Daily Arizona silver belt., 1907-12-04
PRESIDENTS SSkGE
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 struck at. it will visit with an even heavier load the one who strikes the blow. Taken as a whole, we must all go up or down together.
 "Yet, while not merely admitting, but insisting upon this, it is also true, that where there is no governmental re- straint or supervision some of the ex- ceptional men use their energies, not in ways that are for the common good, but in ways which tell against this common good. The fortunes amassed through corporate organizations are now so large, and vest such power in those that wield them, as to make 1t matter of necessity to give to the sovereign that is, to the Government, which rep resents the people as wholesome ef- feetive power of supervision over their corporate use. In order to insure a healthy social and industrial life, every big corporations should be held respon- sible by, and be accountable to, some sovereign strong enough to control its conduct. l am in no sense hostile to corrorations. This is an age of com bination, and any effort to prevent all combination will not only be useless, but ir the end vicious because of the contempt for law which the failure to enforce the law inevitably produces. We should, moreover. recognize in cor dial and ample fashion the immense good effected by corporate agencies in country such as ours, and the wealth of intellect, energy and fidelity, devoted to their service. and therefore normally to the service of the public, by their officers and directors The corporation has come to staty, just as the trade union has come to stay. Each one can do and has done great good. Each should be favored so long as it does good. But each should be sharply checked where it acts against law and justice.
 ''# The makers of our Ma tional Constitution provided especially that the regulation of interstate com merce should come within the sphere of the General Government. The argu- ments in favor of their taking this stand were even then overwhelming. But they are far stronger to-day, in view of the enormous development of great business agencies, usually cor porate in form. Experience has shown conclusivelv that it is useless to try to get any adequate regulation and super vision of these great corporations by State action. Such regulation and sup ervision can only be effectively exer- eised by sovereign who's iurisdic tion is eo-extensive with the field of work of the eorporations-tha is. by the National Government. l believe that this regulation and supervision can be obtaiped bv the enactment of law by the Congress. Our steady aim should he by legislation, cautiously and carefully undertaken, but resOlutely per severed in. to assert the sovereignty of the National Government by affirmative action.
 "This is only in form an innovation. In substance it is merely restoration; for from the earliest time such regu- lation of industrial activities has been recognized in the action of the lawmak- ing bodies; and all that l propose is to meet the changed conditions in such manner as will prevent the Common wealth abdicating the power it has all ways Dossessed, not only in this country but also in England before and since this country became a senarate nation.
 "Tt has been a misfortune that the National laws on the subject have hith- ertO been of negative or prohibitive rather than an affirmative kind, and still more that they have in part sought to prohibit what could not be effect ively prohibited, and have in part in their prohibition eonfounded what should be allowed and what should not be allowed It is generally useless to try to prohibit all restraint on compe- titiOn, whether this restraint be reas- onable or unreasonable; and where it is not useless it is generally hurtful The successful prosecution of one device to evade the law immediate. ly develops another device to accomp- fish the same purpose. What is needed is not sweeping prohibition of every arrangement. good or bad. which may tend to restrict competition, but such adequat supervision and regulation as will prevent any restriction of com petition from being to the detriment of the public, as well as such super vision and regulation as will perevnt other abuses in no way connected with restriction of competition.
 I have called your attention in these quotations to what l have already said because I am satisfied that it is the duty of the National Government to embody in action the principles thus expressed.