It needs but very little consideration to reach the conclusion that all of these terms are relative, not absolute, in their application to the affair… - Calvin Coolidge

Only one conclusion appears to me possible. We shall not promote our welfare by a narrow and shortsighted policy. We can gain nothing by any destruction of govern- ment or society. That action which in the long run is for the advantage of the individual, as it is for the support of our Union, is best summed up in a single word — renunciation. It is only by surrendering a certain amount of our liberty, only by taking on new duties and assuming new obligations, that we make that progress which we characterize as civilization. It is only in like manner that the become partakers of its glory. That is the answer to every herald of discontent and to every preacher of destruction. While this is understood, American institutions and the American Union are secure.

In my message last year I emphasized the necessity for further legislation with a view to expediting the consolidation of our rail ways into larger systems. The principle of Government control of rates and profits, now thoroughly embedded in our governmental attitude toward natural monopolies such as the railways, at once eliminates the need of competition by small units as a method of rate adjustment. Competition must be preserved as a stimulus to service , but this will exist and can be increased under enlarged systems. Consequently the consolidation of the railways into larger units for the purpose of securing the substantial values to the public which will come from larger operation has been the logical conclusion of Congress in its previous enactments, and is also supported by the best opinion in the country. Such consolidation will assure not only a greater element of competition as to service, but it will afford economy in operation, greater stability in railway earnings, and more economical financing. It opens large possibilities of better equalization of rates between different classes of traffic so as to relieve undue burdens upon agricultural products and raw materials generally, which are now not possible without ruin to small units owing to the lack of diversity of traffic. It would also tend to equalize earnings in such fashion as to reduce the importance of section 15A, at which criticism, often misapplied, has been directed. A smaller number of units would offer less difficulties in labor adjustments and would contribute much to the, solution of terminal difficulties.

But there is another … recent development … the greatly disproportionate influence of organized minorities. Artificial propaganda, paid agitators, selfish interests, all impinge upon members of legislative bodies to force them to represent special elements rather than the great body of their constituency. When they are successful, minority rule is established. … The result is an extravagance on the part of the Government which is ruinous to the people and a multiplicity of regulations and restrictions for the conduct of all kinds of necessary business, which becomes little less than oppressive. …