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140 There are some great laws upon our statute books, that theoretically are not economic restrictions, but which practically became so owing to the manner of administration which may be different in different hands. Among these are the Sherman law and the Trade Commission law. In their intentions both of these laws are just the opposite of being economic restrictions. The Sherman law aims to preserve competition, and the free play of supply and demand, which is beneficent. The Trade Commission Law aims to prevent unfair practices in commerce and industry, which also is desirable. As administered, however, both of these laws have been directed in ways to make them restrictive of commercial enterprise. It was only by virtue of the Supreme Court of the United States interpreting the Sherman law by what is generally characterized as the “rule of reason” that business conditions are even tolerable.

In spite of the many decisions of the Supreme Court, however, the men who are directing our industries at the present time are uncertain whether or not they may be hailed into court by the whims or misconceptions of bureaucrats in the government. The behavior of these administrators of these laws has been compared to that of a drunken man with a gun. The persons who are threatened have to make the best of it and try by suavity to get the gun away from the hand that is controlled by a disordered brain. Even so innocent a matter as joint action for the collection of industrial statistics, which is of great importance in contributing toward equilibrium in industry, is entered upon with hesitation lest there be charges of violation of the Sherman law.