Live Stock Breeders' Association. 291 



and character that they resolved to return to the principles of the 

 common law and common honesty in the conduct of our commer- 

 cial and industrial affairs. 



Take the Sherman Anti-trust Law, for instance, which was 

 enacted in 1890, making combinations in restraint of trade both a 

 civil and criminal offense; and yet, during the first twelve years 

 of the existence of that law, but twenty-six suits were brought 

 under its provisions, of which only ten resulted in favor of the 

 government. Of those ten six were against common labor or- 

 ganizations, and of the remaining four two were against railroad 

 organizations. 



There have been more prosecutions begun and more success- 

 ful results secured during the course of the last four years than 

 had been secured during the entire previous existence of the law. 

 Now, this is not by reason of any accident of administration, al- 

 though the personnel of administrations has much to do with the 

 effectiveness of the laws. But however honest or capable a publw» 

 officer may be, he must have the sustaining influence of public 

 opinion in order to make our laws virile and effective. 



It was only when the people came to realize the moral prin- 

 ciple involved in this question of combinations that they re-enacted 

 the Sherman Anti-trust Law in vitality and influence. Very prob- 

 ably you young men, who are engaged in the pursuit of that great 

 profession, have been told by your instructors in the law school 

 that law is a rule of external human action which a superior poli- 

 tical power will intervene to enforce. I say to you that when it 

 comes to its practical working and effect, law is but a concrete ex- 

 pression of the moral instincts of the age it controls. And when 

 the people of a state or country come to a realization of the fact 

 that things which have been done in the past and viewed with in- 

 difference are immoral, unfair and illegal, those practices must 

 and shall come to an end. And it was this public sentiment that 

 has re-enacted this law into force and made prosecutions under its 

 provisions possible of success. 



What will be the result of this change in the public feeling? 

 I do not undertake to say. I simply know from the standpoint of 

 one who has been engaged in considering the practical side of 

 this question that there must needs be a clear conception of the 

 moral and legal principle from the standpoint of the public. 



I have already indicated to you clearly the proposition that 

 any combination in restraint of trade and commerce was both at 

 common law and by the provisions of the Sherman Anti-trust law 



