GENTLEMEN OF THE CONGRESS:

In my report "on the state of the Union," which I had the privilege of
reading to you on the 2d of December last, I ventured to reserve for
discussion at a later date the subject of additional legislation
regarding the very difficult and intricate matter of trusts and
monopolies. The time now seems opportune to turn to that great question;
not only because the currency legislation, which absorbed your attention
and the attention of the country in December, is now disposed of, but
also because opinion seems to be clearing about us with singular
rapidity in this other great field of action. In the matter of the
currency it cleared suddenly and very happily after the much-debated Act
was passed; in respect of the monopolies which have multiplied about us
and in regard to the various means by which they have been organized and
maintained it seems to be coming to a clear and all but universal
agreement in anticipation of our action, as if by way of preparation,
making the way easier to see and easier to set out upon with confidence
and without confusion of counsel.

Legislation has its atmosphere like everything else, and the atmosphere
of accommodation and mutual understanding which we now breathe with so
much refreshment is matter of sincere congratulation. It ought to make
our task very much less difficult and embarrassing than it would have
been had we been obliged to continue to act amidst the atmosphere of
suspicion and antagonism which has so long made it impossible to
approach such questions with dispassionate fairness. Constructive
legislation, when successful, is always the embodiment of convincing
experience, and of the mature public opinion which finally springs out