650 Presidential Addresses 



large. The scope of the Department's duty and 

 authority embraces the commercial and industrial 

 interests of the Nation. It is not designed to restrict 

 or control the fullest liberty of legitimate business 

 action, but to secure exact and authentic informa- 

 tion which will aid the Executive in enforcing 

 existing laws, and which will enable the Congress to 

 enact additional legislation, if any should be found 

 necessary, in order to prevent the few from obtaining 

 privileges at the expense of diminished opportuni- 

 ties for the many. 



The preliminary work of the Bureau of Corpora- 

 tions in the Department has shown the wisdom of 

 its creation. Publicity in corporate affairs will tend 

 to do away with ignorance, and will afford facts 

 upon which intelligent action may be taken. Sys- 

 tematic, intelligent investigation is already develop- 

 ing facts the knowledge of which is essential to a 

 right understanding of the needs and duties of the 

 business world. The corporation which is honestly 

 and fairly organized, whose managers in theconduct 

 of its business recognize their obligation to deal 

 squarely with their stockholders, their competitors, 

 and the public, has nothing to fear from such super- 

 vision. The purpose of this Bureau is not to em- 

 barrass or assail legitimate business, but to aid in 

 bringing about a better industrial condition a con- 

 dition under which there shall be obedience to law 

 and recognition of public obligation by all corpora- 

 tions, great or small. The Department of Com- 

 merce and Labor will be not only the clearing house 



