The Trust Problem in the United States

By Eliot Jones | Go to book overview

CHAPTER XV 1
THE TRUST LEGISLATION OF 1914

LEGISLATIVE HISTORY

As the end of President Taft's administration drew near it became clear that no important trust legislation would be enacted. The Democratic party in the summer of 1912 nominated Woodrow Wilson as its candidate for the presidency, and adopted a platform promising warfare on industrial monopoly. The platform repeated the old battle cry, "a private monopoly is indefensible and intolerable," and demanded the enactment of such additional legislation as might be necessary to make it impossible for a private monopoly to exist in the United States.2 Legislation to prevent holding companies, interlocking directorates, price discrimination, and stock-watering was urged. Regret was expressed that the Sherman Act through judicial construction had lost much of its efficacy, and legislation to restore its effectiveness was recommended. Finally, the declaration was made that articles produced by trusts should be placed upon the free list.

The Republican platform affirmed the opposition of the Republican party to special privilege and monopoly; congratulated the party upon the passage of the Sherman Act, and its successful enforcement; and asserted that the party would take no back-

____________________
1
On the trust legislation of 1914 see: Congressional Record; Commercial and Financial Chronicle; Durand, The Trust Problem, ch. 5; Young, The Sherman Act and the New Anti-Trust Legislation, Journal of Political Economy, 23, pp. 201-220, 305-326, and 417-436; Stevens, American Economic Review, 4, pp. 840-855, and 5, pp. 38-54; Seager, Political Science Quarterly, 30, pp. 448-462; Montague, The Federal Trade Commission and the Clayton Act, in Stetson, Some Legal Phases of Corporate Financing, Reorganization and Regulation, pp. 275-326; House Report no. 627, 63rd Cong., 2nd Sess.; Senate Report no. 698, 63rd Cong., 2nd Sess.
2
Campaign Text Book of Democratic Party, 1912, pp. 2, 6.

-333-

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