Corporations are necessary to the effective use of the forces of production and commerce under modern conditions. We cannot effectively prohibit all combinations without doing far-reaching economic harm; and it is mere folly to do as we have done in the past—to try to combine incompatible systems—that is, to try both to prohibit and regulate combinations. Combinations in industry are the result of an imperative economic law which cannot be repealed by political legislation. The effort at prohibiting all combination has substantially failed. The only course left is active corporate regulation – that is, the control of corporations for the common good—the suppression of the evils that they work, and the retention, as far as maybe, of that business efficiency in their use which has placed us in the forefront of industrial peoples.

The average American knows not only that he himself intends to do what is right, but that his average fellow countryman has the same intention and the same power to make his intention effective. He knows, whether he be business man, professional man, farmer, mechanic, employer, or wage-worker, that the welfare of each of these men is bound up with the welfare of all the others; that each is neighbor to the other, is actuated by the same hopes and fears, has fundamentally the same ideals, and that all alike have much the same virtues and the same faults. Our average fellow citizen is a sane and healthy man who believes in decency and has a wholesome mind. He therefore feels an equal scorn alike for the man of wealth guilty of the mean and base spirit of [arrogance]] toward those who are less well off, and for the man of small means who in his turn either feels, or seeks to excite in others the feeling of mean and base envy for those who are better off. The two feelings, envy and arrogance, are but opposite sides of the same shield, but different developments of the same spirit.

Men who have been guilty of a crime like rape or murder, should be visited with swift and certain punishment and the just effort made by the courts to protect them in their rights should under no circumstances be perverted into permitting any mere technicality to avert or delay their punishment. The substantial rights of the prisoner to a fair trial must, of course, be guaranteed, as you have so justly insisted that they should be; but, subject to this guarantee, the law must work swiftly and surely and all the agents of the law should realize the wrong they do when they permit justice to be delayed or thwarted for technical or insufficient reasons. We must show that the law is adequate to deal with crime by freeing it from every vestige of technicality and delay.

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The State must be made efficient for the work which concerns only the people of the State; and the nation for that which concerns all the people. There must remain no neutral ground to serve as a refuge for lawbreakers, and especially for lawbreakers of great wealth, who can hire the vulpine legal cunning which will teach them how to avoid both jurisdictions.

We grudge no man a fortune which represents his own power and sagacity, when exercised with entire regard to the welfare of his fellows. Again, comrades over there, take the lesson from your own experience. Not only did you not grudge, but you gloried in the promotion of the great generals who gained their promotion by leading their army to victory. So it is with us. We grudge no man a fortune in civil life if it is honorably obtained and well used. It is not even enough that it should have been gained without doing damage to the community. We should permit it to be gained only so long as the gaining represents benefit to the community.

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In the first place, we should insist that if the immigrant who comes here in good faith becomes an American and assimilates himself to us, he shall be treated on an exact equality with everyone else, for it is an outrage to discriminate against any such man because of creed, or birthplace, or origin. But this is predicated upon the person's becoming in every facet an American, and nothing but an American...There can be no divided allegiance here. Any man who says he is an American, but something else also, isn't an American at all. We have room for but one flag, the American flag... We have room for but one language here, and that is the English language... and we have room for but one sole loyalty and that is a loyalty to the American people.

At many stages in the advance of humanity, this conflict between the men who possess more than they have earned and the men who have earned more than they possess is the central condition of progress. In our day it appears as the struggle of freemen to gain and hold the right of self-government as against the special interests, who twist the methods of free government into machinery for defeating the popular will. At every stage, and under all circumstances, the essence of the struggle is to equalize opportunity, destroy privilege, and give to the life and citizenship of every individual the highest possible value both to himself and to the commonwealth.

To my mind the failure resolutely to follow progressive policies is the negation of democracy as well of progress, and spells disaster. But for this very reason I feel concern when progressives act with heedless violence, or go so far and so fast as to invite reaction. The experience of John Brown illustrates the evil of the revolutionary short-cut to ultimate good ends. The liberty of the slave was desirable, but it was not to be brought about by a slave insurrection. The better distribution of property is desirable, but it is not to be brought about by the anarchic form of Socialism which would destroy all private capital and tend to destroy all private wealth. It represents not progress, but retrogression, to propose to destroy capital because the power of unrestrained capital is abused. John Brown rendered a great service to the cause of liberty in the earlier Kansas days; but his notion that the evils of slavery could be cured by a slave insurrection was a delusion analogous to the delusions of those who expect to cure the evils of plutocracy by arousing the baser passions of workingmen against the rich in an endeavor at violent industrial revolution. And, on the other hand, the brutal and shortsighted greed of those who profit by what is wrong in the present system, and the attitude of those who oppose all effort to do away with this wrong, serve in their turn as incitements to such revolution; just as the insolence of the ultra pro-slavery men finally precipitated the violent destruction of slavery.

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Overcapitalization in all its shapes is one of the prime evils; for it is one of the most fruitful methods by which unscrupulous men get improper profits, and when the holdings come into innocent hands we are forced into the uncomfortable position of being obliged to reduce the dividends of innocent investors, or of permitting the public and the wage-workers, either or both, to suffer. Such really effective control over great inter-State business can come only from the National Government. The American people demands the new Nationalism needful to deal with the new problems; it puts the National need above sectional, or personal advantage; it is impatient of the utter confusion which results from local legislatures attempting to treat National issues as local issues; it is still more impatient of the National impotence which springs from the over-division of governmental powers; the impotence which makes it possible for local selfishness, or for the vulpine legal cunning which is hired by wealthy special interests, to bring National activities to a deadlock; The control must be exercised in several different ways. It may be that National incorporation is not at the moment possible; but there must be some affirmative. National control, on terms which will secure publicity in the affairs of and complete supervision and control over the big, Nation-wide business corporations ; a control that will prevent and not legalize abuses. [...] Such control should protect and favor the corporation which acts honestly, exactly as it should check and punish, when it cannot prevent, every species of dishonesty.

Surely, no patriot can fail to see the fearful brutalization and debasement which the indulgence of such a spirit and such practices inevitably portend. Surely, all public men, all writers for the daily press, all clergymen, all teachers, all who in any way have a right to address the public, should, with every energy, unite to denounce such crimes and to support those engaged in putting them down.