The Columbus journal., 1902-12-10
TRUSTS AND The TARIFF DEALT With
Fl Changes of Import Duties Menace to the Business
Interests of the Country Reciprocity Treaties
Desirable Monetary Legi!ation-Rela-
ti0nS Of Labor and Capital.

unOOunOeQ PROSPERITY. pIVsPciAsy
Is not the creature Of law. but cndoubt-
edly the laws under which we work have
been instrumental in creating the condi-
tions which made II possible. and by un-
wise legislation IL would be easy enough
to destroy IL. There will undoubtedly
be periods OF depression. The wave VIII
recedc: but the tide will advance. This
nation Is seated on q continent hanked
by two great oceans. 1t is composed
Of men the descendants OF pioneers. or
in a sense, pioneers themselves: OF men
winnowed out from among the nations
OF the old world by the energy. boldness.
and love OF adventure found In their own
eager hearts. Such q nation. SO placed.
will surely wrest success from fortune
As a people We have played large
part in the world. and we are bent upon
making our future even larger than the
past. In particular. the events OF the last
four years have definitely decided that
for woe or for veal. cur place must he
great among the nations. We may either
fail greatly or succeed greatly: but we
cannot avoid the endeavor from which
either great failure or great success
must come Even II We would We can
not play q small part. II we should Try
all that would follow would be that We
should play a large part ignobly and
shamefully.
No country has ever occupied hleher
plane OF material well-being than ours
at the present moment. This well-being
II due to no sudden or accidental causes.
but 20 the play OF the economic forces
in this country for over a century: TO
our laws. our sustained and continuous
policies: above all, to the high individ-
ual average OF our citizenship. Great
fortunes have been won by those VINO
have taken the lead in this phenomenal
Industrial development and most OF these
fortunes have been won not by doing
evil. but as an incident to action which
has benefited the community as whole.
Never before has material well-Oelng
been 80 widely diffused among our peO-
pie Great fortunes have been accum-
ulated and yet in the aggregate these
fortunes are small indeed when COM
pared to the wealth Of the people as q
whole. The plain people are better on
than they have ever been before. The
Insurance companies. which are prac-
tically mutual benefit enthusiastically
helpful to men OF moderate means-rep-
resent accumulatiOns Of capital which are
among the largest in this country. There
are more deposits in the savings banks.
more owners Of farms. more well-paid
wage workers in this country now than
ever before in our history. or course.
when the conditions have favored the
growth Of SO much that was good. they
have also favored somewhat the growth
OF what was evil. 1t is eminently neces-
eary that We should endeavOr to cut out
this evil but let us keep due sense OF
proportion: let us not In fixing our gaze
upon the lesser evil forget the greater
good The evils are real and some OF
them are menacing. but they are the
OutgroWth not Of misery or decadence,
but Of proeperity-of the progress of our
Rtgantic Industrial development. This
Industrial development must not be
checked but side by side with 1t should
70 such progressive regulation as will
diminish the evils. We should fail In
our duty il We did not try to remedy the
evils, hut We shall succeed only il We
proceed patiently. with practical common
sense as well as resolution. separating
the good from the bad and holding on to
the former while eEdeavOring to get rid
of the latter.
National Action to Control Trusts.
In my message to the present Congress
at its first session I discussed at length
the question OF the regulation of those
big corporations commonly doing an in
terstate business. often with some ten
Slency to monopoly. which are populcrly
known as trusts. The experience OF the
past year has emphasized. in my o2in-
ion the desirability OF the steps I then
proposed. A. fundamental base OF civil
ixation is the inviolabiiity Of property:
the right OF society to regulate the ex-
ercise Of the artificial powers which it
confers Hpon the owners Of property. un-
der the name Of corporate franchises. in
such q way as to prevent the misuse
of these powers. Corporations. and espe.
cially combinations OF corporations
should be managed under public regula-
tion. Experience has shown that under
our system Of government the necessary
supervision cannot he obtained by state
action. 1t must therefore be achieved
by national action. Our aim Is not to do
away with corporations: on the contrary,
these big aggregatiOns are an inevitable
development Of modern industrialism. and
the effort to destroy them would be futile
unless accomplished in ways that would
work the utmost mischief to the entire
body polite. We can do nothing OF good
in the way Of regulating and supervising
these corporations until We fix clearly in
our minds that We are not attacking the
corporations. but endeavoring to do away
with any evil in them. We are not hos
tile to them: We are merely determined
that they shall be so handled as to SUBJ
serve the public good. We draw the line
against misconduct. not against wealth.
The capitalist who alone or in conjunc-
tion with his fellows. performs some
great Industrial feat by which he wins
money Is q welldoer. not a wrongtloer
legitimate lines. We wish to favor such
q man when re does we'll We wish 10
supervise and control his actions only to
prevent him from doing ill., Publicity
can do no harm to the honest corporn
tion: ena we need not be overtender
about spartng the dishonest corporation
The Necessity for Care.
In curbing and regulating the combina
tions Of capital which are or may become
Injurious to the public We must be careful
not to stop the great enterprises which
have legttimateIy reduced the cost OF pro-
ducticn. not to abandon the place which
our country has Won In the leadershin az
the international Industrial world. NOT IN
strike down wealth With the result of
closing factories and mines. OF turning
the wage-worl1er idle in the streets ana
leaving the farmer without . market for
what he grows. Insistence upon the Inn
possible means delay In achieving the
possible. exactly as. on the other hand.
the stubborn defense alike of what n
good and what 3 bad In the existing sv.-
TEN. the resolute effort to obstruct anv
attempt At oetterment. bet1ys blind.
ness to the historic truth that wise evolu-
hutton.
importance Of the Subject.
No more Important subject can come
0eSore the Congress than this o. the
regulation Of Interstate business. The
country cannot afford to sit supine on
the p1ea that under our peculiar system
Of government We are helpless in the
presence of the new conditions. ana nm
able to Gfapple with them or to cut ont
whatever 0f ev1 has arisen In connec-
ton With them. The power of the Con-
gress 70 regulate interstate commerce f.
an ahDolute and unqualified grant. and
without limit1tjons other than those pre.
serioe0 By The constitution. The Com
GTe0 has constitutionAl authority to
0Ake an hWB necessary and proper for
executing this power. and am satisaed
that his power has not been exhausted
BY any Deg1slAtioa nOW On the statute
bookR 1t = evident. therefore, that evils
restrictive a commercial freedom entail.
ing restraint upon national commerce fhu
within the regulative power Of the Con-
gress. ana that . wise and reasonable
M Woobd be . necessary and proper ex-
erc1oo u Congressional authority to The
end eAat 00eA evi6 should b efadicated.
evooo can - Done Assay Wlsh.
] 6elsevo tat monopolses. unjust dfs-
esS0lnoe6eos. which prevent or crippSe
eomDet1e1ea. 6audulent overcapitaiisa.
den. a. eehee evils IN trust orEanlsa.