Throughout the
time that I had charge of the investigation, and while we were in
Washington, I do not know of a single instance where the Steel Company
refused any information requested; but, on the contrary, aided in every
possible way our investigation.
"The position now taken by the Government is absolutely destructive
of legitimate business, because they outline no rule of conduct for
business of any magnitude. It is absurd to say that the courts can
lay down such rules. The most the courts can do is to find as legal or
illegal the particular transactions brought before them. Hence, after
years of tedious litigation there would be no clear-cut rule for future
action. This method of procedure is dealing with the device, not the
result, and drives business to the elaboration of clever devices, each
of which must be tested in the courts.
"I have yet to find a better method of dealing with the anti-trust
situation than that suggested by the bill which we agreed upon in the
last days of your Administration. That bill should be used as a basis
for legislation, and there could be incorporated upon it whatever may
be determined wise regarding the direct control and supervision of
the National Government, either through a commission similar to the
Inter-State Commerce Commission or otherwise.
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