Based put into control was the “Sherman

Based on Theodore Roosevelt’s excerpts from December 3, 1901, “First Annual Message to Congress,” he implies significant knowledge regarding the subject of business regulations. A plan is devised by the man himself to, enable the National Government to aid large “trusts” and corporations, and to help regulate systems within  business, small or large. He made it apparent and boiled everything down to being right or wrong. It is addressed, so that, the originating fortunes and wealths of the corporations, are not to be tampered with, they are to be disregarded to the public’s eye, if conducting fair business. If these trusts own certain industries and are conducted properly with equalism and fair rates, they are to be left alone. On the other hand, business’s who are running unfair operations and “jacking”‘ up rates, need to be addressed. The only concern is to expose the business and working conditions, and to assure safety and regulations between states and the trusts. Roosevelt constructed an array of Acts in 1906, “The Hepburn Act, The Meat Inspection Act, and the Pure Food and Drug Act.” But the most important and the first Act put into control was the “Sherman Antitrust Act.”  In total these acts were the very foundation of how business would dawn successfully over the next century.         The Sherman Antitrust Act, which was passed by congress in the 1890’s, by President Benjamin Harrison, gave Teddy Roosevelt the upper hand in successful prosecution of famous industrialist J.P. Morgan. This law outlawed “monopolistic business practices,” in other words, “actions that reduce the fair market competition between enterprises or entrepreneurs.” This prevents trusts and corporations from using power for their own advancement in society. For the first decade or so after the act was passed, it was disregarded by the Supreme Courts. The court usually favored the business and business owners, when any duress of the act was undertaken. Morgan controlled a company known as Northern Securities, which was a railroading company, which dictated an amplitude of most railroad shipments across the United States. This company controlled three major transcontinental railroads from Chicago to the  Pacific Northwest. Roosevelt was in utter suspicion that the Northern Securities Corporation was a monopoly, which is, an “exclusive possession of control of the supply or trade in a service.” So he ordered his Justice Department to investigate and break down the company. February 1902,  J.P. Morgan learned of Roosevelt’s intentions to bring suit to his business, and was infuriated. It was only until four days later when the two had an assemblage situated at the White House, Morgan believed he was being treated unfairly and more like a criminal than a successful business owner. By the end of this pow wow, there was no compromise taken, Roosevelt was ready for his wrongful matters to be settled in the Courts.     Like I said before, Roosevelt was a man of good and bad, right or wrong, and this is what shaped him into earning the the respect of thousands as one of the most influential Presidents. Roosevelt did not take any extra time going head on with J.P. Morgan after accepting his Presidency. He moved forward to put a halt to the monopolization of the Western railways. He believed too much power within corporate America was the “greatest evil,” and should be recognized. At the time of this debate, it was a tie between who had the most power, was it our President (Theodore Roosevelt) or could it be the most “powerful financier in the country?” (J.P. Morgan) This case traveled all the way up to the Supreme Court and with close and careful decision, the government was victorious. Morgans practice of monopoly was completely destroyed and as a result of this event, Roosevelt than gained a country wide reputation as a trustbuster.The industry was rapidly growing in this Industrial Revolution, and Roosevelt felt as if he needed to remind trusts and corporate members the very growth of this industry and the affairs, solely depended on the citizens of America. Many situations occurred after this first victory within corporate America, and it was mainly because of the poor working conditions for laborers within businesses.

x

Hi!
I'm Mary!

Would you like to get a custom essay? How about receiving a customized one?

Check it out