Teddy Roosevelt and Bears Political cartoon, "The Trust-buster", is an educational cartoon.Why is Theodore Roosevelt dressed that way in the cartoon?
He thought Wall Street financiers were acting foolish.The people were roughing up the china on the tables in the dining rooms.There was no limit to greed.It was done if docking wages increased profits.It was done if the railroad rates went up.Roosevelt wondered how much was enough.
He criticized the wealthy class of Americans even though he was a man of means.A violent uprising that could destroy the whole system is the result of continued exploitation of the public.The captains of industry believed they were superior to the elected government.Roosevelt went after the President now that he was in office.
The Sherman Antitrust Act was passed by Congress in 1890.All combinations were declared illegal by this law.The Sherman Act was a paper tiger for the first twelve years.When any enforcement of the Act was attempted, the United States courts sided with business.
98 percent of the sugar industry was controlled by the American Sugar Refining Company.In 1895, the Supreme Court refused to dissolved the corporation despite its virtual monopoly.The only time restraint of trade was used was when the court ruled against a labor union.
Roosevelt knew that there was no need for new legislation.He sprang into action when he realized he had a sympathetic Court.
Theodore Roosevelt did not initiate major changes timidly.The most powerful industrialist in the country, J. Pierpont Morgan, was the first trust giant to fall victim to Roosevelt.
Northern Securities was controlled by Morgan.Morgan controlled the bulk of railroad shipping across the north.
Morgan was having dinner at his New York home when his phone rang.Roosevelt's Attorney General was bringing a suit against the Northern Securities Company.He told his dinner guests how rude it was to file such a suit without warning.
The President invited Morgan to the White House.Morgan said he was being treated like a criminal.The President told Morgan that the matter would be decided by the courts.Morgan inquired if his other interests were at risk as well.Roosevelt told him only those who had done wrong would be prosecuted.
Theodore Roosevelt's leadership was based on this.Everything was boiled down to a case of good or bad.It was a good trust to be left alone if it controlled an entire industry but provided good service at reasonable rates.The trusts that jacked up rates and exploited consumers were the only ones that would be attacked.Who decides the difference between right and wrong?The occupant of the White House trusted himself to make the best decision for the people.
Roosevelt's new offensive was applauded by the American public.The Northern Securities Company was dissolved by the Supreme Court in a narrow 5 to 4 decision.Roosevelt said that no man was above the law.His popularity grew as he landed blows on other trusts.