has the
distribution of political power, and the consequences of ignoring this
interest would be as fatal in one case as in the other. In both
instances regulation in the democratic interest is as far as possible
from meaning the annihilation of individual liberty; but in both
instances individual liberty should be subjected to conditions which
will continue to keep it efficient and generally serviceable. Individual
economic power is not any more dangerous than individual political
power--provided it is not held too absolutely and for too long a time.
But in both cases the interest of the community as a whole should be
dominant; and the interest of the whole community demands a considerable
concentration of economic power and responsibility, but only for the
ultimate purpose of its more efficient exercise and the better
distribution of its fruits.

That certain existing American fortunes have in their making been of the
utmost benefit to the whole economic organism is to my mind
unquestionably the fact. Men like Mr. J. Pierpont Morgan, Mr. Andrew
Carnegie, Mr. James J. Hill, and Mr. Edward Harriman have in the course
of their business careers contributed enormously to American economic
efficiency. They have been overpaid for their services, but that is
irrelevant to the question immediately under consideration. It is
sufficient that their economic power has been just as much earned by
substantial service as was the political power of a man like Andrew
Jackson; and if our country is to continue its prosperous economic
career, it must retain an economic organization which will offer to men
of this stamp the opportunity and the inducement to earn distinction.
The rule which has already been applied to the case of political power
applies, also, to economic power. Individuals should enjoy as much
freedom from restraint, as much opportunity, and as much responsibility
as is necessary for the efficient performance of their work. Opinions
will differ as to the extent of this desirable independence and its
associated responsibility. The American millionaire and his supporters
claim, of course, that any diminution of opportunity and independence
would be fatal. To dispute this inference, however, does not involve the
abandonment of the rule itself. A democratic economic system, even more
than a democratic political system, must delegate a large share of
responsibility and power to the individual, but under conditions, if
possib