[The Cleveland Era by Henry Jones Ford]@TWC D-Link bookThe Cleveland Era CHAPTER VIII 11/23
This was the origin of the AntiTrust Law which has since gone by his name, although the law actually passed was framed by the Senate judiciary committee. The first section declared that "every contract, combination in the form of trust or otherwise, or conspiracy, in restraint of trade or commerce among the several States, or with foreign nations, is hereby declared to be illegal." The law made no attempt to define the offenses it penalized and created no machinery for enforcing its provisions, but it gave jurisdiction over alleged violations to the courts--a favorite congressional mode of getting rid of troublesome responsibilities.
As a result, the courts have been struggling with the application of the law ever since, without being able to develop a clear or consistent rule for discriminating between legal and illegal combinations in trade and commerce.
Even upon the financial question, the Republicans succeeded in maintaining party harmony, notwithstanding a sharp conflict between factions.
William Windom, the Secretary of the Treasury, had prepared a bill of the type known as a "straddle." It offered the advocates of free coinage the right to send to the mint silver bullion in any quantity and to receive in return the net market value of the bullion in treasury notes redeemable in gold or silver coin at the option of the Government. The monthly purchase of not less than $2,000,000 worth of bullion was, however, no longer to be required by law.
When the advocates of silver insisted that the provision for bullion purchase was too vague, a substitute was prepared which definitely required the Secretary of the Treasury to purchase 4,500,000 ounces of silver bullion in one month. The bill, as thus amended, was put through the House under special rule by a strict party vote.
<<Back Index Next>> D-Link book Top TWC mobile books
|