618 Presidential Addresses 



dustries and of commerce, not only in the amount, 

 but in the character of circulation; and of making 

 all kinds of money interchangeable, and, at the will 

 of the holder, convertible into the established gold 

 standard. 



I again call your attention to the need of passing 

 a proper immigration law, covering the points out- 

 lined in my Message to you at the first session of 

 the present Congress; substantially such a bill has 

 already passed the House. 



How to secure fair treatment alike for labor and 

 for capital, how to hold in check the unscrupulous 

 man, whether employer or employee, without weak- 

 ening individual initiative, without hampering and 

 cramping the industrial development of the country, 

 is a problem fraught with great difficulties and one 

 which it is of the highest importance to solve on 

 lines of sanity and far-sighted common-sense as well 

 as of devotion to the right. This is an era of federa- 

 tion and combination. Exactly as business men find 

 they must often work through corporations, and as 

 it is a constant tendency of these corporations to 

 grow larger, so it is often necessary for laboring 

 men to work in federations, and these have become 

 important factors of modern industrial life. Both 

 kinds of federation, capitalistic and labor, can do 

 much good, and as a necessary corollary they can 

 both do evil. Opposition to each kind of organiza- 

 tion should take the form of opposition to whatever 

 is bad in the conduct of any given corporation or un- 



