Evening journal., 1902-12-02
Corporations,. DIscusseds

j
no country has ever occupied higher
'llane OF material we'll being than ours at
iae present moment. This well being Is
I ue-f0 no sudden or. accidental causes, but
D the play Of the economic forces IN TINS
ountry for over a centuryi 70 our laws.
ur sustained and continuous policies;
bove all. TO the high individual average
( bur citizenship. Great fortunes nave
cen won by those who have taken the
FAD in this phenomenal Industrial devei-
pment, and most of these fortunes have
cen won not by doing evil, but as an IN
ident TO action which has benefited the
t ommunity as a whole. Never before has
Material well being been so widely dif-
fused among our people. Great fortunes
T ave been accumulated, and yet In the
+ eed when COMPARED to the wealth of the
eople as whole. The plain people are
etter of than they have ever been be-
\ re practically mutual benefit societies
\ specially helpful TO men of moderate
1cans-represcnt accumulations OF capl-
al which are among the largest IN thls
ountry. There are more deposits in the
avlngs banks, more owners OF farms,
lore well paid wegeworkers IN this coun-
ry now than ever before IN our history.
)f course when the conditions nave Ia
ored the growth OF so much that was
ood they have also favored somewhat
he growth Of what was evil. IL IS emil
emily necessary that we should endeavor
o cut out this evil, but let us keep a due
II cnse Of proportion, let US not IN nNlng
UT gaze upon the lesser evil forget the
|treater good. The evils are real, ana
ONE OF them are menacing, but they are
he Outgrowth not of misery or decadencei
ut OF prosperity, OF The progress OF our
igantic industrial development This IN
ustrfal development must not be checked,
iut side by side with 1t should go such
Progressive regulation as VIII diminish
he evils. We should fail In our duty II
ge did not try 10 remedy the evils, but we
han succeed only IL we proceed patient.
y, with practical common sense as wei
2 resolution, separating the gooo from
he bad and holding on 70 the FORMER
While endeavoring TO get rid OF the latter
In my message to the present congress
it's first session / discussed at Length
he question Of the regulation OF those
ig corporations commonly doing an IN
erstate business, often with some tenden'
Y to monopoly, which are popularly
nown as trusts. The experience of thu
0 nst year has emphasized, in my opinion
+ ihe desirability of the steps l then pro
+ osed. A fundamental requisite OF socia
4 fficiency is q high standard OF individua
. nergv and excellence, but this is in no
. wise inconsistent with power to act II
f OmbinatiOn for aims which cannot 81
veil be achieved by the individual actinl
lone A fundamental base Of civilization
the inviolability Of property; but this u
" n nowise inconsistent with the right o
ociety to regulate the exercise or IN
4 rtihcial powers which II confers upon tn
" Wners Of property under the name OF cor
,orate franchises in such a way as q
f revent the misuse Of these powers. Cor
orations and especially combinations o
=. orporations. should be managed unde
/" sublic regulation. Experience has show
hat under our system Of government tn
+. aecessary supervision cannot be Obtninei
. " state action IL must therefore b
"a chieved by national action. Our aim /
81 lot to do away with corporations. On tn
ontrary. these big aggregations are a
. Inevitable development Of modern indus
n rialism, and the effort to destroy tner
would be futile unless accomplished q
says that would work the utmost mis-
hief to the entire body polite We ca
o nothing Of good in the way OF regulat
"a ag and supervising these corporation
ntil we fix clearly in our minds that W
re not attacking the corporations. bu
ndeavoring TO do away with any evil 1
81 hem We are not hostile to them. w
# re merely determined that they shall b
~ o handled ns 10 SubSerNe the public gOOC
s. We draw the line against misconduct, nc
~ gainst wealth. The capitalist who. alon
III r in conjunction with his fellows, pei
M orms some great industrial feat by whic
g wins money is welldoer. not a wrone
'< Ger. provided only he works in prope
nd legitimate lines We wish TO fave
uch q man when he does well. We wis
o supervise and control his actions onl
o prevent him from doing I'll. Publicit
Il. an do no harm to the honest corporation
M nd we need not be oVertender abot
# pairing the dishonest corporation.
In curbing and regulating the combine
Ions Of capital which are or may becom
4 INJURIOUS TO the public we must be carr
S4 al not TO stop the great enterprises whic
M ave legitimately reduced the cost OF pr
3& uctiOn. not 10 abandon the place Whic
y ur country has won in the leadership
3f he international industrial world. not
H4 trike down wealth with the result
~ losing factories and. mines, Of turnir
he wagsvcrker idle IN the streets az