The daily morning journal and courier., 1907-06-14
MODERN CORPORATION
 INDUSTRY ORGANIZED Best Instrument to Yield
 Peoples Energy in
 Right Direction. FAVORs CONSTITUTION. Judge Grosscup Credits the President for the Great Progress made.
FAVORS CONSTITUTION.

Chicago. June l4.-At the banquet o
 the National Credit Mems Association
 In this city this evening, Judge Peter
 $. Grosscup, of the United States cir
 cult court, made an effective defense
 of the future American business cor
 poratien. His toast was "The Every
 Day Business Man, and the Corpora
 tions Problem" He said in part:
 Not only is the corporation the legal
 instrument through winch is wielded
 almost wholly the industrial energy of
 this generation of Americans-it is the
 best instrument yet discovered by
 which that energy can be wielded. Not
 only is the Corporation the medium
 through which the wealth of the people
 works out this ages industrial tri- umphs-it is the only medium through which the people, while working out their triumphs as a whole, can also work out, each for himself, his separ- ate individual instinct for personal share in the triumphs achieved. In- deed, what government is to man. kind politically organized, the 'corpor- ation" has become to modern industry organized. And it is in the corporation, in this relation of Intermediary between those seeking to own, and the property to be owned, that the destinies of the futur are the most deeply bound up.
 MT. Roosevelt thus far has dealt with the corporation problem as if the rela : tion of the corporation to the people was almost wholly that of business rival to the individual man-as if the relation between the corporation and tho individual man was chiefly an arms length relation. And am one of those who believe, that in taking this attitude, he wisely chose the first step in any comprehensive program for cor poration reform. Indeed, before the corporation" as the best instrument for welding the peoples energy, and working out the peoples property in stinct, could be brought distinctively into public thought, 1t was indispensa- ble that existing corporations should bs7taught that there is such thing as a peoples will expressed in law, and that there is such thing as obedi- ence by everybody to the law.
 That part of the road has now been nearly traveled-that part of the work has now been nearly done, What waits us, in that direction, is the duty of a continued watchfulness. But the next great distinctive step forward also waits for us-the work of turning this preparation into permanent deed-of putting into enduring form, not only Ideally, but actually, in the corporation structure of the future, those practical principles of the spare edal, that will transform the corporation into a per manently fit agency in which to em- body, and through which to work out, our triumphant indsutrial life. The people of America have shown that there can be strong government that is still the government of the many-a strong government that does not op- press. The thing that lies ahead of the people of America to now achieve, is such an incorporation of their indus trial life, that like their government, it, too, will be strong while belonging to the many-strong without the oligarch- ic tendencies to oppress-an industrial AAlS oO NOlPOl dLOlJ Ol BdulAtu, lndL as in our political life, behind the strength of the whole will be the inter- est of every individual, and behind the strength of each individual will be the interest of the whole.
 Tn entering upon this second great step, the time is at hand, 1t seems to 1 me, to aim directly at the mark. There is no need for instance, that we should | search behind the bureau, or under the | sofa, or in any other out of the way | place of our national constitutional, for | the words of constitutional authority. The words of authority are in plain 1 sight, in the power of congress over in | terstate commerce, and in the decisions | of the courts that have kept that power commensurate with the growth of com merce. Now is there need to stretch the | national power to cover those local af- Fairs that are ebst managed by the jtates and communities that they chief Iy concern. The national incorporation of enterprises whose operations are ------------------4-- -----------=------