The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-01-21
BUSINESS
'FREEDOM,WILSO
Presidents Message Calls for Prohibition of Inter
locking Drectorates and Federal Regula.
ton Of Railroad Financing

follows.
GENTLEMEN OF THE CONGRESS
In my report "on the state Of the
Union" which had the privilege of read
ing to you on the second of December last.
l ventured to reserve for discussion at
| later date the subject Of additional legis-
lation regarding the very difficult ana
| intricate matter of trusts and monopolies
| The time now seems opportune to turn
to that great question not only because
| the currency legislation, which absorbed
your attention and the attention of the
country in December is now disposed of,
but also because opinion seems to be
clearing about us with singular rapidity
, In this other great field of action. In
the matter of the currency II cleared
suddenly and very happily after the much
debated act was passed. in respect OF the
monopolies which have multiplied about
us and in regard to the various means
4 by which they have been organized and
maintained II seems to be coming to
clear and all but universal agreement i'll
D. anticipation of our action. as III by way
of preparation making the way easier to
SEQ and easier to set out upon with con-
fidence and without confusion OF counsel
/ Legislation has its atmosphere like
everything else. and the atmosphere or
accommodation and mutual understand
ing which wo now breathe with so much
q refreshmcnt Is matter OF sincere con
graduation. II ought to make our task
very much less difficult and embarrassing
than Il would have been had we been OBJ
ligcd to continue to act amidst the at
: mosphere of suspicion and antaEonisn
which has 50 lons made Il Impossible TO
approach such questions with disp6ssion-
ate tlrmness Constructive legislation,
when successful, Is always the embod-
ment OF convincing experience and of the
mature public opinion which finally
springs out of that experience. LeGisla-
ton Is business OF Interpretation not or
origlnation, and II is now plain what the
opinion Is to which we must give effect
in this matter. 1t IL not recent or hasty
opinion. II springs out of the expert
ence of a whole generation. II has clari-
fed itself by long contest and those who
for long time bnttled with IL and sought
TO change IL are now frankly and honor
ably yielding to II and seeking to conform
their actions TO II.
Masters of Business Yield.
The great business men who organized
and financed monopoly and those who
administered II In actual everyday trans
actions have year after year. until now.
either denied its existence or justified 1t
as necessary for the effective maintenance
and development OF the vast business proc
esses OF the country In the modern cir
cumstances OF trade and manufacture and
finance, but all the while opinion has made
head against them The average business
man IL convinced that the ways OF liberty
are also the ways Of peace and the ways
OF success as we'll, and at last the masters
of business on the great scale have begun
to yield their preference and purpose. per
haps their judgment Also in honorable
surrender.
What We are purposng to do therefore.
Is happily not to hamper or interfere with
business as enlightened business men
prefer to do II, or in any sense to put II
under the ban The antagonism between
business and government Is over We
are now about to give expression to the
best business Judgment of America, to
what we know to be- the business con-
science and honor OF tho land. The Gov
, eminent and business men are ready to
meet each other half way In n common
effort to square business methods with
both public opinion and the law. The
. best Informed men OF the business world
= condemn the methods and processes and
+ consequences OF monopoly as we condemn
them; and the instructive judgment OF
3 the vast majority OF business men every
: where goes with them. We shall now
= be their spokesmen. That IL the strength
I Of our position and the sure prophecy OF
a what will ensue when our reasonable
= work In done.
When serious contest ends. when mel
unite In opinion and purpose, those VIII
, are TO change their ways OF business
change. II In possible to effect II II
> the way In which prudent and thoughtfu
, and patriotic men would wish
see Il brought about. with as few. n
D slight, "a easy and simple business re
adjustments AZ possible In the c!rcun
= stances, nothing essential disturbed. moth
y ing torn up By the roots, no parts rem
= asunder which can be left In wholesom
= combination. Fortunately. no measure
0 of sweeping or novel change are neces
o sary. II will be understood that our 90
ject is not to unsettle business or any
where seriously to break its estabiishe
r courses athwart. On the contrary We de
n sire the laws we are now about TO pas
!, TO he the bulwarks and safeguards or In
dustry against the forces that have Ola
turbed It. What We have to do ca
!, be done In "a new spirit. In thoughft
u moderation. without revolution Of An
untoward kind.
q Not . Radical Programme.
We are all agreed that "private monop
oply il indefensible and intolerable." an
. our programme is founded upon that con
~ yiction II will be comprehensive bu
- not n radical or unacceptable programme
i, and these are its Items. the changes whlc
y opinion deliberately sanctions ana 10
:, | which business waits
~ II waits with acquiescence. In the frs
.u place, for laws which Will enectuall
v, prohibit and prevent such interlockine
~ Of the personnel Of the directorates
W great OBSERVATION-DISCLOSURES and railroads
- Industrial, commercial and public servio
bodies--as In effect result in maxim
those who borrow and those who len
20 practically one and the same; those VII
~ sell and those who buy but the san
.. persons trading with one another und'
y different names and in different combins
s; lions, and those who affect to compel
w in fact partners and masters OF son
10 whole field OF business. Suff,ciei
time should be allowed OF course
which to effect these changes or organ
IN ixation without Inconvenience or col
1t fusion.
such prohibition will work muc
n -,ore than a mere negative good by GO
OF recting the serious evils which have arise
a because. for example, tho men who ha'
rs been the directing spirits OF the gre
n | investment banks have usurped the pla
rs which belongs to independent industri
It. mana cement working In its own behoo
81. II will bring new men. new energies.
de new spirit OF initiative. new blood. IN
10. the management of our great busine
he enterprises 1t will open the ne
in of Industrial development and orip
M nation to scores OF men who have be-
lid Obliged to serve when their abilities e
Ike titled them to direct 1t VIII u