SuchaCommissionwouldhavecompletepowertoexamineintoeverybigcorporationengagedorproposingtoengageinbusinessbetweentheStates。Itwouldhavethepowertodiscriminatesharplybetweencorporationsthataredoingwellandthosethataredoingill；andthedistinctionbetweenthosewhodowellandthosewhodoillwouldbedefinedintermssoclearandunmistakablethatnoonecouldmisapprehendthem。Whereacompanyisfoundseekingitsprofitsthroughservingthecommunitybystimulatingproduction，loweringprices，orimprovingservice，whilescrupulouslyrespectingtherightsofothersincludingitsrivals，itsemployees，itscustomers，andthegeneralpublic，andstrictlyobeyingthelaw，thennomatterhowlargeitscapital，orhowgreatthevolumeofitsbusinessitwouldbeencouragedtostillmoreabundantproduction，orbetterservice，bythefullestprotectionthattheGovernmentcouldaffordit。Ontheotherhand，ifacorporationwerefoundseekingprofitthroughinjuryoroppressionofthecommunity，byrestrictingproductionthroughtrickordevice，byplotorconspiracyagainstcompetitors，orbyoppressionofwage-workers，andthenextortinghighpricesforthecommodityithadmadeartificiallyscarce，itwouldbepreventedfromorganizingifitsnefariouspurposecouldbediscoveredintime，orpursuedandsuppressedbyallthepowerofGovernmentwheneverfoundinactualoperation。Suchacommission，withthepowerIadvocate，wouldputastoptoabusesofbigcorporationsandsmallcorporationsalike；itwoulddrawthelineonconductandnotonsize；itwoulddestroymonopoly，andmakethebiggestbusinessmaninthecountryconformsquarelytotheprincipleslaiddownbytheAmericanpeople，whileatthesametimegivingfairplaytothelittlemanandcertaintyofknowledgeastowhatwaswrongandwhatwasrightbothtobigmanandlittleman。
　　AlthoughunderthedecisionofthecourtstheNationalGovernmenthadpowerovertherailways，Ifound，whenIbecamePresident，thatthispowerwaseithernotexercisedatallorexercisedwithutterinefficiency。Thelawagainstrebateswasadeadletter。Alltheunscrupulousrailwaymenhadbeenallowedtoviolateitwithimpunity；
　　andbecauseofthis，aswasinevitable，thescrupulousanddecentrailwaymenhadbeenforcedtoviolateitthemselves，underpenaltyofbeingbeatenbytheirlessscrupulousrivals。Itwasnotthefaultofthesedecentrailwaymen。ItwasthefaultoftheGovernment。
　　Thankstoafirst-classrailwayman，PaulMortonoftheSantaFe，sonofMr。Cleveland’sSecretaryofAgriculture，Iwasablecompletelytostopthepractice。Mr。MortonvolunteeredtoaidtheGovernmentinabolishingrebates。Hefranklystatedthathe，likeeveryoneelse，hadbeenguiltyinthematter；butheinsistedthatheutteredthesentimentsofthedecentrailwaymenofthecountrywhenhesaidthathehopedthepracticewouldbestopped，andthatifIwouldreallystopit，andnotmerelymakebelievetostopit，hewouldgivethetestimonywhichwouldputintothehandsoftheGovernmentthepowertoputacompletechecktothepractice。Accordinglyhetestified，andontheinformationwhichhegaveuswewereabletotakesuchactionthroughtheInter-StateCommerceCommissionandtheDepartmentofJustice，supplementedbythenecessaryadditionallegislation，thattheevilwasabsolutelyeradicated。Hethusrendered，ofhisownaccord，athisownpersonalrisk，andfrompurelydisinterestedmotives，aninvaluableservicetothepeople，aservicewhichnoothermanwhowasabletorenderwaswillingtorender。Asanimmediatesequel，theworld-oldalliancebetweenBlifilandBlackGeorgewasimmediatelyrevivedagainstPaulMorton。IngivingrebateshehaddoneonlywhateveryhonestrailwaymaninthecountryhadbeenobligedtodobecauseofthefailureoftheGovernmenttoenforcetheprohibitionasregardsdishonestrailwaymen。Butunlikehisfellowshehadthenshownthecourageandsenseofobligationtothepublicwhichmadehimcomeforwardandwithoutevasionorconcealmentstatewhathehaddone，inorderthatwemightsuccessfullyputanendtothepractice；
　　andputanendtothepracticewedid，andwediditbecauseofthecourageandpatriotismhehadshown。Theunscrupulousrailwaymen，whosedishonestpracticesweretherebyputastopto，andtheunscrupulousdemagogueswhowereeitherundertheinfluenceofthesemenordesirousofgainingcreditwiththoughtlessandignorantpeoplenomatterwhowashurt，joinedinvindictiveclamoragainstMr。
　　Morton。Theyactuallywishedmetoprosecutehim，althoughsuchprosecutionwouldhavebeenapieceofunpardonableingratitudeandtreacheryonthepartofthepublictowardhim——forIwasmerelyactingasthestewardofthepublicinthismatter。IneedhardlysaythatIstoodbyhim；andlaterheservedundermeasSecretaryoftheNavy，andacapitalSecretaryhemadetoo。
　　Wenotonlysecuredthestoppingofrebates，butintheHepburnRateBillwewereabletoputthroughameasurewhichgavetheInter-StateCommerceCommissionforthefirsttimerealcontrolovertherailways。
　　Thereweretwoorthreeamusingfeaturesinthecontestoverthisbill。AllofthegreatbusinessinterestswhichobjectedtoGovernmentalcontrolbandedtofightit，andtheywerehelpedbythehonestmenofultra-conservativetypewhoalwaysdreadchange，whethergoodorbad。WefinallyforceditthroughtheHouse。IntheSenateitwasreferredtoacommitteeinwhichtheRepublicanmajoritywasunderthecontrolofSenatorAldrich，whotooktheleadinopposingthebill。TherewasoneRepublicanonthecommittee，however，whomSenatorAldrichcouldnotcontrol——SenatorDolliver，ofIowa。TheleadingDemocratonthecommitteewasSenatorTillman，ofSouthCarolina，withwhomIwasnotongoodterms，becauseIhadbeenobligedtocancelaninvitationtohimtodineattheWhiteHouseonaccountofhishavingmadeapersonalassaultintheSenateChamberonhiscolleaguefromSouthCarolina；andlaterIhadtotakeactionagainsthimonaccountofhisconductinconnectionwithcertainlandmatters。SenatorTillmanfavoredthebill。TheRepublicanmajorityinthecommitteeunderSenatorAldrich，whentheyactedadverselyonthebill，turneditovertoSenatorTillman，therebymakinghimitssponsor。TheobjectwastocreatewhatitwashopedwouldbeanimpossiblesituationinviewoftherelationsbetweenSenatorTillmanandmyself。Iregardedtheactionassimplychildish。Itwasacuriousinstanceofhowableandastutemensometimescommitblundersbecauseofsheerinabilitytounderstandintensityofdisinterestedmotiveinothers。IdidnotcarearapaboutMr。Tillman’sgettingcreditforthebill，orhavingchargeofit。Iwasdelightedtogowithhimorwithanyoneelsejustsolongashewastravelinginmyway——andnolonger。
　　Therewasanotheramusingincidentinconnectionwiththepassageofthebill。AllthewisefriendsoftheefforttosecureGovernmentalcontrolofcorporationsknowthatthisGovernmentcontrolmustbeexercisedthroughadministrativeandnotjudicialofficersifitistobeeffective。Everythingpossibleshouldbedonetominimizethechanceofappealingfromthedecisionsoftheadministrativeofficertothecourts。ButitisnotpossibleConstitutionally，andprobablywouldnotbedesirableanyhow，completelytoabolishtheappeal。
　　UnwisezealotswishedtomaketheefforttotallytoabolishtheappealinconnectionwiththeHepburnBill。Representativesofthespecialinterestswishedtoextendtheappealtoincludewhatitoughtnottoinclude。Betweenstoodanumberofmenwhosevoteswouldmeanthepassageof，orthefailuretopass，thebill，andwhowerenotinclinedtowardseitherside。Threeorfoursubstantiallyidenticalamendmentswereproposed，andwethensuddenlyfoundourselvesfacetofacewithanabsurdsituation。Thegoodmenwhowerewillingtogowithusbuthadconservativemisgivingsabouttheultra-radicalswouldnotacceptagoodamendmentifoneofthelatterproposedit；andtheradicalswouldnotaccepttheirownamendmentifoneoftheconservativesproposedit。Eachsidegotsowroughtupastobeutterlyunabletogetmattersintoproperperspective；eachpreparedtostandonunimportanttrifles；eachannouncedwithhystericalemphasis——thereformersjustashystericallyasthereactionaries——
　　thatthedecisionasregardseachunimportanttrifledeterminedtheworthorworthlessnessofthemeasure。Graduallywesecuredameasurablereturntosaneappreciationoftheessentials。Finallybothsidesreluctantlyagreedtoaccepttheso-calledAllisonamendmentwhichdidnot，asamatteroffact，workanychangeinthebillatall。TheamendmentwasdrawnbyAttorney-GeneralMoodyafterconsultationwiththeInter-StateCommerceCommission，andwasforwardedbymetoSenatorDolliver；itwasaccepted，andthebillbecamelaw。
　　ThankstothislawandtothewayinwhichtheInter-StateCommerceCommissionwasbackedbytheAdministration，theCommission，undermenlikeProuty，Lane，andClark，becameamostpowerfulforceforgood。
　　SomeofthegoodthatwehadaccomplishedwasundoneafterthecloseofmyAdministrationbytheunfortunatelawcreatingaCommerceCourt；
　　butthemajorpartoftheimmenseadvancewehadmaderemained。TherewasonepointonwhichIinsisted，anduponwhichitisnecessaryalwaystoinsist。TheCommissioncannotdopermanentgoodunlessitdoesjusticetothecorporationspreciselyasitexactsjusticefromthem。Thepublic，theshippers，thestockandbondholders，andtheemployees，allhavetheirrights，andnoneshouldbeallowedunfairprivilegesattheexpenseoftheothers。Stockwateringandswindlingofanykindshouldofcoursenotonlybestoppedbutpunished。When，however，aroadismanagedfairlyandhonestly，andwhenitrendersarealandneededservice，thentheGovernmentmustseethatitisnotsoburdenedastomakeitimpossibletorunitataprofit。Thereismuchwiselegislationnecessaryforthesafetyofthepublic，or——likeworkmen’scompensation——necessarytothewell-beingoftheemployee，whichneverthelessimposessuchaburdenontheroadthattheburdenmustbedistributedbetweenthegeneralpublicandthecorporation，ortherewillbenodividends。Insuchacaseitmaybethehighestdutyofthecommissiontoraiserates；andthecommission，whensatisfiedthatthenecessityexists，inordertodojusticetotheownersoftheroad，shouldnomorehesitatetoraiserates，thanunderothercircumstancestolowerthem。
　　Somuchforthe“bigstick“indealingwiththecorporationswhentheywentwrong。Nowforasampleofthesquaredeal。
　　Inthefallof1907therewereseverebusinessdisturbancesandfinancialstringency，culminatinginapanicwhicharoseinNewYorkandspreadoverthecountry。Thedamageactuallydonewasgreat，andthedamagethreatenedwasincalculable。ThankslargelytotheactionoftheGovernment，thepanicwasstoppedbefore，insteadofbeingmerelyaseriousbusinesscheck，itbecameafrightfulandNation-widecalamity，adisasterfraughtwithuntoldmiseryandwoetoallourpeople。ForseveraldaystheNationtrembledonthebrinkofsuchacalamity，ofsuchadisaster。
　　DuringthesedaysboththeSecretaryoftheTreasuryandIpersonallywereinhourlycommunicationwithNewYork，followingeverychangeinthesituation，andtryingtoanticipateeverydevelopment。ItwastheobviousdutyoftheAdministrationtotakeeverysteppossibletopreventappallingdisasterbycheckingthespreadofthepanicbeforeitgrewsothatnothingcouldcheckit。Andeventsmovedwithsuchspeedthatitwasnecessarytodecideandtoactontheinstant，aseachsuccessivecrisisarose，ifthedecisionandactionweretoaccomplishanything。TheSecretaryoftheTreasurytookvariousactions，someonhisowninitiative，somebymydirection。LateoneeveningIwasinformedthattworepresentativesoftheSteelCorporationwishedtoseemeearlythefollowingmorning，thepreciseobjectnotbeingnamed。Nextmorning，whileatbreakfast，IwasinformedthatMessrs。FrickandGarywerewaitingattheoffice。Iatoncewentover，and，astheAttorney-General，Mr。Bonaparte，hadnotyetarrivedfromBaltimore，wherehehadbeenpassingthenight，I
　　sentamessageaskingtheSecretaryofState，Mr。Root，whowasalsoalawyer，tojoinus，whichhedid。Beforethecloseoftheinterviewandinthepresenceofthethreegentlemennamed，IdictatedanotetoMr。Bonaparte，settingforthexactlywhatMessrs。FrickandGaryhadproposed，andexactlywhatIhadanswered——sothattheremightbenopossibilityofmisunderstanding。ThisnotewaspublishedinaSenateDocumentwhileIwasstillPresident。Itrunsasfollows：
　　THEWHITEHOUSE，Washington，November4，1907。
　　MydearMr。Attorney-General：
　　JudgeE。H。GaryandMr。H。C。Frick，onbehalfoftheSteelCorporation，havejustcalleduponme。TheystatethatthereisacertainbusinessfirmthenameofwhichIhavenotbeentold，butwhichisofrealimportanceinNewYorkbusinesscircles，whichwillundoubtedlyfailthisweekifhelpisnotgiven。AmongitsassetsareamajorityofthesecuritiesoftheTennesseeCoalCompany。ApplicationhasbeenurgentlymadetotheSteelCorporationtopurchasethisstockastheonlymeansofavoidingafailure。JudgeGaryandMr。Frickinformedmethatasamerebusinesstransactiontheydonotcaretopurchasethestock；thatunderordinarycircumstancestheywouldnotconsiderpurchasingthestock，becausebutlittlebenefitwillcometotheSteelCorporationfromthepurchase；thattheyareawarethatthepurchasewillbeusedasahandleforattackuponthemonthegroundthattheyarestrivingtosecureamonopolyofthebusinessandpreventcompetition——notthatthiswouldrepresentwhatcouldhonestlybesaid，butwhatmightrecklesslyanduntruthfullybesaid。