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APPENDIX C

THE SHERMAN ANTITRUST ACT

An act to protect trade and commerce against unlawful restraints and monopolies.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SEC. 1. Every contract, combination in the form of trust or otherwise, or conspiracy, in restraint of trade or commerce among the several states, or with foreign nations, is hereby declared to be illegal. Every person who shall make any such contract or engage in any such combination or conspiracy, shall be deemed guilty of a misdemeanor, and, on conviction thereof, shall be punished by fine not exceeding five thousand dollars, or by imprisonment not exceeding one year, or by both said punishments, in the discretion of the court.

SEC. 2. Every person who shall monopolize, or attempt to monopolize, or combine or conspire with any other person or persons, to monopolize any part of the trade or commerce among the several states, or with foreign nations, shall be deemed guilty of a misdemeanor, and, on conviction thereof, shall be punished by fine not exceeding five thousand dollars, or by imprisonment not exceeding one year, or by both said punishments, in the discretion of the court.

SEC. 3. Every contract, combination in form of trust or otherwise, or conspiracy, in restraint of trade or commerce in any Territory of the United States or of the District of Columbia, or in restraint of trade or commerce between such Territory and another, or between any such Territory or Territories and any State or States or the District of Columbia, or with foreign nations, or between the District of Columbia, and any State or States or foreign nations, is hereby declared illegal. Every person who shall make any such contract or engage in any such combination or conspiracy, shall be deemed guilty of a misdemeanor, and, on conviction thereof, shall be punished by fine not exceeding five thousand dollars, or by imprisonment not exceeding one year, or by both said punishments, in the discretion of the court.

SEC. 4. The several circuit courts of the United States are hereby invested with jurisdiction to prevent and restrain violations of this act; and it shall be the duty of the several district attorneys of the United States, in their respective districts, under the direction of the Attorney-General, to institute proceedings in equity to prevent and restrain such violations. Such proceedings may be by way of petitions setting forth the case and praying that such violation shall be enjoined or otherwise prohibited. When the parties complained of shall have been duly notified of such petition the court shall proceed, as soon as may be, to the hearing and determination of the case; and pending such petition and before final decree, the court may at any time make such temporary restraining order or prohibition as shall be deemed just in the premises.

SEC. 5. Whenever it shall appear to the court before which any proceeding under section four of this act may be pending, that the ends of justice require that

other parties should be brought before the court, the court may cause them to be summoned, whether they reside in the district in which court is held or not; and subpoenas to that end may be served in any district by the marshal thereof.

SEC. 6. Any property owned under any contract or by any combination, or pursuant to any conspiracy (and being the subject thereof) mentioned in section one of this act, and being in the course of transportation from one state to another, or to a foreign country, shall be forfeited to the United States, and may be seized and condemned by like proceedings as those provided by law for the forfeiture, seizure, and condemnation of property imported into the United States contrary to law.

SEC. 7. Any person who shall be injured in his business or property by any other person or corporation by reason of anything forbidden or declared to be unlawful by this act, may sue therefor in any circuit court of the United States in the district in which the defendant resides or is found, without respect to the amount in controversy, and shall recover threefold the damages by him sustained, and the costs of suit, including a reasonable attorney's fee.

SEC. 8. That the word "person," or "persons,' wherever used in this act shall be deemed to include corporations and associations existing under or authorized by the laws of either the United States, the laws of any of the territories, the laws of any state, or the laws of any foreign country.

Approved, July 2, 1890.

APPENDIX D

THE ALDRICH PLAN FOR MONETARY
LEGISLATION

Origin and Status

The so-called Aldrich Plan submitted to the National Monetary Commission on the 16th of January, 1911, has awakened more extended comment than any other proposition relating to our banking system in recent years. Thus far this plan has not been approved by the Monetary Commission, nor has any bill been introduced in Congress to carry out its provisions.

Organization and Capital

The plan provides for the organization under Federal Charter, with its head office at Washington, of a banking institution to be known as The Reserve Association of America, to have an authorized capital of $300,000,000, of which $150,000,000 shall be paid in, the balance remaining subject to call. This capital stock must be owned exclusively by national banks, each of which may subscribe for an amount equal to 20 per cent. of its own capital.

Relation to the Government

It is intended that the proposed institution shall be the fiscal agent of the United States Government, shall

receive on deposit moneys now lodged in the Treasury of the United States and in the Sub-Treasuries, and shall make disbursements for the government to all its creditors.

Earnings and Dividends

The net earnings of the Association are to be applied as follows: (1) A 4 per cent. dividend shall be paid to the stockholders. (2) Earnings above that amount shall be divided, one-half to a surplus fund until that surplus shall amount to 20 per cent. of the paid-in capital stock, one-fourth to the Government of the United States, and the remaining one-fourth to the stockholders until their dividend shall reach 5 per cent. (3) After that rate is earned in the manner stated, and a 20 per cent. reserve surplus has been created, all excess earnings shall go to the government.

Local Associations and Divisions

Each subscribing bank must be a member of an Association of National Banks not less than ten in number, and having a combined capital and surplus of not less than $5,000,000. These local associations are to be grouped into fifteen divisions.

Directors of Local Associations

The local associations shall elect Boards of Directors in the following manner: three-fifths of the number of directors shall be elected by representatives of the banks that are members of the local associations, each bank having one vote without reference to its size. The remaining two-fifths shall be elected by the same representatives, but each shall be entitled to as many

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