652 Presidential Addresses 



junction with his fellows, does his work along proper 

 and legitimate lines. The purpose of the legislation, 

 which purpose will undoubtedly be fulfilled, was 

 to favor such a man when he does well, and to super- 

 vise his action only to prevent him from doing ill. 

 Publicity can do no harm to the honest corporation. 

 The only corporation that has cause to dread it is the 

 corporation which shrinks from the light, and about 

 the welfare of such corporations we need not be over- 

 sensitive. The work of the Department of Com- 

 merce and Labor has been conditioned upon this 

 theory, of securing fair treatment alike for labor and 

 for capital. 



The consistent policy of the National Government, 

 so far as it has the power, is to hold in check the 

 unscrupulous man, whether employer or employee; 

 but to refuse to weaken individual initiative or to 

 hamper or cramp the industrial development of the 

 country. We recognize that this is an era of fed- 

 eration and combination, in which great capitalistic 

 corporations and labor unions have become factors 

 of tremendous importance in all industrial centres. 

 Hearty recognition is given the far-reaching, be- 

 neficent work which has been accomplished through 

 both corporations and unions, and the line as be- 

 tween different corporations, as between different 

 unions, is drawn as it is between different individ- 

 uals ; that is, it is drawn on conduct, the effort being 

 to treat both organized capital and organized labor 

 alike, asking nothing save that the interest of each 



