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Tuesday, July 9, 2013

"Malefactors Of Great Wealth" - Teddy Roosevelt's Most Important Speech?

AT THE LAYING OF THE CORNER-STONE OF THE PILGRIM MEMORIAL MONUMENT
 
PROVINCETOWN, MASSACHUSETTS 

AUGUST 20, 1907 


It is not too much to say that the event com 
memorated by the monument which we have come 
here to dedicate was one of those rare events which 
can in good faith be called of world importance. 
The coming hither of the Pilgrim three centuries 
ago, followed in far larger numbers by his sterner 
kinsmen, the Puritans, shaped the destinies of this 
continent, and therefore profoundly affected the 
destiny of the whole world. Men of other races, 
the Frenchman and the Spaniard, the Dutchman, 
the German, the Scotchman, the Irishman, and the 
Swede, made settlements within what is now the 
United States, during the colonial period of our 
history and before the Declaration of Independence ; 
and since then there has been an ever-swelling im 
migration from Ireland and from the mainland of 
Europe; but it was the Englishman who settled in 
Virginia and the Englishman who settled in Mas 
sachusetts who did most in shaping the lines of our 
national development. 

We can not as a Nation be too profoundly grate 
ful for the fact that the Puritan has stamped his 
influence so deeply on our national life. We need 
have but scant patience with the men who now rail 
at the Puritan s faults. They were evident, of 
course, for it is a quality of strong natures that 
their failings, like their virtues, should stand out 
in bold relief; but there is nothing easier than to 
belittle the great men of the past by dwelling only 
on the points where they come short of the univer 
sally recognized standards of the present. Men must 
be judged with reference to the age in which they 
dwell, and the work they have to do. The Puritan s 
task was to conquer a continent ; not merely to over 
run it, but to settle it, to till it, to build upon it a 
high industrial and social life; and, while engaged 
in the rough work of taming the shaggy wilder 
ness, at that very time also to lay deep the im 
movable foundations of our whole American system 
of civil, political, and religious liberty achieved 
through the orderly process of law. This was the 
work allotted him to do; this is the work he did; 
and only a master spirit among men could have 
done it. 


We have traveled far since his day. That liberty 
of conscience which he demanded for himself, we 
now realize must be as freely accorded to others 
as it is resolutely insisted upon for ourselves. The 
splendid qualities which he left to his children, we 
other Americans who are not of Puritan blood also 
claim as our heritage. You, sons of the Puritans, 
and we, who are descended from races whom the 
Puritans would have deemed alien we are all 
Americans together. We all feel the same pride in 
the genesis, in the history, of our people ; and there 
fore this shrine of Puritanism is one at which we 
all gather to pay homage, no matter from what 
country our ancestors sprang. 

We have gained some things that the Puritan had 
not we of this generation, we of the twentieth 
century, here in this great Republic ; but we are also 
in danger of losing certain things which the Puritan 
had and which we can by no manner of means afford 
to lose. We have gained a joy of living which he 
had not, and which it is a good thing for every 
people to have and to develop. Let us see to it 
that we do not lose what is more important still; 
that we do not lose the Puritan s iron sense of duty, 
his unbending, unflinching will to do the right as 
it was given him to see the right. It is a good thing 
that life should gain in sweetness, but only provided 
that it does not lose in strength. Ease and rest and 
pleasure are good things, but only if they come as 
the reward of work well done, of a good fight well 
won, of strong effort resolutely made and crowned 
by high achievement. The life of mere pleasure, 
of mere effortless ease, is as ignoble for a nation 
as for an individual. The man is but a poor father 
who teaches his sons that ease and pleasure should 
be their chief objects in life; the woman who is a 
mere petted toy, incapable of serious purpose, shrink 
ing from effort and duty, is more pitiable than the 
veriest overworked drudge. So he is but a poor 
leader of the people, but a poor national adviser, 
who seeks to make the Nation in any way subordi 
nate effort to ease, who would teach the people not 
to prize as the greatest blessing the chance to do 
any work, no matter how hard, if it becomes their 
duty to do it. To the sons of the Puritans it is 
almost needless to say that the lesson above all others 
which Puritanism can teach this Nation is the all- 
importance of the resolute performance of duty. 
If we are men we will pass by with contemptuous 
disdain alike the advisers who would seek to lead 
us into the paths of ignoble ease and those who 
would teach us to admire successful wrong-doing. 
Our ideals should be high, and yet they should be 
capable of achievement in practical fashion; and 
we are as little to be excused if we permit our ideals 
to be tainted with what is sordid and mean and base, 
as if we allow our power of achievement to atrophy 
and become either incapable of effort or capable only 
of such fantastic effort as to accomplish nothing 
of permanent good. The true doctrine to preach 
to this Nation, as to the individuals composing this 
Nation, is not the life of ease, but the life of effort, 
If it were in my power to promise the people of 
this land anything, I would not promise them pleas 
ure. I would promise them that stern happiness 
which comes from the sense of having done in 
practical fashion a difficult work which was worth 
doing. 


The Puritan owed his extraordinary success 
in subduing this continent and making it the foun 
dation for a social life of ordered liberty pri 
marily to the fact that he combined in a very 
remarkable degree both the power of individual 
initiative, of individual self-help, and the power of 
acting in combination with his fellows; and that 
furthermore he joined to a high heart that shrewd 
common-sense which saves a man from the besetting 
sins of the visionary and the doctrinaire. He was 
stout hearted and hard headed. He had lofty pur 
poses, but he had practical good sense, too. He 
could hold his own in the rough workaday world 
without clamorous insistence upon being helped by 
others, and yet he could combine with others when 
ever it became necessary to do a job which could 
not be as well done by any one man individually. 



These were the qualities which enabled him to 
do his work, and they are the very qualities which 
we must show in doing our work to-day. There is 
no use in our coming here to pay homage to the 
men who founded this Nation unless we first of 
all come in the spirit of trying to do our work 
to-day as they did their work in the yesterdays that 
have vanished. The problems shift from generation 
to generation, but the spirit in which they must be 
approached, if they are to be successfully solved, 
remains ever the same. The Puritan tamed the 
wilderness, and built up a free government on the 
stump-dotted clearings amid the primeval forest. 
His descendants must try to shape the life of our 
complex industrial civilization by new devices, by 
new methods, so as to achieve in the end the same 
results of justice and fair dealing toward all. He 
cast aside nothing old merely for the sake of in 
novation, yet he did not hesitate to adopt anything 
new that would serve his purpose. When he planted 
his commonwealths on this rugged coast he faced 
wholly new conditions and he had to devise new 
methods of meeting them. So we of to-day face 
wholly new conditions in our social and industrial 
life. We should certainly not adopt any new scheme 
for grappling with them merely because it is new 
and untried; but we can not afford to shrink from 
grappling with them because they can only be 
grappled with by some new scheme. 




The Puritan was no Laodicean, no laissez-faire 
theorist. When he saw conduct which was in vio 
lation of his rights of the rights of man, the rights 
of God, as he understood them he attempted to 
regulate such conduct with instant, unquestioning 
promptness and effectiveness. If there was no other 
way to secure conformity with the rule of right, 
then he smote down the transgressor with the iron 
of his wrath. The spirit of the Puritan was a spirit 
which never shrank from regulation of conduct if 
such regulation was necessary for the public weal; 
and this is the spirit which we must show to-day 
whenever it is necessary. 


The utterly changed conditions of our national 
life necessitate changes in certain of our laws, of 
our governmental methods. Our federal system of 
government is based upon the theory of leaving to 
each community, to each State, the control over 
those things which affect only its own members and 
which the people of the locality themselves can best 
grapple with, while providing for national regula 
tion in those matters which necessarily affect the 
Nation as a whole. It seems to me that such ques 
tions as national sovereignty and State s rights need 
to be treated not empirically or academically, but 
from the standpoint of the interests of the people 
as a whole. National sovereignty is to be upheld 
in so far as it means the sovereignty of the people 
used for the real and ultimate good of the people; 
and State s rights are to be upheld in so far as they 
mean the people s rights. Especially is this true in 
dealing with the relations of the people as a whole 
to the great corporations which are 
the distinguishing feature of modern business conditions. 


Experience has shown that it is necessary to 
exercise a far more efficient control than at present 
over the business use of those vast fortunes, chiefly 
corporate, which are used (as under modern con- 
ditions they almost invariably are) in interstate 
business. When the Constitution was created none of 
the conditions of modern business existed. They 
are wholly new and we must create new agencies 
to deal effectively with them. There is no objection 
in the minds of this people to any man s earning 
any amount of money if he does it honestly and 
fairly, if he gets it as the result of special skill and 
enterprise, as a reward of ample service actually 
rendered. But there is a growing determination 
that no man shall amass a great fortune by special 
privilege, by chicanery and wrong-doing, so far as 
it is in the power of legislation to prevent; and 
that a fortune, however amassed, shall not have a 
business use that is antisocial. Most large corpo 
rations do a business that is not confined to any one 
State. Experience has shown that the effort to 
control these corporations by mere State action can 
not produce wholesome results. In most cases such 
effort fails to correct the real abuses of which the 
corporation is or may be guilty ; while in other cases 
the effort is apt to cause either hardship to the 
corporation itself or else hardship to neighboring 
States which have not tried to grapple with the 
problem in the same manner; and of course we 
must be as scrupulous to safeguard the rights of 
the corporations as to exact from them in return a 
full measure of justice to the public. I believe in 
a national incorporation law for corporations en 
gaged in interstate business. I believe, furthermore, 
that the need for action is most pressing as regards 
those corporations which, because they are common 
carriers, exercise a quasi-public function ; and which 
can be completely controlled in all respects by the 
Federal Government by the exercise of the power 
conferred under the interstate commerce clause, and, 
if necessary, under the post-road clause, of the Con 
stitution. During the last few years we have taken 
marked strides in advance along the road of proper 
regulation of these railroad corporations; but we 
must not stop in the work. The National Govern 
ment should exercise over them a similar super 
vision and control to that which is exercised over 
national banks. We can do this only by proceeding 
farther along the lines marked out by the recent 
national legislation. 

In dealing with any totally new set of conditions 
there must at the outset be hesitation and experi 
ment. Such has been our experience in dealing 
with the enormous concentration of capital em 
ployed in interstate business. Not only the legis 
latures but the courts and the people need gradually 
to be educated so that they may see what the real 
wrongs are and what the real remedies. Almost 
every big business concern is engaged in interstate 
commerce, and such a concern must not be allowed 
by a dexterous shifting of position, as has been too 
often the case in the past, to escape thereby all re 
sponsibility either to State or Nation. The Amer 
ican people became firmly convinced of the need 
of control over these great aggregations of capital, 
especially where they had a monopolistic tendency, 
before they became quite clear as to the proper way 
of achieving the control. Through their represen 
tatives in Congress they tried two remedies, which 
were to a large degree, at least as interpreted by 
the courts, contradictory. On the one hand, under 
the antitrust law the effort was made to prohibit 
all combination, whether it was or was not hurtful 
or beneficial to the public. On the other hand, 
through the interstate commerce law a beginning 
was made in exercising such supervision and con 
trol over combinations as to prevent their doing 
anything harmful to the body politic. The first 
law, the so-called Sherman law, has filled a useful 
place, for it bridges over the transition period until 
the American people shall definitely make up its 
mind that it will exercise over the great corpora 
tions that thoroughgoing and radical control which 
it is certain ultimately to find necessary. The 
principle of the Sherman law, so far as it prohibits 
combinations which, whether because of their extent 
or of their character, are harmful to the public, must 
always be preserved. Ultimately, and I hope with 
reasonable speed, the National Government must 
pass laws which, while increasing the supervisory 
and regulatory power of the Government, will also 
permit such useful combinations as are made with 
absolute openness and as the representatives of 
the Government may previously approve. But it 
will not be possible to permit such combinations 
save as the second stage in a course of 
proceedings of which the first stage must be the exercise 
of a far more complete control by the National 
Government. 

In dealing with those who offend against the 
antitrust and interstate commerce laws the Depart 
ment of Justice has to encounter many and great 
difficulties. Often men who have been guilty of 
violating these laws have really acted in crimi 
nal fashion, and if possible should be proceeded 
against criminally ; and therefore it is advisable that 
there should be a clause in these laws providing for 
such criminal action and for punishment by im 
prisonment as well as by fine. But, as is well known, 
in a criminal action the law is strictly construed in 
favor of the defendant, and in our country, at 
least, both judge and jury are far more inclined 
to consider his rights than they are the interests 
of the general public; while in addition it is always 
true that a man s general practices may be so bad 
that a civil action will lie when it may not be pos 
sible to convict him of any one criminal act. There 
are unfortunately a certain number of our fellow- 
countrymen who seem to accept the view that unless 
a man can be proved guilty of some particular 
crime he shall be counted a good citizen, no matter 
how infamous the life he has led, no matter how 
pernicious his doctrines or his practices. This is 
the view announced from time to time with clamor 
ous insistence, now by a group of predatory capi 
talists, now by a group of sinister anarchistic leaders 
and agitators, whenever a special champion of either 
class, no matter how evil his general life, is acquitted 
of some one specific crime. Such a view is wicked 
whether applied to capitalist or labor leader, to rich 
man or poor man. (And, by the way, I take this 
opportunity of stating that all that I have said in 
the past as to desirable and undesirable citizens 
remains true, and that I stand by it.) 

We have to take this feeling into account when 
we are debating whether it is possible to get a con 
viction in a criminal proceeding against some rich 
trust magnate, many of whose actions are severely 
to be condemned from the moral and social stand 
point, but no one of whose actions seems clearly to 
establish such technical guilt as will ensure a con 
viction. As a matter of expediency, in enforcing 
the law against a great corporation, we have con 
tinually to weigh the arguments pro and con as to 
whether a prosecution can successfully be entered 
into, and as to whether we can be successful in a 
criminal action against the chief individuals in the 
corporation, and if not, whether we can at least be 
successful in a civil action against the corporation 
itself. Any effective action on the part of the 
Government is always objected to, as a matter of 
course, by the wrong-doers, by the beneficiaries of 
the wrong-doers, and by their champions ; and often 
one of the most effective ways of attacking the 
action of the Government is by objecting to prac 
tical action upon the ground that it does not go far 
enough. One of the favorite devices of those who 
are really striving to prevent the enforcement of 
these laws is to clamor for action of such severity 
that it can not be undertaken because it will be 
certain to fail if tried. An instance of this is the 
demand often made for criminal prosecutions where 
such prosecutions would be certain to fail. We 
have found by actual experience that a jury which 
will gladly punish a corporation by fine, for in 
stance, will acquit the individual members of that 
corporation if we proceed against them criminally 
because of those very things which the corporation 
which they direct and control has done. In a recent 
case against the Licorice Trust we indicted and tried 
the two corporations and their respective presidents. 
The contracts and other transactions establishing 
the guilt of the corporations were made through, 
and so far as they were in writing were signed 
by, the two presidents. Yet the jury convicted the 
two corporations and acquitted the two men. Both 
verdicts could not possibly have been correct; but 
apparently the average juryman wishes to see trusts 
broken up, and is quite ready to fine the corporation 
itself; but is very reluctant to find the facts "proven 
beyond a reasonable doubt" when it comes to send 
ing to jail a reputable member of the business com 
munity for doing what the business community 
has unhappily grown to recognize as wellnigh 
normal in business. Moreover, under the neces 
sary technicalities of criminal proceedings, often 
the only man who can be reached criminally will 
be some subordinate who is not the real guilty party 
at all. 

Many men of large wealth have been guilty of 
conduct which from the moral standpoint is 
criminal, and their misdeeds are to a peculiar degree 
reprehensible, because those committing them have 
no excuse of want, of poverty, of weakness and 
ignorance to offer as partial atonement. When in 
addition to moral responsibility these men have a 
legal responsibility which can be proved so as to 
impress a judge and jury, then the Department will 
strain every nerve to reach them criminally. Where 
this is impossible, then it will take whatever action 
will be most effective under the actual conditions. 

In the last six years we have shown that there is 
no individual and no corporation so powerful that 
he or it stands above the possibility of punishment 
under the law. Our aim is to try to do something 
effective; our purpose is to stamp out the evil; we 
shall seek to find the most effective device for this 
purpose; and we shall then use it, whether the 
device can be found in existing law or must be sup 
plied by legislation. Moreover, when we thus take 
action against the wealth which works iniquity, we 
are acting in the interest of every man of property 
who acts decently and fairly by his fellows; and 
we are strengthening the hands of those who pro 
pose fearlessly to defend property against all unjust 
attacks. No individual, no corporation, obeying the 
law has anything to fear from this Administration. 

During the present trouble with the stock market 
I have, of course, received countless requests and 
suggestions, public and private, that I should say 
or do something to ease the situation. There is a 
world-wide financial disturbance; it is felt in the 
bourses of Paris and Berlin ; and British consols are 
lower than for a generation, while British railway 
securities have also depreciated. On the New York 
Stock Exchange the disturbance has been peculiarly 
severe. Most of it I believe to be due to matters 
not peculiar to the United States, and most of the 
remainder to matters wholly unconnected with any 
governmental action; but it may well be that the 
determination of the Government (in which, gentle 
men, it will not waver) to punish certain male 
factors of great wealth, has been responsible for 
something of the trouble; at least to the extent of 
having caused these men to combine to bring about 
as much financial stress as possible, in order to dis 
credit the policy of the Government and thereby 
secure a reversal of that policy, so that they may 
enjoy unmolested the fruits of their own evil-doing. 
That they have misled many good people into be 
lieving that there should be such reversal of policy 
is possible. If so I am sorry; but it will not alter 
my attitude. Once for all let me say that so far as 
I am concerned, and for the eighteen months of 
my Presidency that remain, there will be no change 
in the policy we have steadily pursued, no let up 
in the effort to secure the honest observance of the 
law; for I regard this contest as one to determine 
who shall rule this free country the people through 
their governmental agents, or a few ruthless and 
domineering men whose wealth makes them 
peculiarly formidable because they hide behind the 
breastworks of corporate organization. I wish there 
to be no mistake on this point; it is idle to ask me 
not to prosecute criminals, rich or poor. But I 
desire no less emphatically to have it understood 
that we have sanctioned and will sanction no action 
of a vindictive type, and above all no action which 
shall inflict great and unmerited suffering upon in 
nocent stockholders or upon the public as a whole. 
Our purpose is to act with the minimum of harsh 
ness compatible with attaining our ends. In the 
man of great wealth who has earned his wealth 
honestly and uses it wisely we recognize a good 
citizen of the best type, worthy of all praise and 
respect. Business can be done under modern con 
ditions only through corporations, and our pur 
pose is heartily to favor the corporations that do 
well. The Administration appreciates that liberal 
but honest profits for legitimate promoting, good 
salaries, ample salaries, for able and upright man 
agement, and generous dividends for capital em 
ployed either in founding or continuing wholesome 
business ventures, are the factors necessary for 
successful corporate activity and therefore for 
generally prosperous business conditions. All these 
are compatible with fair dealing as between man 
and man and rigid obedience to the law. Our aim 
is to help every honest man, every honest corpora 
tion, and our policy means in its ultimate analysis 
a healthy and prosperous expansion of the business 
activities of honest business men and honest 
corporations. 


I very earnestly hope that the legislation which 
deals with the regulation of corporations engaged 
in interstate business will also deal with the rights 
and interests of the wage-workers employed by those 
corporations. Action was taken by the Congress 
last year limiting the number of hours that rail 
way employees should be employed. The law is a 
good one; but if in practice it proves necessary to 
strengthen it, it must be strengthened. We have 
now secured a national employers liability law ; but 
ultimately a more far-reaching and thoroughgoing 
law must be passed. It is monstrous that a man or 
woman who is crippled in an industry, even as the 
result of taking what are the necessary risks of 
the occupation, should be required to bear the 
whole burden of the loss. That burden should 
be distributed and not placed solely upon the 
weakest individual, the one least able to carry it. 
By making the employer liable the loss will ulti 
mately be distributed among all the beneficiaries 
of the business. 

I also hope that there will be legislation increas 
ing the power of the National Government to deal 
with certain matters concerning the health of our 
people everywhere; the Federal authorities, for in 
stance, should join with all the State authorities in 
warring against the dreadful scourge of tubercu 
losis. Your own State government, here in Mas 
sachusetts, deserves high praise for the action it has 
taken in these public health matters during the last 
few years; and in this, as in some other matters, I 
hope to see the National Government stand abreast 
of the foremost State governments. 

I have spoken of but one or two laws which, in 
my judgment, it is advisable to enact as part of the 
general scheme for making the interference of the 
National Government more effective in securing 
justice and fair dealing as between man and man 
here in the United States. Let me add, however, 
that while it is necessary to have legislation when 
conditions arise where we can only cope with evils 
through the joint action of all of us, yet that we 
can never afford to forget that in the last analysis 
the all-important factor for each of us must be his 
own individual character. It is a necessary thing 
to have good laws, good institutions; but the most 
necessary of all things is to have a high quality of 
individual citizenship. This does not mean that we 
can afford to neglect legislation. It will be highly 
disastrous if we permit ourselves to be misled by 
the pleas of those who see in an unrestricted indi 
vidualism the all-sufficient panacea for social evils; 
but it will be even more disastrous to adopt the 
opposite panacea of any Socialistic system which 
would destroy all individualism, which would root 
out the fibre of our whole citizenship. In any great 
movement, such as that in which we are engaged, 
nothing is more necessary than sanity, than the re 
fusal to be led into extremes by the advocates of 
the ultra course on either side. 

Those professed friends of liberty who champion license are the 
worst foes of liberty and tend by the reaction their 
violence causes to throw the Government back into 
the hands of the men who champion corruption and 
tyranny in the name of order. So it is with this 
movement for securing justice toward all men, and 
equality of opportunity so far as *t can be secured 
by governmental action. The rich man who with 
hard arrogance declines to consider the rights and 
the needs of those who are less well off, and the 
poor man who excites or indulges in envy and 
hatred of those who are better off, are alike alien 
to the spirit of our national life. Each of them 
should learn to appreciate the baseness and deg 
radation of his point of view, as evil in the one case 
as in the other. There exists no more sordid and un 
lovely type of social development than a plutocracy, 
for there is a peculiar unwholesomeness in a social 
and governmental ideal where wealth by and of itself 
is held up as the greatest good. The materialism of 
such a view, whether it finds its expression in the 
life of a man who accumulates a vast fortune in 
ways that are repugnant to every instinct of gener 
osity and of fair dealing, or whether it finds its 
expression in the vapidly useless and self-indulgent 
life of the inheritor of that fortune, is contemptible 
in the eyes of all men capable of a thrill of lofty 
feeling. Where the power of the law can be wisely 
used to prevent or to minimize the acquisition or 
business employment of such wealth and to make it 
pay by income or inheritance tax its proper share 
of the burden of government, I would invoke that 
power without a moment s hesitation. 




But while we can accomplish something by 
legislation, legislation can never be more than a part, 
and often no more than a small part, in the general 
scheme of moral progress; and crude or vindictive 
legislation may at any time bring such progress to 
a halt. Certain Socialistic leaders propose to redis 
tribute the world s goods by refusing to thrift and 
energy and industry their proper superiority over 
folly and idleness and sullen envy. Such legislation 
would merely, in the words of the president of 
Columbia University, "wreck the world s efficiency 
for the purpose of redistributing the world s dis 
content." We should all of us work heart and soul 
for the real and permanent betterment which will 
lift our democratic civilization to a higher level of 
safety and usefulness. Such betterment can come 
only by the slow, steady growth of the spirit which 
metes a generous, but not a sentimental, justice te 
each man on his merits as a man, and which recog 
nizes the fact that the highest and deepest happiness 
for the individual lies not in selfishness but in 
service. 

"Too much cannot be said against the men of wealth who sacrifice everything to getting wealth. There is not in the world a more ignoble character than the mere money-getting American, insensible to every duty, regardless of every principle, bent only on amassing a fortune, and putting his fortune only to the basest uses —whether these uses be to speculate in stocks and wreck railroads himself, or to allow his son to lead a life of foolish and expensive idleness and gross debauchery, or to purchase some scoundrel of high social position, foreign or native, for his daughter. Such a man is only the more dangerous if he occasionally does some deed like founding a college or endowing a church, which makes those good people who are also foolish forget his real iniquity. These men are equally careless of the working men, whom they oppress, and of the State, whose existence they imperil. There are not very many of them, but there is a very great number of men who approach more or less closely to the type, and, just in so far as they do so approach, they are curses to the country." 
(Forum, February 1895.) Mem.Ed. XV, 10; Nat. Ed. XIII, 9.
Republican President Teddy Roosevelt
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