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" "There are good people who, being discontented with present-day conditions, think that these conditions can be cured by a return to what they call the “principles of the fathers.” [...] But to go back to the governmental theories of a hundred years ago would accomplish nothing whatever; for it was under the conditions of unrestricted individualism and freedom from Government interference, countenanced by those theories, that the trusts grew up, and private fortunes, enormous far beyond the deserts of the accumulators were gathered. [...] It may be that, in the past development of our country, complete freedom from all restrictions, and the consequent unlimited encouragement and reward given to the most successful industrial leaders, played a part in which the benefits outweighed the disadvantages. But nowadays such is not the case.
Theodore Roosevelt, Jr. (27 October 1858 – 6 January 1919), also known as T.R. or Teddy, was an American statesman, author, explorer, soldier, naturalist, and reformer who served as the 26th president of the United States from 1901 to 1909. As a leader of the Republican Party during this time, he became a driving force for the Progressive Era in the United States in the early 20th century.
Biography information from Wikiquote
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It is just so with personal liberty. The unlimited freedom which the individual property-owner has enjoyed has been of use to this country in many ways, and we can continue our prosperous economic career only by retaining an economic organization which will offer to the men of the stamp of the great captains of industry the opportunity and inducement to earn distinction. Nevertheless, we as Americans must now face the fact that this great freedom which the individual property-owner has enjoyed in the past has produced evils which were' inevitable from its unrestrained exercise. It is this very freedom - this absence of State 'and National restraint - that has tended to create a small class of enormously wealthy and economically powerful men whose chief object is to hold and increase their power. Any feeling of special hatred toward these men is as absurd as any feeling of special regard. Some of them have gained their power by cheating and swindling, just as some very small business men cheat and swindle; but, as a whole, big men are no better and no worse than their small competitors, from a moral standpoint. Where they do wrong it is even more important to punish them than to punish as small man who does wrong, because their position makes it especially wicked for them to yield to temptation; but the prime need is to change the conditions which enable them to accumulate a power which it is not for the general welfare that they should hold or exercise, and to make this change not only, without vindictiveness, without doing injustice to individuals, but also in a cautious and temperate spirit, testing our theories by actual practice, so that our legislation may represent the minimum of restrictions upon the individual initiative of the exceptional man which is compatible with obtaining the maximum of welfare for the average man.
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We cannot afford to continue to use hundreds of thousands of immigrants merely as industrial assets while they remain social outcasts and menaces any more than fifty years ago we could afford to keep the black man merely as an industrial asset and not as a human being. We cannot afford to build a big industrial plant and herd men and women about it without care for their welfare. We cannot afford to permit squalid overcrowding or the kind of living system which makes impossible the decencies and necessities of life. We cannot afford the low wage rates and the merely seasonal industries which mean the sacrifice of both individual and family life and morals to the industrial machinery. We cannot afford to leave American mines, munitions plants, and general resources in the hands of alien workmen, alien to America and even likely to be made hostile to America by machinations such as have recently been provided in the case of the two foreign embassies in Washington. We cannot afford to run the risk of having in time of war men working on our railways or working in our munition plants who would in the name of duty to their own foreign countries bring destruction to us. Recent events have shown us that incitements to sabotage and strikes are in the view of at least two of the great foreign powers of Europe within their definition of neutral practices. What would be done to us in the name of war if these things are done to us in the name of neutrality?