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cases are tried want to do justice, but are very frequently prevented by statutory obstacles.

The business man of limited capital is discouraged and ruined through delay, while the rich corporation, with unlimited capital and "code lawyers," staves off the prosecution and consequently obtains immunity from being brought to justice. The long, lingering delays of the courts is a matter of importance,-one into which our representatives at Washington should inquire and find some remedy. Trust prosecutions have taken seven years before a decision has been rendered by the United States Courts, and two years is a fair average of procedure. The little fellow trying to succeed with his few thousand dollars' capital has a hard time of it, waiting for the decision that would protect him, and which comes only when his capital has been dissipated.

The Sherman Law has been proved to be adequate to compel the disintegration of monopolistic combinations. Equity suits, when pushed with energy by the Government, have proved very ef fective. In dissolutions, the separate parts of an unlawful combination should not be under the control of the same set of men. A law should be

drafted forbidding interstate corporations from holding stock in other like corporations, and compelling them to sell in the open market such stock as they may have under their control. A law should also be drafted which would allow Federal incorporation. It is well to bear in mind that the

American business man is honest; he wants to obey the law of his country. Give this man a fair opportunity to understand the Sherman Anti-Trust Law and he will obey it. Coöperation in modern, up-to-date business is essential to success in this country, and the more necessary when our merchants are obliged to compete with the great monopolistic organizations of Europe. A Federal Interstate Trade Commission, with full powers of just investigation, seems to be necessary, and the time has arrived when this Commission should be born with the authorization of the National Government.*

*NOTE. After the proof sheets of this treatise had been received from the publisher, the Federal Trade Commission Act (see Appendix 12) was passed by Congress, creating a Federal Trade Commission as part of the machinery of the United States Government. The provisions of the Act embody, to a large extent, suggestions outlined in the foregoing pages.

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Act of July 2, 1890. (26 Stat. 209.) AN ACT to protect trade and commerce against unlawful restraints and monopolies.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled:

SEC. 1. 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. Every person who shall make any such contract, or engage in any such combination or conspiracy, shall be deemed guilty of a misdemeanor, and, on conviction thereof, shall be punished by fine not exceeding five thousand dollars, or by imprisonment not exceeding one year, or by both said punishments, in the discretion of the Court.

SEC. 2. Every person who shall monopolize, or attempt to monopolize, or combine or conspire with any other person or persons to monopolize

any part of the trade or commerce among the several States, or with foreign nations, shall be deemed guilty of a misdemeanor, and, on conviction thereof, shall be punished by fine not exceeding five thousand dollars, or by imprisonment not exceeding one year, or by both said punishments, in the discretion of the Court.

SEC. 3. Every contract, combination in form of trust or otherwise, or conspiracy, in restraint of trade or commerce in any Territory of the United States or of the District of Columbia, or in restraint of trade or commerce between any such Territory and another, or between any such Territory or Territories and any State or States or the District of Columbia, or with foreign natfons, or between the District of Columbia and any State or States or foreign nations, is hereby declared illegal. Every person who shall make any such contract or engage in any such combination or conspiracy, shall be deemed guilty of a misdemeanor, and, on conviction thereof, shall be punished by fine not exceeding five thousand dollars, or by imprisonment not exceeding one year, or by both said punishments, in the discretion of the Court.

SEC. 4. The several Circuit Courts of the United States are hereby invested with jurisdiction to prevent and restrain violations of this act; and it shall be the duty of the several District Attorneys of the United States, in their respective districts, under the direction of the Attorney-General, to institute proceedings in equity to prevent and

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restrain such violations. Such proceedings may by way of petition setting forth the case and praying that such violation shall be enjoined or otherwise prohibited. When the parties complained of shall have been duly notified of such petition the Court shall proceed, as soon as may be, to the hearing and determination of the case; and pending such petition and before final decree, the Court may at any time make such temporary restraining order or prohibition as shall be deemed just in the premises.

SEC. 5. Whenever it shall appear to the Court before which any proceeding under Sec. 4 of this act may be pending, that the ends of justice require that other parties should be brought before the Court, the Court may cause them to be summoned, whether they reside in the district in which the Court is held or not; and subpoenas to that end may be served in any district by the marshal thereof.

SEC. 6. Any property owned under any contract or by any combination, or pursuant to any conspiracy (and being the subject thereof) mentioned in Sec. 1 of this act, and being in the course of transportation from one State to another, or to a foreign country, shall be forfeited to the United States, and may be seized and condemned by like proceedings as those provided by law for the forfeiture, seizure, and condemnation of property imported into the United States contrary to law.

SEC. 7. Any person who shall be injured in his

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