e have had a material prosperity in this
country the like of which was never beheld before. A prosperity which
not only built up great industries, great transportation systems, great
banks and a great commerce, but a prosperity under whose influence arts
and sciences, education and charity flourished most abundantly. It was
little wonder that men came to think that prosperity was the chief end
of man and grew arrogant in the use of its power. It was little wonder
that such a misunderstanding arose that one part of the community
thought the owners and managers of our great industries were robbers, or
that they thought some of the people meant to confiscate all property.
It has been a costly investigation, but if we can arrive at a better
understanding of our economic and social laws it will be worth all it
cost.

As a part of this discussion we have had many attempts at regulation of
industrial activity by law. Some of it has proceeded on the theory that
if those who enjoyed material prosperity used it for wrong purposes,
such prosperity should be limited or abolished. That is as sound as it
would be to abolish writing to prevent forgery. We need to keep forever
in mind that guilt is personal; if there is to be punishment let it fall
on the evil-doer, let us not condemn the instrument. We need power. Is
the steam engine too strong? Is electricity too swift? Can any
prosperity be too great? Can any instrument of commerce or industry ever
be too powerful to serve the public needs? What then of the anti-trust
laws? They are sound in theory. Their assemblances of wealth are broken
up because they were assembled for an unlawful purpose. It is the
purpose that is condemned. You men who represent our industries can see
that there is the same right to disperse unlawful assembling of wealth
or power that there is to disperse a mob that has met to lynch or riot.
But that principle does not denounce town-meetings or prayer-meetings.

We have established here a democracy on the principle that all men are
created equal. It is our endeavor to extend equal blessings to all. It
can be done approximately if we establish the correct standards. We are
coming to see that we are dependent upon commercial and industrial
prosperity, not only for the creation of wealth, but for the solving of
the great problem of the distribution of wealth. There is just one
condition on which men can secure employment and a living, nourishing,
profitable wage