The sun., 1901-12-04

an the whole done great good to our people.
Without them the material development
of which VA are 20 Justly proud could newer
have taken place. Moreover, we should
recognise the immense importance 70 TINS
hampered as is Compatible With the public
rood the strong and forceful men upon
Whom the success Of business operations
Inevitably rests. Tho slightest study OF
business conditions will satisfy any one
personal equation Is the most important
factor In business operation: thAt ,ne DUST
ness ability Of the man at the head OF any
business concern, big or little, 70 usually
the, factor which fTes the. the SHl, Sh,, between
An additional reason for caution 10 deal
inr with corporations II to be found in the
international commercial conditions OF TO-
day. The same busine-s conditions which
have produced the great aggTegatons
made them very potent factors in inter-
national commercial competition Busi-
meas concerns which have the largest means
at their disposal and are managed by the
ableet men are naturally those whlcn take
the lead the strife for commercial suprem-
acy among the nations Of the world Amer
lea has only just begun 70 assume that
commanding position in the international
business world which we believe VIII more
and more be hers II IL OF tne utmost
arded, especially at a time when tho over.
flowing abundance Of our own natural
resources and the skill, business energy
and mechanical aptitude OF our people
make foreign markets essential. Under
such conditions IL would be unwise 70 cramp
OF to fetter the youthful strength OF our
nation.
Moreover, Il cannot too often he pointed
out that 10 strike with ignorant violence
at the interests OF one set OF men almost
IL. ~. La atNNG| |Aafa
The fundamental rule in our national life
the rule which underlies all others-is that,
on the whole, and In the long run, we shall
20 up or down together, There are ex-
ceptions. and in times OF prosperity some
viii prosper far more, and IN times OF sd,
others; but speaking generally, period
Of good times means that all share more
or less in them, and IN period OF hard
times all feel the stress TO greater or less
degree. II surely ought not to be necessary
10 enter into any proof OF this statement;
the memory of the lean years which began
In 1893 is still vivid, and we can contrast
them with the conditions In this very year
which is now closing Disaster TO great busi-
ness enterprises can never have It's enec,s
limited to the men at the top. II spreads
throughout, and while il Is bad for every
body, il is worse for those farthest down.
The capitalist may be shom OF his luxur,esi
but the wage worker may be deprived OF
even bare ne .ssities.
The mechanism Of modern business is
80 delicate that extreme care must be taken
not 10 interfere with II In spirit OF rashness
or ignorance Many of those who have
made il their vocation 10 denounce the
great Industrial combinations which are
popularity, although with technical
especially 10 hatred and fear. These are
precisely the two emotions, particularly
when combined with ignorance, which
unfit men for the exercise Of cool and steady
Judgment. In facing new industrial con,
dtions, the whole history, OF the worln
shows that legislation Will generally he
both unwise and Ineffective unless under
taken after calm inquiry and with sober
self-restraint Much Of the legislat ion
directed at the trusts would have been
exceedingly mischicvous Dad N not also
been entirely ineffective. In accordance
with = well-known sociological law, the
ignorant or reckless ag'tator has been tho
really effective friend Of the evils which
he has been nominally opposing In dealing
with business Interests, for the Government
10 undertake by crude and ill-considered
legislation 10 do what may turn out 10 he
bad. would be 10 incur the risk OF such Tar,
reaching national disaster that II would
he preferable 20 undertake nothing at all
The men who demand the Impossible or
the undesirable serve as the allies OF the
forces with which they are nominally at
war. for they hamper those who would
endesvor To find out in rational fashion
what the wrongs really are and TO what
extent and in what manner II IL practicable
10 apply remedies.
All this Is true. and vet l, Is also true that
there are real and grave evils, ono Of the
chief being over capitalization because OF
its many baleful Consequences; and a reso-
Lutte and practical effort must be made to
correct these evils.
TRrsTe.
l. "a. al ~ fTs ~
minds Of the American people that the
great corporations known as trusts ar" IN
certain of their features and tendencies
hurtful 20 the general welfare. This springs
from no spirit Of envy or unchariihhleness,
nor lack Of pride in the great industrial
achievements that have placed thin country
at the head Of the nations struggling for
commercial supremacy. II does not rest
upon a lack Il intelligent appreciation OF
the nocessity of meeting changing end
changed conditions Of trade with new
methods. nor upon ignorance OF the fact
that combination Of capital in 'he efort
90 accomplish great things ~ necessary
when tho worlds progress demands that
great thinss b@ done II l. based upon
sincerN conviction that combinat ion and
concentration should h.. not prohibited.
but supervised and within re'u-onAhl"
limits controlled and in my judgment tins
conviction 10 right
II is no limitation upon prop~rty rights
mon r,~reiye from Government the privilege
~ doing business under corporate form,
which ffeos them from indi, dual Tesron-i-
bility, ant enables them 10 oall into their
enterprises IA. capital ~ th. pubic, nHy
shall do 40 upon absolutely truthful repre-
sentations a. to th. value 0i the propar,y
in which the capital h. To- 10 Invested Cor
pnTaiiuns engaged IN interstate oomfnsrt-
should 10 regulated n they arr found 20
eI"rcls. hosus" working ~ he public
injury II should ~ a. muoh ~" aim ~
thuse who ss"k f1T so.ial ls.'termeu' ~
- the buslu"rs vurli - sflm's ~ cunning
a. ~ ~ the suiir hudy politir - crimes ~
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