With
the support of President Benjamin Harrison,
Congress passed the Sherman Anti-Trust Act in 1890. John
Sherman, a lawyer and senator from Ohio, was the author of the
legislation that attempted to curb the growth of monopolies. The act
declared illegal any business combination that sought to restrain
trade or commerce. Penalties for violation of the act included a $5,000
fine or/and a year's imprisonment. The act was unable to achieve its
original objectives. The two main reasons for this was the vague wording
of the legislation and the absence of a strong independent commission
for its enforcement.
In 1894, the attorney-general, Richard Olney,
used the the Sherman Anti-Trust Act against the American Railway Union
during the Pullman Strike. As a result,
Eugene Debs, the president of the union,
was imprisoned for contempt of court.
In 1914 Henry De Lamar Clayton, a lawyer from Alabama, drafted what
became known as the Clayton Anti-Trust Act. The act strengthened the
power of government in dealing with monopolies. It forbade agreements
between companies to fix or control prices for the purpose of lessening
competition. It also prohibited individuals from serving as directors
of competing corporations.
Homer Davenport, New York
Evening Journal (1896)
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