Fewwilldisputethefactthatthepresentsituationisnotsatisfactory，andcannotbeputonapermanentlysatisfactorybasisunlessweputanendtotheperiodofgropinganddeclareforafixedpolicy，apolicywhichshallclearlydefineandpunishwrong-doing，whichshallputastoptotheiniquitiesdoneinthenameofbusiness，butwhichshalldostrictequitytobusiness。Wedemandthatbigbusinessgivethepeopleasquaredeal；inreturnwemustinsistthatwhenanyoneengagedinbigbusinesshonestlyendeavorstodorightheshallhimselfbegivenasquaredeal；andthefirst，andmostelementary，kindofsquaredealistogivehiminadvancefullinformationastojustwhathecan，andwhathecannot，legallyandproperlydo。Itisabsurd，andmuchworsethanabsurd，totreatthedeliberatelawbreakerasonanexactparwiththemaneagertoobeythelaw，whoseonlydesireistofindoutfromsomecompetentGovernmentalauthoritywhatthelawis，andthentoliveuptoit。
Moreover，itisabsurdtotreatthesizeofacorporationasinitselfacrime。AsJudgeHooksaysinhisopinionintheStandardOilCase：
“Magnitudeofbusinessdoesnotaloneconstituteamonopoly……thegeniusandindustryofmanwhenkepttoethicalstandardsstillhavefullplay，andwhatheachievesishis……successandmagnitudeofbusiness，therewardsoffairandhonorableendeavor[arenotforbidden]……[thepublicwelfareisthreatenedonlywhensuccessisattained]bywrongfulorunlawfulmethods。”Sizemay，andinmyopiniondoes，makeacorporationfraughtwithpotentialmenacetothecommunity；andmay，andinmyopinionshould，thereforemakeitincumbentuponthecommunitytoexercisethroughitsadministrative(notmerelythroughitsjudicial)officersastrictsupervisionoverthatcorporationinordertoseethatitdoesnotgowrong；butthesizeinitselfdoesnotsignifywrong-doing，andshouldnotbeheldtosignifywrong-doing。
Notonlyshouldanyhugecorporationwhichhasgaineditspositionbyunfairmethods，andbyinterferencewiththerightsofothers，bydemoralizingandcorruptpractices，inshort，bysheerbasenessandwrong-doing，bebrokenup，butitshouldbemadethebusinessofsomeadministrativegovernmentalbody，byconstantsupervision，toseethatitdoesnotcometogetheragain，saveundersuchstrictcontrolasshallinsurethecommunityagainstallrepetitionofthebadconduct——
anditshouldneverbepermittedthustoassembleitspartsaslongasthesepartsareunderthecontroloftheoriginaloffenders，foractualexperiencehasshownthatthesemenare，fromthestandpointofthepeopleatlarge，unfittobetrustedwiththepowerimpliedinthemanagementofalargecorporation。Butnothingofimportanceisgainedbybreakingupahugeinter-Stateandinternationalindustrialorganization/whichhasnotoffendedotherwisethanbyitssize/，intoanumberofsmallconcernswithoutanyattempttoregulatethewayinwhichthoseconcernsasawholeshalldobusiness。NothingisgainedbydeprivingtheAmericanNationofgoodweaponswherewithtofightinthegreatfieldofinternationalindustrialcompetition。Thosewhowouldseektorestorethedaysofunlimitedanduncontrolledcompetition，andwhobelievethatapanaceaforourindustrialandeconomicillsistobefoundinthemerebreakingupofallbigcorporations，simplybecausetheyarebig，areattemptingnotonlytheimpossible，butwhat，ifpossible，wouldbeundesirable。TheyareactingasweshouldactifwetriedtodamtheMississippi，tostopitsflowoutright。Theeffortwouldbecertaintoresultinfailureanddisaster；wewouldhaveattemptedtheimpossible，andsowouldhaveachievednothing，orworsethannothing。ButbybuildingleveesalongtheMississippi，notseekingtodamthestream，buttocontrolit，weareabletoachieveourobjectandtoconferinestimablegoodinthecourseofsodoing。
ThisNationshoulddefinitelyadoptthepolicyofattacking，notthemerefactofcombination，buttheevilsandwrong-doingwhichsofrequentlyaccompanycombination。Thefactthatacombinationisverybigisamplereasonforexercisingacloseandjealoussupervisionoverit，becauseitssizerendersitpotentformischief；butitshouldnotbepunishedunlessitactuallydoesthemischief；itshouldmerelybesosupervisedandcontrolledastoguaranteeus，thepeople，againstitsdoingmischief。Weshouldnotstriveforapolicyofunregulatedcompetitionandofthedestructionofallbigcorporations，thatis，ofallthemostefficientbusinessindustriesintheland。Norshouldwepersevereinthehopelessexperimentoftryingtoregulatetheseindustriesbymeansonlyoflawsuits，eachlastingseveralyears，andofuncertainresult。Weshouldenteruponacourseofsupervision，control，andregulationofthesegreatcorporations——aregulationwhichweshouldnotfear，ifnecessary，tobringtothepointofcontrolofmonopolyprices，justasinexceptionalcasesrailwayratesarenowregulated。EithertheBureauofCorporationsshouldbeauthorized，orsomeothergovernmentalbodysimilartotheInter-StateCommerceCommissionshouldbecreated，toexercisethissupervision，thisauthoritativecontrol。Whenonceimmoralbusinesspracticeshavebeeneliminatedbysuchcontrol，competitionwilltherebybeagainrevivedasahealthyfactor，althoughnotasformerlyanall-sufficientfactor，inkeepingthegeneralbusinesssituationsound。Whereverimmoralbusinesspracticesstillobtain——astheyobtainedinthecasesoftheStandardOilTrustandTobaccoTrust——theAnti-TrustLawcanbeinvoked；andwhereversuchaprosecutionissuccessful，andthecourtsdeclareacorporationtopossessamonopolisticcharacter，thenthatcorporationshouldbecompletelydissolved，andthepartsoughtnevertobeagainassembledsaveonwhatevertermsandunderwhateverconditionsmaybeimposedbythegovernmentalbodyinwhichisvestedtheregulatorypower。MethodscanreadilybedevisedbywhichcorporationssincerelydesiringtoactfairlyandhonestlycanontheirowninitiativecomeunderthisthoroughgoingadministrativecontrolbytheGovernmentandtherebybefreefromtheworkingoftheAnti-TrustLaw。Butthelawwillremaintobeinvokedagainstwrongdoers；andundersuchconditionsitcouldbeinvokedfarmorevigorouslyandsuccessfullythanatpresent。
Itisnotnecessaryinanarticlelikethistoattempttoworkoutsuchaplanindetail。Itcanassuredlybeworkedout。Moreover，inmyopinion，substantiallysomesuchplanmustbeworkedoutorbusinesschaoswillcontinue。WrongdoingsuchaswasperpetratedbytheStandardOilTrust，andespeciallybytheTobaccoTrust，shouldnotonlybepunished，butifpossiblepunishedinthepersonsofthechiefauthorsandbeneficiariesofthewrong，farmoreseverelythanatpresent。Butpunishmentshouldnotbetheonly，orindeedthemain，endinview。Ouraimshouldbeapolicyofconstructionandnotoneofdestruction。Ouraimshouldnotbetopunishthemenwhohavemadeabigcorporationsuccessfulmerelybecausetheyhavemadeitbigandsuccessful，buttoexercisesuchthoroughgoingsupervisionandcontroloverthemastoinsuretheirbusinessskillbeingexercisedintheinterestofthepublicandnotagainstthepublicinterest。
Ultimately，Ibelievethatthiscontrolshouldundoubtedlyindirectlyordirectlyextendtodealingwithallquestionsconnectedwiththeirtreatmentoftheiremployees，includingthewages，thehoursoflabor，andthelike。Notonlyisthepropertreatmentofacorporation，fromthestandpointofthemanagers，shareholders，andemployees，compatiblewithsecuringfromthatcorporationthebeststandardofpublicservice，butwhentheeffortiswiselymadeitresultsinbenefitbothtothecorporationandtothepublic。ThesuccessofWisconsinindealingwiththecorporationswithinherborders，soasbothtodothemjusticeandtoexactjusticeinreturnfromthemtowardthepublic，hasbeensignal；andthisNationshouldadoptaprogressivepolicyinsubstanceakintotheprogressivepolicynotmerelyformulatedintheorybutreducedtoactualpracticewithsuchstrikingsuccessinWisconsin。
Tosumup，then。Itispracticallyimpossible，and，ifpossible，itwouldbemischievousandundesirable，totrytobreakupallcombinationsmerelybecausetheyarelargeandsuccessful，andtoputthebusinessofthecountrybackintothemiddleoftheeighteenthcenturyconditionsofintenseandunregulatedcompetitionbetweensmallandweakbusinessconcerns。Suchaneffortrepresentsnotprogressivenessbutanunintelligentthoughdoubtlessentirelywell-
meaningtoryism。Moreover，theefforttoadministeralawmerelybylawsuitsandcourtdecisionsisboundtoendinsignalfailure，andmeanwhiletobeattendedwithdelaysanduncertainties，andtoputapremiumuponlegalsharppractice。Suchaneffortdoesnotadequatelypunishtheguilty，andyetworksgreatharmtotheinnocent。Moreover，itentirelyfailstogivethepublicitywhichisoneofthebestby-
productsofthesystemofcontrolbyadministrativeofficials；
publicity，whichisnotonlygoodinitself，butfurnishesthedataforwhateverfurtheractionmaybenecessary。Weneedtoformulateimmediatelyanddefinitelyapolicywhich，indealingwithbigcorporationsthatbehavethemselvesandwhichcontainnomenacesavewhatisnecessarilypotentialinanycorporationwhichisofgreatsizeandverywellmanaged，shallaimnotattheirdestructionbutattheirregulationandsupervision，sothattheGovernmentshallcontroltheminsuchfashionasamplytosafeguardtheinterestsofthewholepublic，includingproducers，consumers，andwage-workers。Thiscontrolshould，ifnecessary，bepushedinextremecasestothepointofexercisingcontrolovermonopolyprices，asratesonrailwaysarenowcontrolled；althoughthisisnotapowerthatshouldbeusedwhenitispossibletoavoidit。Thelawshouldbeclear，unambiguous，certain，sothathonestmenmaynotfindthatunwittinglytheyhaveviolatedit。Inshort，ouraimshouldbe，nottodestroy，buteffectivelyandinthoroughgoingfashiontoregulateandcontrol，inthepublicinterest，thegreatinstrumentalitiesofmodernbusiness，whichitisdestructiveofthegeneralwelfareofthecommunitytodestroy，andwhichneverthelessitisvitallynecessarytothatgeneralwelfaretoregulateandcontrol。Competitionwillremainasaveryimportantfactorwhenoncewehavedestroyedtheunfairbusinessmethods，thecriminalinterferencewiththerightsofothers，whichaloneenabledcertainswollencombinationstocrushouttheircompetitors——and，incidentally，the“conservatives“willdowelltorememberthattheseunfairandiniquitousmethodsbygreatmastersofcorporatecapitalhavedonemoretocausepopulardiscontentwiththepropertiedclassesthanalltheorationsofalltheSocialistoratorsinthecountryputtogether。
IhavespokenaboveofSenatorDavis’sadmirableaddressdeliveredaquarterofacenturyago。SenatorDavis’sone-timepartner，FrankB。
Kellogg，theGovernmentcounselwhodidsomuchtowinsuccessfortheGovernmentinitsprosecutionsofthetrusts，hasrecentlydeliveredbeforethePalimpsestClubofOmahaanexcellentaddressonthesubject；Mr。Prouty，oftheInter-StateCommerceCommission，hasrecently，inhisspeechbeforetheCongregationalClubofBrooklyn，dealtwiththesubjectfromtheconstructiveside；andintheproceedingsoftheAmericanBarAssociationfor1904thereisanadmirablepaperontheneedofthoroughgoingFederalcontrolovercorporationsdoinganinter-Statebusiness，byProfessorHoraceL。
Wilgus，oftheUniversityofMichigan。TheNationalGovernmentexercisescontroloverinter-Statecommercerailways，anditcaninsimilarfashion，throughanappropriategovernmentalbody，exercisecontroloverallindustrialorganizationsengagedininter-Statecommerce。Thiscontrolshouldbeexercised，notbythecourts，butbyanadministrativebureauorboardsuchastheBureauofCorporationsortheInter-StateCommerceCommission；forthecourtscannotwithadvantagepermanentlyperformexecutiveandadministrativefunctions。
APPENDIXB
THECONTROLOFCORPORATIONSAND“THENEWFREEDOM“
Inhisbook“TheNewFreedom。”andinthemagazinearticlesofwhichitiscomposed，whichappearedjustafterhehadbeeninauguratedasPresident，Mr。WoodrowWilsonmadeanentirelyunprovokedattackuponmeandupontheProgressivepartyinconnectionwithwhatheassertsthepolicyofthatpartytobeconcerningthetrusts，andasregardsmyattitudewhilePresidentaboutthetrusts。
IamreluctanttosayanythingwhateveraboutPresidentWilsonattheoutsetofhisAdministrationunlessIcanspeakofhimwithpraise。I
havescrupulouslyrefrainedfromsayingordoingonethingsinceelectionthatcouldputtheslightestobstacle，evenofmisinterpretation，inhispath。Itistotheinterestofthecountrythatheshouldsucceedinhisoffice。Icordiallywishhimsuccess，andIshallcordiallysupportanypolicyofhisthatIbelievetobeintheinterestsofthepeopleoftheUnitedStates。ButwhenMr。
