Sherman Antitrust Act
The Sherman Antitrust Act, July 2, 1890, was created to protect trade and exchanges from banned restraints and monopolies. It prevented monopolization of any market, and the government used the act to break up large corporations like the Standard Oil Company and the American Tobacco Company.
"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 on year, or by both said punishments, in the discretion of the court." |
The Antitrust Act was named after its' author, Senator John Sherman, an Ohio Republican, the chairman of the Senate Finance Committee and also was a colleague of John Rockefeller. The Sherman Act was passed in the Senate on April 8, 1890 with a vote of 51-1, passed unanimously in the House of Representatives on June 20, 1890 and then was signed into law on July 2, 1890 by President Benjamin Harrison. Americans were the audience in this act, because it was suppose to protect them from having to spend an unrealistic amount of money on items and increase the competition in businesses. Although, it was passed in 1890, the Sherman Antitrust Act was not seriously enforced into 1901. When it was enforced it was not against big businesses, then in 1895 the Sherman Act was lessened with the Sugar Trust Case.