New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-10-21
FOR FEDERAL CONTROL.
PRESIDENT At 4TL4NT4
Talks Of Corporatioas aH3 Great
Masses Of Gh5iJidaoi FgcGIfh.

come that lcfj no room for doubt of their sin
cerity- The city WAS in gala attire. and business
practically suspended so;,th Carolina.
through Governor Hayward. added It's welcome.
Threatening clouds marked The early mCrning
but no rain fell y chilling wind prevailed all
day.
THE PRESIDENTS SPEECH
Numerous extra trains brought their burden or
Georsians from the surrounding countrss and
cities, and il was estimated that not less than
10000 persons saw and welcomed the Presi6ant.
He was taken to Piedmont Park where he spoke
IS follows:
Here IL this great Industrial centre in this
city which Is a typical Southern city, and there
fore 4 typical American city, ii is natural TO
consider certain phases of the ruany-sided i'll
dUsJrial problem which this generation has 10
solve In this world OF il is practically i'm
possible TO get success OF any kind on large
scale without paying something for il, The ex-
CcpuonS 10 the rule are too few TO warrant our
laying heed 10 them; and rule ii may be
s91a that something must be paid offset
tor eEerythImg we set and for everything we ac-
comqllsh This is notably true of our industrial
life. The problems which OF America have
10 face to-day are very serious, but we Will do
well 10 remember that after all they axe only
part Of the price which we have to pay for the
tTlumphs Ne nave WoH for The nigh position TO
which Ne have attained If were back
ward and stationary country we would not have
10 Iace these lf1 1Sle-lls a. all; but think that
most Ot us are agreed that 10 be backward and
Stationary would be altogether too heavy price
10 pay Tor the avoidance Of the problems in
question There are no labor troubles where
there is no work - be done BY labor There
are no troubles about corr,,rs tio}s where the
poverty OF the community is such ,hat il is not
worth while TO form corporations. There is no
difficulty in regulating railroads where the re-
sources q region are 50 few that it does not
pay build railroads. There are many excel
lent people who shake their heads over the diff
hcuities that as nation we now have to face;
but their melancholy is not warranted save in
z very partial degree for most Of the things of
which they complain the inevitable accom-
paniments Of the growth and greatness Of which
We are proud
not for one moment mean to say that there are
not many and serious evils with which we have
TO grapple. or that there not unhealthy
signs in the body social and polite: but l do
mean 70 say that while must not show a
foolish optimism We must no less beware of q
mere blind pessin1isIn. There is every reason
why We should be vigilant in searching out
what is wrong and unflinChingly resolute in
striving TO remedy it But al the same time we
must not blind ourselves to what has been ac-
oomplshed for good. and above all we must not
lose our heads and become either hysterical or
Tancorous in graphing with what is bad.
FEDERAL CONTROL OF CORPORATIONS.
Take such 4 question. for instance. as the
question OF rather the group Of questions, con
Iected with the growth Of corporations in this
country This growth has meant. OF course the
growth Of individual fortunes. Undoubtedly
the growth of wealth in this country has had
some very unfortunate aCcompaniments. but it
seems 10 me that much the worst damage that
people OF wealth do the rest Of Us is not any
actual physical harm. but the awakening in our
breasts of either the mean vice of worshippng
mere wealth and the man of mere wealth, for
The Wealth's sake, or the equally mean vice of
Viewing with rancoro,Is envy and hatred the
men of wealth merely because they are men
Of wealth Envy is of course, merely kind
Of crooked admiration: and we often see the
very man who in public is most Incorporate in
his denunciation Of wealth., in his private life
most eager TO obtain wealth. in no matter what
fashion and al no matter what moral cost.
Undoubtedly there is need of regulation by the
government. I'm the interest OF the public. Of
these great corporations which in modern life
nave SHOWN themselves TO be the most efnclent
business implements. and which are. therefore,
me implements commonly employed by the
owners OF large fortunes. The corporation is the
creature Of the State. It should always be held
accountable 10 some sovereign. and this ac-
counta bility should be real and not sham
Therefore, IN my judgment. all corporations do
ing an Interstate business, and this means the
great majority Of the largest corporations,
should he held accountable TO the federal gov
eriHnent. because their accountability should be
co-extensive with their field of action But most
certainly should strive to prevent or
limit corporate activity. We should strive TO
secure such effective s1Ipervision over It. such
power OF regulation over il, 10 enable US TO
guarantee that its activity will be exercised only
IN ways beneficial to the public. The unwtsdom
check corporate activity has been shown Ia
striking fashion in recent years by our expert
ence in the Philippines and in Porto Rico Our
national legislators very properly determined
that the islands should not be exploited by ad-
Velturers without regard To the interests of the
people of the islands themselves. But unfort-
unateiy, in their zeal to prevent the islands
from being improperly exploited they took
measures OF such severity as seriously, ana
IN some respects vitality. TO hamper and retaFd
the development of the Islands. There is notn-
ing that the Islands need more thah 10 nave
their great natural resources developed. ana
these resources can be developed only by the
abundant Of capital which Of course, will
rot be- Tut into theIa unless on terms sufficiently
advantageous =. offer prospects Of good re-
r-urera=5l-s we have made the terms not
merely hard, but often prohibitory, with the re-
suit that american capital goes into foreign
countries. ike Mexico. and is there used with
immense advantage to the country In its de-
Veiopmeut. while II cannot 60 into our own
possessions or be used 10 develop the lands
under our own flag. The chief sufferers by this
state OF things are the people Of the Islands
themselves.
II is impossible too strongly to insist upon
what ought be the patent fact that 1t is not
only in the interest Of the people OF wealth
themselves but in our interest, In the interest
Of the public a whole. that they should be
treated fairly and justly; that II they snow eX-
cepttonal business ability they should be gwen
exceptional reward for that ability. The tissues
% our industrial fabric interviewer IN such
complex fashion that what strengthens or Weak-
ems part also strengthens or Weakens the
whole. If penalize industry we VIII our
selves in the end have 10 pay a conslderapie
part Of the penalty. If we make condlll4IS
such that the men Of exceptional abihty are apIe
10 secure marked benefits by the exercise OF thaI
ability, then shall ourselves beneht some
what. = is our interest no less than our duty
20 tteat them fairly. On the other hand II is
he less their interest 70 treat us fairly-by US
/ mean TIE great body Of the people. the men
Of moderate or small fortunes. the farmers tIS
"aGe workers. the smaller business men anu anu
Professional men. The man Of ~Teat means VINO VINO
achieves fortune by crooked methods does
wrong the whole body polite. But ne iiO
rFrgly Goes wrong 10. he becomes source OF
ihinineDt danger to. other mon OF great meas
fpr his IN 5,-ou success tends to arouse a feeling
q resentment ilich if il becomes inf1ameG Iei7
10 dferentiate between fllc men ~ wealth VINO
haze done deceniiy and he men of wealth VINO
have not done deccntly
THE CYNICAL. DISHONESTY OF' WEALTH
The conscience of our people has been deeply
shocked Nv the revelations made OF recent years
tn - in hi zAU Ia of