other required ar- ticles; exclusive sales and purchase arrangements; rebates and preferential contracts; acquisition of exclusive or dominant control of machinery or goods used in the manufacturing process; manipulation [probably meaning attempting to corner a market]; blacklists, boycotts, white- lists etc.; espionage and use of detectives; coercion, threats and intimidation.”

250. Another practice Brandeis wanted made illegal is full-line forcing, which he articulated in the context of what we now call an essential facility. “A practice like that of the Shoe Machin- ery Trust of denying to the individual the right to lease a certain machine unless he will take his

Notes to Chapter 3 575

other machines from the trust, so that competition is killed; that is, a practice under which he who controls an indispensible [sic] article of commerce uses it to kill competition in other ar- ticles is obviously unsocial, and ought to be prohibited” (US Senate 1913, p. 1162). It is notable that unlike the eventual Clayton Act, the draft Brandeis penned for La Follette would have outlawed only those forms of nonstandard contracting that he believed would have disadvan- taged small firms.

251. McGee (1958).

252. Bork (1978, p. 157); Williamson (1985, p. 382).

253. Williamson (1979). As we saw, economists also now understand that rebates and other

forms of price discrimination are the results of market power not the cause. Price discrimination also tends in general to militate in favor of economic efficiency, since it encourages welfare- enhancing transactions that would not take place in a single-price regime.

254. Dr. Miles Medical Co. v. John D. Park & Sons Co., 220 U.S. 373 (1911).

255. Be careful to note that this discussion is about voluntary RPM contracts. These are often confused with so-called fair-trade laws that legally require RPM. Fair-trade laws, pushed strongly by small retail druggists who faced competition from discounters (Hawley 1966, pp. 254ff.), would be among the many pro-cyclical policies ushered in during the Depression by the New Deal.

256. Breit (1991). On the other hand, Oliver Wendell Holmes dissented in the Dr. Miles case on the sensible grounds that perhaps businesspeople know more about business practices than courts do.

257. Brandeis (1913). Brandeis redefined not RPM but price cutting below manufacturer’s suggested retail price as the “unfair” practice, which, like all instances of price cutting, he be- lieved, would lead to monopoly as small businesses tried to protect themselves through combination.

258. Telser (1960).

259. Marvel and McCafferty (1984).

260. McCraw (1981, p. 47). Thus in many ways Brandeis “was less the ‘People’s Lawyer’ than

the ‘petite bourgeoisie’s lawyer.’” 261. Mowry (1946, p. 159). 262. Solvick (1963).

263. Barfield (1970).

264. Rosen (2018, p. 66).

265. Mowry (1946, pp. 188–89).

266. Roosevelt (1911, p. 652).

267. Manners (1969); Morris (2010); Mowry (1946).

268. Mowry (1946, p. 236).

269. Bragdon (1967, pp. 340–43).

270. Sklar (1988, p. 409). “The key to Wilsonian ideology during the war, as before, lay in his

organic, historical, evolutionary view of society and social change” (Cuff 1974, p. 143). 271. Thies and Pecquet (2010).

272. Wiebe (1967, p. 218).

273. Kolko (1963, pp. 204ff.); Sklar (1988, pp. 383ff.)

274. Mowry (1946, p. 280). “In fact the New Nationalism, in almost every instance, was the antithesis of the physiocratic, low-tariff, trust-busting doctrines of the farming West.”

576 Notes to Chapter 3

275. Link (1951).

276. In his History of the American People, Wilson had asserted that in contrast to the intel- ligent and hard-working Chinese coming to the West Coast, Southern and Eastern Europe were “disburdening themselves of the more sordid and hapless elements of their population,” sending to the East Coast people with “neither skill nor energy nor any initiative of quick intelligence” (Wilson 1903, pp. 212–14). As he turned to politics, Wilson distanced himself from those pas- sages and adopted a “melting pot” view (Vedder, Gallaway and Moore 2000). As president, he vetoed an immigration-restriction bill strongly supported by organized labor, largely to honor campaign promises to urban ethnics, even though he was not opposed in principle to restriction (Link 1956, pp. 275–76).

277. Mowry (1946, p. 280).

278. Wolgemuth (1959). Historians have often portrayed this maneuver as strictly a matter of political expediency to satisfy Southern constituents (Link 1951, p. 324). In fact, Wilson was “primarily inspired by the fear that blacks carried contagious diseases and secondarily moved by the feeling that blacks had become disrespectful to their white superiors” (Friedman 1970, p. 160).

279. Hofstadter (1964, p. 209); Seltzer (1977, p. 190).

280. Urofsky (2009, pp. 342–43).

281. Link (1954, p. 22).

282. For example Chernow (1993) and Lowenstein (2015). 283. Calomiris and Haber (2014); White (1983).

284. Calomiris and Haber (2014, p. 181).

285. Sylla (1969).

286. Calomiris and Haber (2014, p. 182).

287. Calomiris and Haber (2014, pp. 184–85). 288. Miron (1986).

289. Hanes and Rhode (2013).

290. Friedman and Schwartz (1963, p. 158).

291. Neal (1971).

292. Trust companies were chartered by the state, but until 1906 in New York they were not

required to hold reserves, and after 1906 were held to less severe reserve requirements than banks (Moen and Tallman 1992, p. 614).

293. Moen and Tallman (1992, p. 612).

294. Gorton (1985).

295. Gorton (1985); Timberlake (1984).

296. Wicker (2000, pp. 88ff.); Bruner and Carr (2007, pp. 83ff.). 297. Moen and Tallman (1992, p. 621).

298. Andrew (1907); Timberlake (1993, pp. 183–95). 299. Timberlake (1993, p. 195).

300. Wicker (2000, p. 96).

301. Chernow (1990, pp. 127–28).

302. Roosevelt (1911, pp. 650–51). Frick and Gary portrayed the deal as incidental and moti- vated only by a desire to help in the Panic. In fact, U.S. Steel got a steal, and TCI&R made money for the company for decades.

Notes to Chapter 3 577

303. Wicker (2000, p. 100–102).

304. Bruner and Carr (2007, p. 135).

305. Gorton (1985,

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