industrious and efficient people who act decently; and this is only another way of saying that any benefit which comes to the less able and less fortunate must of necessity come even more to the more able and more fortunate.  If, therefore, the less fortunate man is moved by envy of his more fortunate brother to strike at the conditions under which they have both, though unequally, prospered, the result will assuredly be that while damage may come to the one struck at, it will visit with an even heavier load the one who strikes the blow.  Taken as a whole, we must all go up or go down together.

“Yet, while not merely admitting, but insisting upon this, it is also true that where there is no governmental restraint or supervision some of the exceptional men use their energies, not in ways that are for the common good, but in ways which tell against this common good.  The fortunes amassed through corporate organization are now so large, and vest such power in those that wield them, as to make it a matter of necessity to give to the sovereign—­that is, to the Government, which represents the people as a whole—­some effective power of supervision over their corporate use.  In order to insure a healthy social and industrial life, every big corporation should be held responsible by, and be accountable to, some sovereign strong enough to control its conduct.  I am in no sense hostile to corporations.  This is an age of combination, and any effort to prevent all combination will be not only useless, but in the end vicious, because of the contempt for law which the failure to enforce law inevitably produces.  We should, moreover, recognize in cordial and ample fashion the immense good effected by corporate agencies in a country such as ours, and the wealth of intellect, energy, and fidelity devoted to their service, and therefore normally to the service of the public, by their officers and directors.  The corporation has come to stay, just as the trade union has come to stay.  Each can do and has done great good.  Each should be favored so long as it does good.  But each should be sharply checked where it acts against law and justice.

“The makers of our National Constitution provided especially that the regulation of interstate commerce should come within the sphere of the General Government.  The arguments in favor of their taking this stand were even then overwhelming.  But they are far stronger to-day, in view of the enormous development of great business agencies, usually corporate in form.  Experience has shown conclusively that it is useless to try to get any adequate regulation and supervision of these great corporations by State action.  Such regulation and supervision can only be effectively exercised by a sovereign whose jurisdiction is coextensive with the field of work of the corporations—­that is, by the National Government.  I believe that this regulation and supervision can be obtained by the enactment of law by the Congress.  Our steady aim should be by legislation, cautiously and carefully undertaken, but resolutely persevered in, to assert the sovereignty of the National Government by affirmative action.