundred, it will
undoubtedly be to rob the community of its right to the benefits of
free competition, disguise it as one may_; therefore the Commissioner's
duty is to obtain satisfactory proof that the application is to
cover an exceptional case. The conditions must be peculiar, as those
of common carriers and steel-rail agreements are." Mr. Carnegie's
statement that ninety-nine per cent of trade agreements are made for
the purpose of "robbing the community" and his implication that the
exceptional one per cent are the agreements involving the manufacturers
of steel rails, naturally provoked much hilarity.
Public-domain text, read in full here on John Shaqi.
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