Theodore Roosevelt the Logic of His Career

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The enactment of the Sherman Act made the com- mon law statute law for the United States and something more, and declared, in substance, every contract in whatever form in restraint of interstate trade to be illegal, and that every person making such contract should be deemed guilty of a misdemeanor punishable by fine or imprisonment at the discretion of the court; and that every person monopolizing or attempting to monopolize any part of interstate trade . Should be deemed guilty of a misdemea...nor punishable by fine or imprisonment at the dis- cretion of the court.
The act as at first interpreted by the courts did not seriously embarrass business combina- tions, for the reason that it was held not to ap- ply to contracts not in unreasonable restraint CHANGING CONDITIONS 63 of trade. As a rule, where the combination affected did not control the entire product In any given industry, it was held to be not In- hibited by the Sherman Act, which was passed with the declared purpose to extend to inter- state commerce the common law affecting con- tracts in restraint of trade.


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