1 82 Presidential Addresses 



is really an interstate business, and as the States 

 have proceeded on very different lines in regulat 

 ing them, at present a corporation will be organ 

 ized in one State, not because it intends to do 

 business in that State, but because it does not, and 

 therefore that State can give it better privileges, 

 and then it will do business in some other States, 

 and will claim not to be under the control of the 

 States in which it does business; and of course it 

 is not the abject of the State creating it to exercise 

 any control over it, as it does not do any business 

 in that State. Such a system can not obtain. There 

 must be some sovereign. It might be better if all 

 the States could agree along the same lines in deal 

 ing with these corporations, but I see not the slight 

 est prospect of such an agreement. Therefore, I 

 personally feel that ultimately the nation will have 

 to assume the responsibility of regulating these very 

 large corporations which do an interstate business. 

 The States must combine to meet the way in which 

 capital has combined; and the way in which the 

 States can combine is through the National Gov 

 ernment. But I firmly believe that all these obstacles 

 can be met if only we face them, both with the de 

 termination to overcome them, and with the further 

 determination to overcome them in ways which shall 

 not do damage to the country as a whole ; which on 

 the contrary shall further our industrial develop 

 ment, and shall help instead of hindering all cor 

 porations which work out their success by means 

 that are just arid fair toward all men. 



