„Overcapitalization in all its shapes is one of the prime evils; for it is one of the most fruitful methods by which unscrupulous men get improper profits, and when the holdings come into innocent hands we are forced into the uncomfortable position of being obliged to reduce the dividends of innocent investors, or of permitting the public and the wage-workers, either or both, to suffer. Such really effective control over great inter-State business can come only from the National Government. The American people demands the new Nationalism needful to deal with the new problems; it puts the National need above sectional, or personal advantage; it is impatient of the utter confusion which results from local legislatures attempting to treat National issues as local issues; it is still more impatient of the National impotence which springs from the over-division of governmental powers; the impotence which makes it possible for local selfishness, or for the vulpine legal cunning which is hired by wealthy special interests, to bring National activities to a deadlock; The control must be exercised in several different ways. It may be that National incorporation is not at the moment possible; but there must be some affirmative. National control, on terms which will secure publicity in the affairs of and complete supervision and control over the big, Nation-wide business corporations; a control that will prevent and not legalize abuses. […] Such control should protect and favor the corporation which acts honestly, exactly as it should check and punish, when it cannot prevent, every species of dishonesty.“

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„The large corporations, commonly called trusts, though organized in one State, always do business in many States, often doing very little business in the State where they are incorporated. There is utter lack of uniformity in the State laws about them; and as no State has any exclusive interest in or power over their acts, it has in practice proved impossible to get adequate regulation through State action. Therefore, in the interest of the whole people, the Nation should, without interfering with the power of the States in the matter itself, also assume power 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 the existence of some monopolistic element or tendency in its business. There would be no hardship in such supervision; banks are subject to it, and in their case it is now accepted as a simple matter of course. Indeed, it is probable that supervision of corporations by the National Government need not go so far as is now the case with the supervision exercised over them by so conservative a State as Massachusetts, in order to produce excellent results. When the Constitution was adopted, at the end of the eighteenth century, no human wisdom could foretell the sweeping changes, alike in industrial and political conditions, which were to take place by the beginning of the twentieth century. At that time it was accepted as a matter of course that the several States were the proper authorities to regulate, so far as was then necessary, the comparatively insignificant and strictly localized corporate bodies of the day. The conditions are now wholly different and wholly different action is called for. I believe that a law can be framed which will enable the National Government to exercise control along the lines above indicated; profiting by the experience gained through the passage and administration of the Interstate-Commerce Act. If, however, the judgment of the Congress is that it lacks the constitutional power to pass such an act, then a constitutional amendment should be submitted to confer the power.“