THE TRUST LEGISLATION OF 1914
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-____________________