Woodrow Wilson, from The New Freedom (1913)

The doctrine that monopoly is inevitable and that the only course open to the people of the United States is to submit to and regulate it found a champion during the campaign of 1912 in the new party or branch of the Republican Party, founded under the leadership of Mr. Roosevelt, with the conspicuous aid,--I mention him with no satirical intention, but merely to set the facts down accurately,--of Mr. George W. Perkins, organizer of the Steel Trust and the Harvester Trust, and with the support of patriotic, conscientious and high-minded men and women of the land. The fact that its acceptance of monopoly was a feature of the new party platform from which the attention of the generous and just was diverted by the charm of a social program of great attractiveness to all concerned for the amelioration of the lot of those who suffer wrong and privation, and the further fact that, even so, the platform was repudiated by the majority of the nation, render it no less necessary to reflect on the party in the country's history. It may be useful, in order to relieve of the minds of many from an error of no small magnitude, to consider now, the heat of a presidential contest being past, exactly what it was that Mr. Roosevelt proposed.

Mr. Roosevelt attached to his platform some very splendid suggestions as to noble enterprises which we ought to undertake for the uplift of the human race; . . . If you have read the trust plank in that platform as often as I have read it, you have found it very long, but very tolerant. It did not anywhere condemn monopoly, except in words; its essential meaning was that the trusts have been bad and must be made to be good. You know that Mr. Roosevelt long ago classified trusts for us as good and bad, and he said that he was afraid only of the bad ones. Now he does not desire that there should be any more of the bad ones, but proposes that they should all be made good by discipline, directly applied by a commission of executive appointment. All he explicitly complains of is lack of publicity and lack of fairness; not the exercise of power, for throughout that plank the power of the great corporations is accepted as the inevitable consequence of the modern organization of industry. All that it is proposed to do is to take them under control and deregulation.

The fundamental part of such a program is that the trusts shall be recognized as a permanent part of our economic order, and that the government shall try to make trusts the ministers, the instruments, through which the life of this country shall be justly and happily developed on its industrial side. . . .

Shall we try to get the grip of monopoly away from our lives, or shall we not? Shall we withhold our hand and say monopoly is inevitable, that all we can do is to regulate it? Shall we say that all we can do is to put government in competition with monopoly and try its strength against it? Shall we admit that the creature of our own hands is stronger than we are? We have been dreading all along the time when the combined power of high finance would be greater than the power of the government.