You are not here merely to prepare to make a living. You are here to enable the world to live more amply, with greater vision, and with a finer spiri… - Woodrow Wilson

You are not here merely to making a living. You are here in order to enable the world to live more amply, with greater vision, with a finer spirit of hope and achievement.

However it has come about, it is more important still that the control of credit also has become dangerously centralized. It is the mere truth to say that the financial resources of the country are not at the command of those who do not submit to the direction and domination of small groups of capitalists who wish to keep the economic development of the country under their own eye and guidance. The great monopoly in this country is the monopoly of big credits. So long as that exists, our old variety and freedom and individual energy of development are out of the question. A great industrial nation is controlled by its system of credit. Our system of credit is privately concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men who, even if their action be honest and intended for the public interest, are necessarily concentrated upon the great undertakings in which their own money is involved and who necessarily, by very reason of their own limitations, chill and check and destroy genuine economic freedom. This is the greatest question of all, and to this statesmen must address themselves with an earnest determination to serve the long future and the true liberties of men. This money trust, or, as it should be more properly called, this credit trust, of which Congress has begun an investigation, is no myth; it is no imaginary thing. It is not an ordinary trust like another. It doesn’t do business every day. It does business only when there is occasion to do business. You can sometimes do something large when it isn’t watching, but when it is watching, you can’t do much. And I have seen men squeezed by it; I have seen men who, as they themselves expressed it, were put “out of business by Wall Street,” because Wall Street found them inconvenient and didn’t want their competition.

Those who know you, know what a passion you have always felt for the many as against the few. Your life has been marked by real devotion to the cause of the people. Would it not be wise now to make a reaffirmation of this faith; to visualize for those who see in your [you] their friend and leader those conditions of life that the new order is to create? In such an exposition there could be included such points as: Living wage; hours of labor; representation of labor in the direct[or]ate of the undertaking in which it is engaged; profit-sharing; pension system; old age; health and employment insurance; national labor exchanges; housing; welfare conditions; the right to change employment without sacrifice of pension interest (with which goes the connotation of reward for continuous and efficient service); plans for the transitional period of demobilization; greater ease of land purchases; elasticity in loaning operations; readjustments of taxation; the development of a deeper national and community interest. This is but a rough outline of the points that might be encompassed in such an address as I have in mind. Some of them, perhaps, are visionary and impractical, but I am including them because even if they are not susceptible of immediate achievement they belong, properly, in such a vision of the future as you, best of all, could paint. You have done it for the world. Why not draw in the details for America?

Like a lusty child, government with us has expanded in nature and grown great in stature, but has also become awkward in movement... English and American political history has been a history, not of administrative development, but of legislative oversight-not of progress in governmental organization, but of advance in law-making and political criticism... We go on criticising when we ought to be creating.