Chapter 403 Defeat the White House
For Northern Securities, the goal was to prove that it had not violated antitrust laws and to sue the Minnesota prosecutor's office for abuse of power. For Attorney General Douglas, his goal was exactly the opposite.
From the very beginning, both parties engaged in a heated debate, presenting the evidence in their possession and explaining every relevant law. Although it was a war of words, it was very exciting for the lawyers present. For these lawyers who came with various purposes, this lawsuit had already benefited them a lot.
The court could not calm down from the very beginning. Every person who entered was a lawyer who understood the law. Although they maintained their composure and tried not to disturb both parties, once a tit-for-tat debate broke out, some people would use their legal knowledge to discuss with each other. Of course, most of the lawyers took a clear stand on the side of Northern Securities Company.
The presence of a large group of lawyers in the courtroom as audience is in itself a huge and invisible pressure. This pressure is on everyone, not just one person. For both the prosecution and the defense, this is a confrontation worth going all out.
"The establishment of Northern Securities Company is not a railway that acquired another competing railway and became a family. It is just a company that has two railways at the same time, nothing more." James said calmly in front of many lawyers, "Because it is not a so-called trust enterprise. There is no provision in the laws of Minnesota that an investment company cannot invest in two projects in the same field at the same time. As everyone knows, my client, Mr. Morgan, is an outstanding and widely respected banker. This kind of investment behavior is very normal. This is a normal business behavior."
"From the founding of the United States, our ancestors have always been worried about the abuse of public power and wanted to lock power in a cage. The interference of power in economic activities is a very dangerous trend. Mr. Judge, this is not just a matter of litigation. The entire citizenry is watching you, and many companies are also evaluating the impact of your judgment. This judgment will definitely become an important day in history."
"Good!" I don't know who cheered, but the group of lawyers in the gallery applauded loudly for James' words.
In this context, the first day of litigation ended. James' lawsuit on behalf of Northern Securities Company quickly spread throughout the United States. His image of calmly responding to the attack from Attorney General Douglas appeared in many newspapers.
Because the two parties involved were not ordinary people, it was impossible to expect this lawsuit to have a result in one day. Compared with the many lawyers who congratulated him, as the chief lawyer of Northern Securities, James knew that this was far from enough, and the confrontation on the second day would be equally fierce.
Sure enough, as soon as the lawsuit began the next day, Douglas presented a series of evidence he had collected, including evidence from the Federal Department of Justice, showing that Northern Securities Company was by no means a so-called pure investment company, but was actually a monopoly trust enterprise in the railway system.
Since the two railways were acquired by the Northern Securities Company, the unreasonable pricing of railway freight has caused huge losses to many small and medium-sized farmers. These people are unable to compete with the behemoth Northern Securities Company.
"This is unfair in itself. The establishment of Northern Securities has put the entire northern railway line in the hands of a company. If it is legal, it can continue to legally control the railways across the country." Attorney General Douglas said to the judge, "This prospect cannot but make people worry."
"The Attorney General's concerns are based on assumptions. We are in a real world, but we use assumptions to evaluate problems. Isn't this a joke?" As soon as Douglas finished speaking his mind, James calmly refuted, "Legal is legal, illegal is illegal. Now I want to talk about another issue. Minnesota's unwarranted lawsuit against Northern Securities caused the company's stock price to plummet. Countless investors lost all their money and suffered huge losses. Who is responsible for this loss?"
"Mr. Judge, and many of my colleagues who are well versed in law here, this is a typical example of public power causing heavy losses to private companies, and it is happening right in front of you. Please pay attention to a basic principle, the Constitutional Amendment, Article 14, Section 1, which states that no state may deprive any person of life, liberty, or property without due process of law." James walked up to Douglas and said in a rather condescending manner, "Mr. Attorney General, do you understand what I mean? Private property is sacred and inviolable..."
At this time, there was prolonged applause in the gallery of the São Paulo Court. After receiving all the evidence and arguments submitted by both parties, Judge Lochne announced a recess until the last day of trial tomorrow.
Article 14 of the Constitution Amendment ratified in 1868, Section 1, states that all persons born or naturalized in the United States, and subject to the jurisdiction thereof, are citizens of the United States and of the State wherein they reside. No State shall make or enforce any law which shall abridge the privileges or immunities of citizens of the United States; nor shall any State deprive any person of life, liberty, or property, without due process of law; nor deny to any person within its jurisdiction the equal protection of the laws.
This lawsuit, which attracted national attention, also became a topic of conversation among slave owners and their friends. Carter believed that "Morgan's attorney brought out the constitutional amendment, which is legally impeccable. Private property is inviolable. Who dares to object?"
"Who dares to object?" Sheffield tilted his head and said, holding an apple in one hand to replenish energy. "Your car had a collision with someone else on the road, and your private property was violated. The state collects taxes and raises military pay from large companies, which are all legal violations of private property. When did it become inviolable? To the state, we are just more powerful than ordinary people to protect our private property."
Crunch! Sheffield took a bite of the apple and said vaguely, "If the federal government acts rogue, the law will be worthless. I think President Roosevelt is a particularly rogue president."
Without Alice Roosevelt, the slave owners regained their former confidence. They no longer had to think about what to say and what not to say. Once the words came out, Sheffield felt really refreshed.
The three-day lawsuit has attracted widespread attention from the entire citizenry, with all the focus on the Sao Paulo Court. The final day is when the answer will be revealed. Before the final result comes out, everyone holds their breath, waiting for the final verdict.
At this time, both sides changed their previous tense situation, and their confidence and arrogance disappeared. Both James and Douglas became a little worried. This was the most important lawsuit they had ever faced in their lives, more important than ever before. Victory or defeat would be an important record in their resumes.
Judge Lochian solemnly pronounced the verdict under the gaze of everyone, "After discussions with other judges, the St. Paul Court accepted the explanation of Northern Securities. Northern Securities did not purchase a competing railroad with another railroad, but was just a company that held stocks of two railroads. Therefore, it was not a monopoly alliance that restricted trade. It did not violate any Minnesota law, nor did it violate any provisions of the antitrust law. Minnesota's lawsuit against Northern Securities was not established, and the Minnesota state government was hereby declared to have lost the case."
As the attorney appointed by Northern Securities, James raised his arm high and waved it vigorously, expressing his joy. He looked at Douglas provocatively, then retracted his gaze and said humbly, "Your Excellency, Mr. Judge, this is a very fair judgment."
At this point, the entire court was in jubilation, and everyone strode out of the court, leaving only the distraught Attorney Douglas.
The news of Northern Securities' victory over the Minnesota government soon spread everywhere. Wall Street and trust companies everywhere were jubilant, and Northern Securities' stock became the hottest investment option because of the news.
Morgan became an invincible representative in the newspapers and enjoyed unparalleled praise. The news of Douglas's defeat also reached the White House in Washington, which made Attorney General Knox look gloomy.
The Attorney General supported by the federal government actually lost to a lawyer appointed by a banker. How could he accept such a result? Roosevelt, who also learned the news, knew that this was definitely bad news and asked, "Is it very difficult?"
"Hmm?" Knox nodded honestly. The current outcome was undoubtedly a warning to the federal government, making it difficult for it to win the same type of lawsuit in the same court. This was all because of the existence of case law. It was difficult for the same type of lawsuit to obtain a result that was opposite to the previous judgment.
Although he didn't want to admit it, Knox knew that Morgan had won this time. Another court hearing in Minnesota was just another loss.
Compared to the silence of the White House, Morgan unceremoniously opened champagne to celebrate, as if to announce that he had defeated the White House's meddling in domestic companies. As the lawyer representing this lawsuit, James also benefited a lot. Although he was already a famous lawyer, he also became famous at this moment.
"William, what do you say now?" Carter was proud of his judgment, especially in front of Sheffield.
"Haha!" Sheffield smiled inexplicably and asked, "Do you think such a big lawsuit can be settled in three days?"
(End of this chapter)
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