US Presidency
1916

The tariff has been revised, not on the principle of repelling foreign trade, but upon the principle of encouraging it, upon something like a footing of equality with our own in respect of the terms of competition, and a Tariff Board has been created whose function it will be to keep the relations of American with foreign business and industry under constant observation, for the guidance alike of our business men and of our Congress. American energies are now directed towards the markets of the world. The laws against trusts have been clarified by definition, with a view to making it plain that they were not directed against big business but only against unfair business and the pretense of competition where there was none; and a Trade Commission has been created with powers of guidance and accommodation which have relieved business men of unfounded fears and set them upon the road of hopeful and confident enterprise.