McCallwasitsPresident。IhadjustfinishedmyfightagainsttheSuperintendentofInsurance，whomIrefusedtocontinueinoffice。Mr。
　　McCallhadwrittenmeaverystrongletterurgingthatheberetained，andhaddoneeverythinghecouldtoaidSenatorPlattinsecuringhisretention。TheMutualLifeandEquitablepeoplehadopenlyfollowedthesamecourse，butinprivatehadhedged。Theywerebothbackingtheproposedbill。Mr。McCallwasopposedtoit；hewasinCalifornia，andjustbeforestartingthitherhehadbeentoldbytheMutualLifeandEquitablethattheLimitationBillwasfavoredbymeandwouldbeputthroughifsuchathingwerepossible。Mr。McCalldidnotknowme，andonleavingforCaliforniatoldMr。PerkinsthatfromallhecouldlearnhewassureIwasbentonputtingthisbillthrough，andthatnothinghecouldsaytomewouldchangemyview；infact，becausehehadfoughtsohardtoretaintheoldInsuranceSuperintendent，hefeltthatIwouldbeparticularlyopposedtoanythinghemightwishdone。
　　Asamatteroffact，Ihadnosuchfeeling。Ihadbeencarefullystudyingthequestion。IhadtalkedwiththeMutualLifeandEquitablepeopleaboutit，butwasnotcommittedtoanyparticularcourse，andhadgravedoubtsastowhetheritwaswelltodrawthelineonsizeinsteadofonconduct。IwasthereforeverygladtoseePerkinsandgetanewpointofview。Iwentoverthematterwithagreatdealofcareandatconsiderablelength，andafterwehadthrashedthematteroutprettyfullyandPerkinshadlaidbeforemeindetailthemethodsemployedbyAustria，Germany，Switzerland，andotherEuropeancountriestohandletheirlargeinsurancecompanies，Itookthepositionthatthereundoubtedlywereevilsintheinsurancebusiness，butthattheydidnotconsistininsuringpeople’slives，forthatcertainlywasnotanevil；andIdidnotseehowtherealevilscouldbeeradicatedbylimitingorsuppressingacompany’sabilitytoprotectanadditionalnumberofliveswithinsurance。IthereforeannouncedthatIwouldnotfavorabillthatlimitedvolumeofbusiness，andwouldnotsignitifitwerepassed；butthatIfavoredlegislationthatwouldmakeitimpossibletoplace，throughagents，policiesthatwereambiguousandmisleading，ortopayexorbitantpricestoagentsforbusiness，ortoinvestpolicy-holders’moneyinimpropersecurities，ortogivepowertoofficerstousethecompany’sfundsfortheirownpersonalprofit。InreachingthisdeterminationI
　　washelpedbyMr。Loeb，thenmerelyastenographerinmyoffice，butwhohadalreadyattractedmyattentionbothbyhisefficiencyandbyhisloyaltytohisformeremployers，whowereforthemostpartmypoliticalopponents。Mr。Loebgavememuchinformationaboutvariousimproperpracticesintheinsurancebusiness。Ibegantogatherdataonthesubject，withtheintentionofbringingaboutcorrectivelegislation，foratthattimeIexpectedtocontinueinofficeasGovernor。ButinafewweeksIwasnominatedasVice-President，andmysuccessordidnothingaboutthematter。
　　SofarasIremember，thiswasthefirsttimethequestionofcorrectingevilsinabusinessbylimitingthevolumeofbusinesstobedonewaseverpresentedtome，andmydecisioninthematterwasonallfourswiththepositionIhavealwayssincetakenwhenanysimilarprinciplewasinvolved。AtthetimewhenImademydecisionabouttheLimitationBill，IwasonfriendlytermswiththeMutualandEquitablepeoplewhowerebackofit，whereasIdidnotknowMr。McCallatall，andMr。Perkinsonlyfromhearinghimdiscussthebill。
　　Aninterestingfeatureofthematterdevelopedsubsequently。Fiveyearslater，aftertheinsuranceinvestigationstookplace，theMutualLifestronglyurgedthepassageofaLimitationBill，and，becauseofthepopularfeelingdevelopedbytheexposureoftheimproperpracticesofthecompanies，thisbillwasgenerallyapproved。GovernorHughesadoptedthesuggestion，suchabillwaspassedbytheLegislature，andGovernorHughessignedit。ThisbillcausedthethreegreatNewYorkcompaniestoreducemarkedlythevolumeofbusinesstheyweredoing；itthrewagreatmanyagentsoutofemployment，andmateriallycurtailedtheforeignbusinessofthecompanies——whichbusinesswasbringingannuallyaconsiderablesumofmoneytothiscountryforinvestment。Inshort，theexperimentworkedsobadlythatbeforeGovernorHugheswentoutofofficeoneoftheverylastbillshesignedwasonethatpermittedthelifeinsurancecompaniestoincreasetheirbusinesseachyearbyanamountrepresentingacertainpercentageofthebusinesstheyhadpreviouslydone。Thisinpractice，withinafewyears，practicallyannulledtheLimitationBillthathadbeenpreviouslypassed。Theexperimentoflimitingthesizeofbusiness，oflegislatingagainstitmerelybecauseitwasbig，hadbeentried，andhadfailedsocompletelythattheauthorsofthebillhadthemselvesineffectrepealedit。Myactioninrefusingtotrytheexperimenthadbeencompletelyjustified。
　　AsasequeltothisincidentIgotMr。PerkinstoserveonthePalisadeParkCommission。AtthetimeIwastakingactivepartintheefforttosavethePalisadesfromvandalismanddestructionbygettingtheStatesofNewYorkandNewJerseyjointlytoincludetheminapublicpark。Itisnoteasytogetaresponsibleandcapablemanofbusinesstoundertakesuchatask，whichisunpaid，whichcallsonhispartforanimmenseexpenditureoftime，money，andenergy，whichoffersnorewardofanykind，andwhichentailsthecertaintyofabuseandmisrepresentation。Mr。Perkinsacceptedtheposition，andhasfilleditforthelastthirteenyears，doingasdisinterested，efficient，andusefulabitofpublicserviceasanymanintheStatehasdonethroughoutthesethirteenyears。
　　ThecaseofmostimportanceinwhichIclashedwithSenatorPlattrelatedtoamatteroffundamentalgovernmentalpolicy，andwasthefirststepIevertooktowardbringingbigcorporationsundereffectivegovernmentalcontrol。InthiscaseIhadtofighttheDemocraticmachineaswellastheRepublicanmachine，forSenatorHillandSenatorPlattwereequallyopposedtomyaction，andthebigcorporationmen，thebigbusinessmenbackofbothofthem，tookpreciselythesameviewofthesematterswithoutregardtotheirpartyfeelingsonotherpoints。WhatIdidconvulsedpeopleatthattime，andmarkedthebeginningoftheeffort，atleastintheEasternstates，tomakethegreatcorporationsreallyresponsibletopopularwishandgovernmentalcommand。Butwehavegonesofarpastthestageinwhichwethenwerethatnowitseemswell-nighincrediblethatthereshouldhavebeenanyoppositionatalltowhatIatthattimeproposed。
　　ThesubstitutionofelectricpowerforhorsepowerinthestreetcarlinesofNewYorkofferedafruitfulchanceforthemostnoxioustypeofdealingbetweenbusinessmenandpoliticians。ThefranchisesgrantedbyNewYorkweregrantedwithoutanyattempttosecurefromthegranteesreturns，inthewayoftaxationorotherwise，forthevaluereceived。Thefactthattheywerethusgrantedbyimproperfavoritism，afavoritismwhichinmanycaseswasunquestionablysecuredbydownrightbribery，ledtoallkindsoftrouble。Inreturnforthecontinuanceoftheseimproperfavorstothecorporationsthepoliticiansexpectedimproperfavorsinthewayofexcessivecampaigncontributions，oftencontributedbythesamecorporationatthesametimetotwoopposingparties。BeforeIbecameGovernorabillhadbeenintroducedintotheNewYorkLegislaturetotaxthefranchisesofthesestreetrailways。Itaffectedalargenumberofcorporations，butparticularlythoseinNewYorkandBuffalo。Ithadbeensufferedtoslumberundisturbed，asnoneofthepeopleinpowerdreamedoftakingitseriously，andboththeRepublicanandDemocraticmachineswerehostiletoit。UndertherulesoftheNewYorkLegislatureabillcouldalwaysbetakenupoutofitsturnandpassediftheGovernorsentinaspecialemergencymessageonitsbehalf。
　　AfterIwaselectedGovernorIhadmyattentiondirectedtothefranchisetaxmatter，lookedintothesubject，andcametotheconclusionthatitwasamatterofplaindecencyandhonestythatthesecompaniesshouldpayataxontheirfranchises，inasmuchastheydidnothingthatcouldbeconsideredasservicerenderedthepublicinlieuofatax。Thisseemedtomesoevidentlythecommon-senseanddecentthingtodothatIwashardlypreparedforthestormofprotestandangerwhichmyproposalaroused。SenatorPlattandtheothermachineleadersdideverythingtogetmetoabandonmyintention。Asusual，Isawthem，talkedthematteralloverwiththem，anddidmybesttoconvertthemtomywayofthinking。SenatorPlatt，Ibelieve，wasquitesincereinhisopposition。Hedidnotbelieveinpopularrule，andhedidbelievethatthebigbusinessmenwereentitledtohavethingstheirway。Heprofoundlydistrustedthepeople——naturallyenough，forthekindofhumannaturewithwhichabosscomesincontactisnotofanexaltedtype。Hefeltthatanarchywouldcomeiftherewasanyinterferencewithasystembywhichthepeopleinmasswere，undervariousnecessarycloaks，controlledbytheleadersinthepoliticalandbusinessworlds。Hewrotemeaverystrongletterofprotestagainstmyattitude，expressedindignified，friendly，andtemperatelanguage，butusingonewordinacuriousway。Thiswastheword“altruistic。”Hestatedinhisletterthathehadnotobjectedtomybeingindependentinpolitics，becausehehadbeensurethatIhadthegoodofthepartyatheart，andmeanttoactfairlyandhonorably；
　　butthathehadbeenwarned，beforeIbecameacandidate，byanumberofhisbusinessfriendsthatIwasadangerousmanbecauseIwas“altruistic。”andthathenowfearedthatmyconductwouldjustifythealarmthusexpressed。Iwasinterestedinthis，notonlybecauseSenatorPlattwasobviouslysincere，butbecauseofthewayinwhichheused“altruistic“asatermofreproach，asifitwasCommunisticorSocialistic——thelastbeingawordhedidusetomewhen，asnowandthenhappened，hethoughtthatmyproposalswarrantedfairlyrecklessvituperation。
　　SenatorPlatt’sletterraninpartasfollows：
　　“Whenthesubjectofyournominationwasunderconsideration，therewasonematterthatgavemerealanxiety。Ithinkyouwillhavenotroubleinappreciatingthefactthatitwas/not/thematterofyourindependence。Ithinkwehavegotfarenoughalonginourpoliticalacquaintanceforyoutoseethatmysupportinaconventiondoesnotimplysubsequent’demands，’noranyotherrelationthatmaynotreasonablyexistforthewelfareoftheparty……Thethingthatdidbothermewasthis：Ihadheardfromagoodmanysourcesthatyouwerealittlelooseontherelationsofcapitalandlabor，ontrustsandcombinations，and，indeed，onthosenumerousquestionswhichhaverecentlyariseninpoliticsaffectingthesecurityofearningsandtherightofamantorunhisownbusinessinhisownway，withduerespectofcoursetotheTenCommandmentsandthePenalCode。Or，togetatitevenmoreclearly，Iunderstoodfromanumberofbusinessmen，andamongthemmanyofyourownpersonalfriends，thatyouentertainedvariousaltruisticideas，allverywellintheirway，butwhichbeforetheycouldsafelybeputintolawneededveryprofoundconsideration……YouhavejustadjournedaLegislaturewhichcreatedagoodopinionthroughouttheState。IcongratulateyouheartilyuponthisfactbecauseIsincerelybelieve，aseverybodyelsedoes，thatthisgoodimpressionexistsverylargelyasaresultofyourpersonalinfluenceintheLegislativechambers。Butatthelastmoment，andtomyverygreatsurprise，youdidathingwhichhascausedthebusinesscommunityofNewYorktowonderhowfarthenotionsofPopulism，aslaiddowninKansasandNebraska，havetakenholdupontheRepublicanpartyoftheStateofNewYork。”
　　InmyanswerIpointedouttotheSenatorthatIhadasGovernorunhesitatinglyacted，atBuffaloandelsewhere，toputdownmobs，withoutregardtothefactthattheprofessedleadersoflaborfuriouslydenouncedmeforsodoing；butthatIcouldnomoretoleratewrongcommittedinthenameofpropertythanwrongcommittedagainstproperty。Myletterraninpartasfollows：
　　“Iknewthatyouhadjustthefeelingsthatyoudescribe；thatis，apartfrommy’impulsiveness，’youfeltthattherewasajustifiableanxietyamongmenofmeans，andespeciallymenrepresentinglargecorporateinterests，lestImightfeeltoostronglyonwhatyoutermthe’altruistic’sideinmattersoflaborandcapitalandasregardstherelationsoftheStatetogreatcorporations……Iknowthatwhenpartiesdivideonsuchissues[asBryanism]thetendencyistoforceeverybodyintooneoftwocamps，andtothrowoutentirelymenlikemyself，whoareasstronglyopposedtoPopulismineverystageasthegreatestrepresentativeofcorporatewealth，butwhoalsofeelstronglythatmanyoftheserepresentativesofenormouscorporatewealthhavethemselvesbeenresponsibleforaportionoftheconditionsagainstwhichBryanismisinignorantrevolt。Idonotbelievethatitiswiseorsafeforusasapartytotakerefugeinmerenegationandtosaythattherearenoevilstobecorrected。Itseemstomethatourattitudeshouldbeoneofcorrectingtheevilsandtherebyshowingthat，whereasthePopulists，Socialists，andothersreallydonotcorrecttheevilsatall，orelseonlydosoattheexpenseofproducingothersinaggravatedform；onthecontraryweRepublicansholdthejustbalanceandsetourselvesasresolutelyagainstimpropercorporate