And State Papers 609 



or decadence, but of prosperity of the progress of 

 our gigantic industrial development. This indus- 

 trial development must not be checked, but side by 

 side with it should go such progressive regulation 

 as will diminish the evils. We should fail in our 

 duty if we did not try to remedy the evils, but we 

 shall succeed only if we proceed patiently, with 

 practical common-sense as well as resolution, sepa- 

 rating the good from the bad and holding on to the 

 former while endeavoring to get rid of the latter. 



In my Message to the present Congress at its first 

 session I discussed at length the question of the 

 regulation of those big corporations commonly doing 

 an interstate business, often with some tendency to 

 monopoly, which are popularly known as trusts. 

 The experience of the past year has emphasized, in 

 my opinion, the desirability of the steps I then pro- 

 posed. A fundamental requisite of social efficiency 

 is a high standard of individual energy and excel- 

 lence ; but this is in no wise inconsistent with power 

 to act in combination for aims which can not so well 

 be achieved by the individual acting alone. A fun- 

 damental base of civilization is the inviolability of 

 property ; but this is in no wise inconsistent with the 

 right of society to regulate the exercise of the arti- 

 ficial powers which it confers upon the owners of 

 property, under the name of corporate franchises, 

 in such a way as to prevent the misuse of these 

 powers. Corporations, and especially combinations 

 of corporations, should be managed under public 



