in commenting upon the fact that the numerous joint traffic associations do technically violate the law, they say:  The decision of the United States Supreme Court in the Trans-Missouri case and the Joint Traffic Association case has produced no practical effect upon the railway operations of the country.  Such associations, in fact, exist now as they did before these decisions, and with the same general effect.  In justice to all parties, we ought probably to add that it is difficult to see how our interstate railways could be operated with due regard to the interest of the shipper and the railway without concerted action of the kind afforded through these associations.

“This means that the law as construed by the Supreme Court is such that the business of the country can not be conducted without breaking it.”

As I have elsewhere said: 

“All this is substantially what I have said over and over again.  Surely it ought not to be necessary to say that it in no shape or way represents any hostility to corporations as such.  On the contrary, it means a frank recognition of the fact that combinations of capital, like combinations of labor, are a natural result of modern conditions and of our National development.  As far as in my ability lies my endeavor is and will be to prevent abuse of power by either and to favor both so long as they do well.  The aim of the National Government is quite as much to favor and protect honest corporations, honest business men of wealth, as to bring to justice those individuals and corporations representing dishonest methods.  Most certainly there will be no relaxation by the Government authorities in the effort to get at any great railroad wrecker—­any man who by clever swindling devices robs investors, oppresses wage-workers, and does injustice to the general public.  But any such move as this is in the interest of honest railway operators, of honest corporations, and of those who, when they invest their small savings in stocks and bonds, wish to be assured that these will represent money honestly expended for legitimate business purposes.  To confer upon the National Government the power for which I ask would be a check upon overcapitalization and upon the clever gamblers who benefit by overcapitalization.  But it alone would mean an increase in the value, an increase in the safety of the stocks and bonds of law-abiding, honestly managed railroads, and would render it far easier to market their securities.  I believe in proper publicity.  There has been complaint of some of the investigations recently carried on, but those who complain should put the blame where it belongs—­upon the misdeeds which are done in darkness and not upon the investigations which brought them to light.  The Administration is responsible for turning on the light, but it is not responsible for what the light showed.  I ask for full power to be given the Federal Government, because no single State can by legislation effectually cope with these powerful corporations engaged in interstate commerce, and, while doing them full justice, exact from them in return full justice to others.  The conditions of railroad activity, the conditions of our immense interstate commerce, are such as to make the Central Government alone competent to exercise full supervision and control.