to make personal sacrifices and put their great experience and ability at the service of the government, without thought of personal advantage, in the organization of a great reform which promises to be so serviceable to the nation, are setting an example of patriotism and public spirit which the whole country admires.

"It is the obvious business of statesmanship at this turning point in our development to recognize ability and character whenever it has been displayed and unite every force for the upbuilding of legitimate business along the new lines which are now clearly indicated for the future."

Mr. Warburg was accepted but Mr. Jones was rejected. For more than a year the Administration had been directing its force against the methods of organized business. During that entire time business was very unresponsive, notwithstanding the tremendous resources of the country. The President insisted that no just reason existed for this depression. But it was a fact that business had lost its old-time buoyancy. The old emotions would not respond, doubtless, because the old stimulus had led to many unjust acts which were at this time the object of executive inquiry and legislative control. President Wilson had asserted so vigorously that the cause

of the depression was mainly psychological that even business was about to believe it.

However, during this same period there was going on in Europe an adjustment of the finances owing to the Balkan War and other disturbing causes. Moreover, in America, the Mexican War and the possibilities of serious international complications were affecting trade and disturbing the money markets. And at this time, when the Senate was seriously considering the question of adjourning and leaving the trust bills until a later session, the nations of Europe were still under the dread of further complications from the Balkan War, and they seemed to feel the hot breath of the approaching war god. All these extraordinary conditions had tremendous effect on business. Actual business conditions were sound, but the dread of what might happen tomorrow made business as inactive as the life of trade would permit. Therefore, while the business men were engaged, and very seriously engaged, in studying these larger continental and world possibilities, they were pestered by the thought of what a Democratic Congress might do. It was irritating them to the limit of endurance.

Mr. Wilson, however, had contended from the first that if the business of the country would understand the motives of the Administration in its so-called attack on business, all fears would be removed. The program

did not contemplate a disturbance of business, but its great purpose was to set business free, and now (June 8,

1914), fifteen months after the first step was begun, President Woodrow Wilson, having about completed the three great steps of his New Freedom, was appealing to the Senate, "that those who have tried to make 'big business' what it ought to be are the men to be encouraged and honored whenever they respond without reserve to the call of public service." There was still a severe fight ahead before the trust bills would be at all assured. But soon they, like the currency bill, began to lose much of their partisan characteristics. The nation's artists were seriously and industriously carving out the third great masterpiece.

It was not until the last of July that the debate on the trust bills began in the Senate, and it had progressed only a few days when humanity's worst fears were realized the great European war burst upon the world. However, the great fight on the Administration's program was about over. On August 5, four days after the beginning of the great war, the Senate passed the bill creating the Federal Trade Commission by a large majority-56 to 16. The Clayton Omnibus bill was delayed for nearly another month, but on September 2 it also passed the Senate by a large majority. The Senate had made several important amendments to both bills, and it was not until September 10 that the Federal Trade Commission was finally enacted into law, and on October 5 the Clayton Omnibus bill became a law. Thus ended the long fight. The European war was creating

new issues, and Congress was unable to adjourn until certain temporary war measures were enacted. Then, on October 24, the long Congress came to a close, after having been continuously at work for 567 days-the longest period in the history of the country.

The House sent over to the Senate three trust bills. But only two finally became laws. The Railway Capitalization bill was lost in the Senate. However, the other two laws-the Federal Trade Commission and the Clayton Omnibus Anti-trust act-included the larger part of the President's programme.

The Trade Commission Act establishes a Federal Trade Commission similar to the Interstate Commerce Commission, with the following duties and powers:

1. It transfers to this Commission the powers and duties of the Bureau of Corporations and increases these duties in relation to the investigation of the affairs of corporations and of business methods and practices in general and in particular.

2. It is empowered to prevent unfair competition and to investigate, upon application of the Attorney-General, and to make recommendations for the readjustment of the business of any corporation alleged to be violating the Anti-trust act, in order that it may thereafter conduct its business in accordance with law.

3. It is authorized to classify corporations and make rules and regulations for the enforcement of the act. 4. It is charged with the duty to investigate trade

conditions in and with foreign countries, where associations, combinations, or practices of manufacturers may affect our foreign trade, and to report thereon to Congress.

5. It makes the Commission an accessory to the courts for the preparation and execution of their decrees in anti-trust cases.

The Clayton Anti-Trust Act is an omnibus measure, combining various provisions for curbing trust activities. Its purpose is to complete the destruction of existing monopoly and to prevent the birth of further monopoly. Its specifications are as follows:

1. Price discriminations and tying-contracts are made unlawful when they substantially lessen competition.

2. It forbids the existence of holding companies when they restrain commerce or tend to establish monopoly. 3. Interlocking directorates among banks with resources of more than $5,000,000 must cease after two years.

4. It provides that no one shall be an officer or director of more than one bank, and no person shall be a director in two or more large corporations if the corporations are competitors.

5. It provides that in case of private damage suits under the anti-trust laws, the decree in any government suit against the same defendant shall constitute prima facie evidence for the purposes of the private suits.