I recommend that the Congress institute an inquiry into some aspects of the
economic working of these laws. I do not favor repeal of the Sherman Act.
The prevention of monopolies is of most vital public importance.
Competition is not only the basis of protection to the consumer but is the
incentive to progress. However, the interpretation of these laws by the
courts, the changes in business, especially in the economic effects upon
those enterprises closely related to the use of the natural resources of
the country, make such an inquiry advisable. The producers of these
materials assert that certain unfortunate results of wasteful and
destructive use of these natural resources together with a destructive
competition which impoverishes both operator and worker can not be remedied
because of the prohibitive interpretation of the antitrust laws. The
well-known condition of the bituminous coal industry is an illustration.
The people have a vital interest in the conservation of their natural
resources; in the prevention of wasteful practices; in conditions of
destructive competition which may impoverish the producer and the wage
earner; and they have an equal interest in maintaining adequate
competition. I therefore suggest that an inquiry be directed especially to
the effect of the workings of the antitrust laws in these particular fields
to determine if these evils can be remedied without sacrifice of the
fundamental purpose of these laws.