The whole history of the world shows that legislation, in facing
new industrial conditions, will generally be both unwise and
ineffective unless it is undertaken only after calm inquiry and
with sober self-restraint.

This is one side of the picture as it was presented by the
President in his message to Congress. It was characteristic that
this aspect should be put first, for Roosevelt always insisted
upon doing justice to the other side before he demanded justice
for his own. But he then proceeded to set forth the other side
with equal vigor: There is a widespread conviction in the minds
of the American people that the great corporations are in certain
of their features and tendencies hurtful to the general welfare.
It is true that real and grave evils have arisen, one of the
chief of them being overcapitalization, with its many baleful
consequences. This state of affairs demands that combination and
concentration in business should be, not prohibited, but
supervised and controlled. Corporations engaged in interstate
commerce should be regulated if they are found to exercise a
license working to the public injury. The first essential in
determining how to deal with the great industrial combinations is
knowledge of the facts. This is to be obtained only through
publicity, which is the one sure remedy we can now invoke before
it can be determined what further remedies are needed.
Corporations should be subject to proper governmental
supervision, and full and accurate information as to their
operations should be made public at regular intervals. The nation
should assume powers of supervision and regulation over all
corporations doing an interstate business. This is especially
true where the corporation derives a portion of its wealth from