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Sherman

The Sherman Antitrust Act was the first act passed 1890 by the U.S. Congress to prohibit trusts. This act was named after Senator John Sherman. Due to its performance, many different states passed similar laws. These laws in the other states were limited to intrastate businesses. Many different factors led the Congress to pass the Sherman Act. Some of these factors were: 1. Opposition to the concentration of economic power in large corporations 2. Business concerns. The act was based on the constitutional power of the Congress to regulate interstate commerce. The Sherman Act also declared illegal every contract, combination (in the form of trust or otherwise), or conspiracy in restraint of interstate and foreign trade. A fine of $5,000 and imprisonment for one year were set as the maximum penalties for violating the act. The Sherman Act authorized the federal government to institute proceedings against trusts in order to dissolve them, but Supreme Court rulings prevented federal authorities from using the act for some years. As a result of President Theodore Roosevelt\'s “trust-busting” campaigns, the Sherman Act began to be invoked with some success, and in 1904 the Supreme Court upheld the gove


Sherman, John, 1823–1900, American statesman, b. Lancaster, Ohio; brother of William Tecumseh Sherman. He studied law, was admitted (1844) to the bar, and practiced law several years in Mansfield, Ohio, before he moved (1853) to Cleveland. He had been a delegate to the Whig national conventions of 1848 and 1852 and in 1855 presided over the first Republican state convention. A moderate opponent of slavery expansion, he served (1855–61) in the House of Representatives and quickly rose to prominence. Sent (1861) to the Senate to fill a vacancy, he served there until 1877. Sherman became (1867) chairman of the Senate finance committee and played a leading role in government finance in the Reconstruction period. He had supported the Legal Tender Act of 1862 and the National Banking Act of 1863, but he opposed Secretary of the Treasury Hugh McCulloch\'s plan to retire the greenbacks in circulation and pushed a compromise plan for resuming specie payment. Later, however, he forced the Resumption Act of 1875 through the Senate, and as Secretary of the Treasury (1877–81) under President Hayes, he directed the implementation of the act. In 1880, 1884, and 1888 he was considered as a candidate for the Republican nomination for President. Again in the Senate (1881–97), he was associated in 1890 with the passage of the Sherman Antitrust Act and the Sherman Silver Purchase Act. In 1897 he resigned from the Senate to provide a seat for Marcus A. Hanna

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Approximate Word count = 980
Approximate Pages = 4 (250 words per page double spaced)


  

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