The Tupelo journal., 1902-12-05
THE TRUSTS.
They Can Be Controlled Only by Ma
tiOna1 Action.

In my message to the present congress
at its first session l discussed at length
the question of the regulation of those
big corporations commonly doing an in
terState business. often with some ten
dency to monopoly, which are popularity
known as trusts. The experience of the
past year has emphasized, in my opin-
ion, the desirability of the steps [ then
proposed. A fundamental requisite of
social efficiency is a high STANDARD of
individual energy and excellence; but
this is in no wise inconsistent with pow
er to act in combination for aims which
canno so well be achieved by the indi-
vidual acting alone. A fundamental base
of civilization is the i~nviolability of prop
erty; but this is in no wise inconsistent
with the right of society to regulate the
exercise of the artificial powers which it
confers upon the owners of property, I'M
der the name of corporate franchises, in
such a way as to prevent the misuse
cially combinations of corporations,
should be managed under public regula-
ton. Experience has shown that under our
system of government the necessary
supervision cannot be 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 ndustrialism, 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 e~ndeavoring to do away
with any evil in them. We are not hostile
to them; we are merely determined that
the public good. We draw the line
against misconduct, not against wealth.
The capitalist who. alone or in c%onjunc-
ton with his fellows, performs some
great industrial feat by which he wins
money is a welldoer, not a ~wrongdoer.
provided only he works in proper and
legitimate lines. We wish to favor such
a man when he does well. We wish to
supervise and control his actions only to
prevent him from doing i'll. Publicity
can do no harm to the honest corpora
about sparing the dishonest corporation.
Must Exercise Care.
In curbing and regulating the combina-.
lions of capital which are or may become
injurious TO the public we must be careful
not to stop the great enterprises which
have legitimately reduced the cost of pro-
our country has won in the leadership of
the international industrial world, not to
strike down wealth with the result of clos
ing factories and mines, of turning. the
ing the farmer without a market for what
he grows. Insistence upon the impossible
means delay in achieving the possible, ex-
actly as, on the other hand, the stubborn
defense alike of what is good and what is
bad in the existing system, the ~resoIute eff
fort to obstruct any attempt at betterment,
betrays blindness to the historic truth that
wise evolution is the sure safeguard against
revolution.
No more important subject can come be-
fore the congress than this of the regula-
ton of interstate business. This country
cannot afford to sit supine on the plea that
under our peculiar system of government
we are helpless in the presence of the new
conditions, n unable to grapple with them
or to cut out whatever of evil has arisen in
connection with them. The power of the
congress to regulate interstate
Is an absolute and unqualified grant, and
without limitations other than those pre-
scribed by the constitution. The congress
has constitutional authority to make all
laws necessary and proper for executing
this power. and I am satisfied that this
power has not been exhausted by any leg
isIation now on the statute books. 1t is
evident, therefore, that evils restrictive of
commercial freedom entailing restraint
upon national m fall within the
a wise and reasonable law would be a neces-
sary and proper exercise of congressional
authority to the end that such evils should
be ~eradicated.
I believe that ~monopolies, unjust dis
Grimm %tions. which prevent or cripple
n other evils in trust organizations and
practices which injurious1y affect inter-
state trade can be prevented under the pow
er of the congress to regulate
with foreign nations and among the sew
quirements operating directly upon such
m the inst~rumentalities thereof,
and those engaged therein.
earnestly recommend this subject to the
consideration OF the congress with a view
provisions and effective in its operations,
upon. which the questions can be finally
edjudicated that now raise doubts as to
khe necessity OF constitutional amendment.