The United States Since the Civil WarLingley, Charles Ramsdell
History
The United States Since the Civil War
Lingley, Charles Ramsdell
United States -- History -- 1865-1921
The solution of the problem of trust control was not easy to discover.
The amount of property involved was so great that forceful legislation
would be fought to the last ditch; while legislation that was obviously
weak, on the other hand, would not satisfy public opinion. Public
officials were hopelessly divergent in their views. Cleveland had
called attention to the evils of the trusts in his tariff message of
1887, but had laid his emphasis on the need of reduced taxation rather
than upon control of the great combinations. Blaine was opposed to
federal action. Thomas B. Reed had characteristically ridiculed the
idea that monopolies existed:
And yet, outside the Patent Office there are no monopolies in this
country, and there never can be. Ah, but what is that I see on the
far horizon's edge, with tongue of lambent flame and eye of forked
fire, serpent-headed and griffin-clawed?
Surely it must be the great new chimera "Trust." Quick, cries every
masked member of the Ways and Means. Quick, let us lower the tariff.
Let us call in the British. Let them save our devastated homes.
More serious was the almost universal lack of knowledge of the elements
involved in the situation. Industrial leaders were unenlightened and
wrapped up in the attempt to outdo rivals who were equally
unenlightened and absorbed; the nation needed instruction and
leadership, and neither was to be found. Instead, the poorer classes
became more and more hostile to big business interests; the capitalist
class set itself stolidly to the preservation of its interests. The one
saw only the abuses, the other only the benefits of combinations.
Thoughtful men felt that industrialism was afflicted with a malady
which would kill the nation unless a remedy were found.
The legal and constitutional position of the trusts was almost
impregnable. Ever since the decision of the Supreme Court in the
Dartmouth College case, handed down in 1819, franchises and charters
granted by states to corporations had been regarded as contracts which
could not be altered by subsequent legislation. Moreover, the Court had
so interpreted the Fourteenth Amendment, as has been seen, that the
states had found great difficulty in framing regulatory legislation
that would pass muster before the judiciary.[3] It was doubtful
whether federal attempts at regulation would be more fortunate. More
fundamental still, for public opinion underlies even constitutional
interpretation, American industrial and commercial expansion had run
ahead of our conception of the possible and proper functions of
government. Government as the protector of property was an ancient
concept and commonly held in the United States; government as the
guardian of the individual against the powerful holder of a great deal
of property was a new idea and not generally looked upon with favor.
Public-domain text, read in full here on John Shaqi.
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