WhenIleftthePresidencyIfinishedsevenandahalfyearsofadministration，duringwhichnotoneshothadbeenfiredagainstaforeignfoe。Wewereatabsolutepeace，andtherewasnonationintheworldwithwhomawarcloudthreatened，nonationintheworldwhomwehadwronged，orfromwhomwehadanythingtofear。Thecruiseofthebattlefleetwasnottheleastofthecauseswhichensuredsopeacefulanoutlook。
　　Whenthefleetreturnedafteritssixteenmonths’voyagearoundtheworldIwentdowntoHamptonRoadstogreetit。ThedaywasWashington’sBirthday，February22，1907。Literallyontheminutethehomingbattlecraftcameintoview。OntheflagshipoftheAdmiralI
　　spoketotheofficersandenlistedmen，asfollows：
　　“AdmiralSperry，OfficersandMenoftheBattleFleet：
　　“Overayearhaspassedsinceyousteamedoutofthisharbor，andovertheworld’srim，andthismorningtheheartsofallwhosawyouthrilledwithprideasthehullsofthemightywarshipsliftedabovethehorizon。YouhavebeenintheNorthernandtheSouthernHemispheres；fourtimesyouhavecrossedtheline；youhavesteamedthroughallthegreatoceans；youhavetouchedthecoastofeverycontinent。Everyourgeneralcoursehasbeenwestward；
　　andnowyoucomebacktotheportfromwhichyousetsail。Thisisthefirstbattlefleetthathasevercircumnavigatedtheglobe。
　　Thosewhoperformthefeatagaincanbutfollowinyourfootsteps。
　　“ThelittletorpedoflotillawentwithyouaroundSouthAmerica，throughtheStraitsofMagellan，toourownPacificCoast。Thearmoredcruisersquadronmetyou，andleftyouagain，whenyouwerehalfwayroundtheworld。Youhavefalsifiedeverypredictionoftheprophetsoffailure。Inallyourlongcruisenotanaccidentworthyofmentionhashappenedtoasinglebattleship，noryettothecruisersortorpedoboats。Youleftthiscoastinahighstateofbattleefficiency，andyoureturnwithyourefficiencyincreased；betterpreparedthanwhenyouleft，notonlyinpersonnelbuteveninmaterial。Duringyourworldcruiseyouhavetakenyourregulargunnerypractice，andskilledthoughyouwerebeforewiththeguns，youhavegrownmoreskilfulstill；andthroughpracticeyouhaveimprovedinbattletactics，thoughherethereismoreroomforimprovementthaninyourgunnery。
　　Incidentally，IsupposeIneedhardlysaythatonemeasureofyourfitnessmustbeyourclearrecognitionoftheneedalwayssteadilytostrivetorenderyourselvesmorefit；ifyouevergrowtothinkthatyouarefitenough，youcanmakeupyourmindsthatfromthatmomentyouwillbegintogobackward。
　　“Asawar-machine，thefleetcomesbackinbettershapethanitwentout。Inaddition，you，theofficersandmenofthisformidablefightingforce，haveshownyourselvesthebestofallpossibleambassadorsandheraldsofpeace。Whereveryouhavelandedyouhaveborneyourselvessoastomakeusathomeproudofbeingyourcountrymen。Youhaveshownthatthebesttypeoffightingmanoftheseaknowshowtoappeartotheutmostpossibleadvantagewhenhisbusinessistobehavehimselfonshore，andtomakeagoodimpressioninaforeignland。Weareproudofalltheshipsandallthemeninthiswholefleet，andwewelcomeyouhometothecountrywhosegoodreputeamongnationshasbeenraisedbywhatyouhavedone。”
　　APPENDIXA
　　THETRUSTS，THEPEOPLE，ANDTHESQUAREDEAL
　　[WrittenwhenMr。Taft’sadministrationbroughtsuittodissolvethesteelcorporation，oneofthegroundsforthesuitbeingtheacquisitionbytheCorporationoftheTennesseeCoalandIronCompany；
　　thisactionwastaken，withmyacquiescence，whileIwasPresident，andwhileMr。Taftwasamemberofmycabinet；atthetimeheneverprotestedagainst，andasfarasIknewapprovedofmyactioninthiscase，asintheHarvesterTrustcase，andallsimilarcases。]
　　ThesuitagainsttheSteelTrustbytheGovernmenthasbroughtvividlybeforeourpeopletheneedofreducingtoorderourchaoticGovernmentpolicyasregardsbusiness。AsPresident，inMessagestoCongressI
　　repeatedlycalledtheattentionofthatbodyandofthepublictotheinadequacyoftheAnti-TrustLawbyitselftomeetbusinessconditionsandsecurejusticetothepeople，andtothefurtherfactthatitmight，ifleftunsupplementedbyadditionallegislation，workmischief，withnocompensatingadvantage；andIurgedasstronglyasI
　　knewhowthatthepolicyfollowedwithrelationtorailwaysinconnectionwiththeInter-StateCommerceLawshouldbefollowedbytheNationalGovernmentasregardsallgreatbusinessconcerns；andthereforethat，asafirststep，thepowersoftheBureauofCorporationsshouldbegreatlyenlarged，orelsethatthereshouldbecreatedaGovernmentalboardorcommission，withpowerssomewhatsimilartothoseoftheInter-StateCommerceCommission，butcoveringthewholefieldofinter-Statebusiness，exclusiveoftransportationwhichshould，bylaw，bekeptwhollyseparatefromordinaryindustrialbusiness，allcommonownershipoftheindustryandtherailwaybeingforbidden。IntheendIhavealwaysbelievedthatitwouldalsobenecessarytogivetheNationalGovernmentcompletepowerovertheorganizationandcapitalizationofallbusinessconcernsengagedininter-Statecommerce。
　　AmemberofmyCabinetwithwhom，evenmorethanwiththevariousAttorneys-General，Iwentovereverydetailofthetrustsituation，wastheonetimeSecretaryoftheInterior，Mr。JamesR。Garfield。HewritesmeasfollowsconcerningthesuitagainsttheSteelCorporation：
　　“NothingappearedbeforetheHouseCommitteethatmademebelieveweweredeceivedbyJudgeGary。
　　“This，Ithink，isacasethatshowsclearlythedifferencebetweendestructivelitigationandconstructivelegislation。IhavenotyetseenafullcopyoftheGovernment’spetition，butourpapersgivenothingthatindicatesanykindofunfairordishonestcompetitionsuchasexistedinboththeStandardOilandTobaccoCases。AsIunderstandit，thecompetitorsoftheSteelCompanyhavesteadilyincreasedinstrengthduringthelastsixorsevenyears。Furthermore，thepercentofthebusinessdonebytheSteelCorporationhasdecreasedduringthattime。Asyouwillremember，atourfirstconferencewithJudgeGary，theJudgestatedthatitwasthedesireandpurposeoftheCompanytoconformtowhattheGovernmentwished，itbeingthepurposeoftheCompanyabsolutelytoobeythelawbothinspiritandletter。ThroughoutthetimethatIhadchargeoftheinvestigation，andwhilewewereinWashington，IdonotknowofasingleinstancewheretheSteelCompanyrefusedanyinformationrequested；but，onthecontrary，aidedineverypossiblewayourinvestigation。
　　“ThepositionnowtakenbytheGovernmentisabsolutelydestructiveoflegitimatebusiness，becausetheyoutlinenoruleofconductforbusinessofanymagnitude。Itisabsurdtosaythatthecourtscanlaydownsuchrules。Themostthecourtscandoistofindaslegalorillegaltheparticulartransactionsbroughtbeforethem。
　　Hence，afteryearsoftediouslitigationtherewouldbenoclear-
　　cutruleforfutureaction。Thismethodofprocedureisdealingwiththedevice，nottheresult，anddrivesbusinesstotheelaborationofcleverdevices，eachofwhichmustbetestedinthecourts。
　　“Ihaveyettofindabettermethodofdealingwiththeanti-trustsituationthanthatsuggestedbythebillwhichweagreeduponinthelastdaysofyourAdministration。Thatbillshouldbeusedasabasisforlegislation，andtherecouldbeincorporateduponitwhatevermaybedeterminedwiseregardingthedirectcontrolandsupervisionoftheNationalGovernment，eitherthroughacommissionsimilartotheInter-StateCommerceCommissionorotherwise。”
　　Beforetakingupthematterinitslargeaspect，IwishtosayonewordastoonefeatureoftheGovernmentsuitagainsttheSteelCorporation。OneofthegroundsforthesuitistheacquisitionbytheSteelCorporationoftheTennesseeCoalandIronCompany；andithasbeenalleged，ontheauthorityoftheGovernmentofficialsengagedincarryingonthesuit，thatasregardsthistransactionIwasmisledbytherepresentativesoftheSteelCorporation，andthatthefactswerenotaccuratelyortruthfullylaidbeforeme。Thisstatementisnotcorrect。IbelievedatthetimethatthefactsinthecasewereasrepresentedtomeonbehalfoftheSteelCorporation，andmyfurtherknowledgehasconvincedmethatthiswastrue。IbelievedatthetimethattherepresentativesoftheSteelCorporationtoldmethetruthastothechangethatwouldbeworkedinthepercentageofthebusinesswhichtheproposedacquisitionwouldgivetheSteelCorporation，andfurtherinquiryhasconvincedmethattheydidso。Iwasnotmisled。
　　TherepresentativesoftheSteelCorporationtoldmethetruthastowhattheeffectoftheactionatthattimewouldbe，andanystatementthatIwasmisledorthattherepresentativesoftheSteelCorporationdidnotthustellmethetruthastothefactsofthecaseisitselfnotinaccordancewiththetruth。In/TheOutlook/ofAugust19lastI
　　gaveinfullthestatementIhadmadetotheInvestigatingCommitteeoftheHouseofRepresentativesonthismatter。Thatstatementisaccurate，andIreaffirmeverythingIthereinsaid，notonlyastowhatoccurred，butalsoastomybeliefinthewisdomandproprietyofmyaction——indeed，theactionnotmerelywaswiseandproper，butitwouldhavebeenacalamityfromeverystandpointhadIfailedtotakeit。Onpage137oftheprintedreportofthetestimonybeforetheCommitteewillbefoundJudgeGary’saccountofthemeetingbetweenhimselfandMr。FrickandMr。Rootandmyself。Thisaccountstatesthefactsaccurately。IthasbeenallegedthatthepurchasebytheSteelCorporationofthepropertyoftheTennesseeCoalandIronCompanygavetheSteelCorporationpracticallyamonopolyoftheSouthernironores——thatis，oftheironoressouthofthePotomacandtheOhio。Myinformation，whichIhaveeveryreasontobelieveisaccurateandnotsuccessfullytobechallenged，isthat，oftheseSouthernironorestheSteelCorporationhas，includingthepropertygainedfromtheTennesseeCoalandIronCompany，lessthan20percent——perhapsnotover16percent。ThisisaverymuchsmallerpercentagethanthepercentageitholdsoftheLakeSuperiorores，whichevenafterthesurrenderoftheHillleasewillbeslightlyover50percent。
　　Accordingtomyview，therefore，andunless——whichIdonotbelievepossible——thesefigurescanbesuccessfullychallenged，theacquisitionoftheTennesseeCoalandIronCompany’soresinnowaychangedthesituationasregardsmakingtheSteelCorporationamonopoly。[*]TheshowingastothepercentageofproductionofallkindsofsteelingotsandsteelcastingsintheUnitedStatesbytheSteelCorporationandbyallothermanufacturersrespectivelymakesanevenstrongercase。ItmakesthecaseevenstrongerthanIputitinmytestimonybeforetheInvestigatingCommittee，forIwasscrupulouslycarefultomakestatementsthaterred，ifatall，againstmyownposition。Itappearsfromthefiguresofproductionthatin1901theSteelCorporationhadtoitscreditnearly66percentofthetotalproductionasagainstalittleover34percentbyallothersteelmanufacturers。Thepercentagethenshranksteadily，untilin1906，theyearbeforetheacquisitionoftheTennesseeCoalandIronproperties，thepercentagewasalittleunder58percent。Inspiteoftheacquisitionoftheseproperties，thefollowingyear，1907，thetotalpercentageshrankslightly，andthisshrinkinghascontinueduntilin1910thetotalpercentageoftheSteelCorporationisbutalittleover54percent，andthepercentagebyallothersteelmanufacturersbutafractionlessthan46percent。Ofthe543/10percentproducedbytheSteelCorporation19/10percentisproducedbytheformerTennesseeCoalandIronCompany。Inotherwords，thesefiguresshowthattheacquisitionoftheTennesseeCoalandIronCompanydidnotintheslightestdegreechangethesituation，andthatduringthetenyearswhichincludetheacquisitionofthesepropertiesbytheSteelCorporationthepercentageoftotaloutputofsteelmanufacturersinthiscountrybytheSteelCorporationhasshrunkfromnearly66percenttobutatrifleover54percent。Idonotbelievethatthesefigurescanbesuccessfullycontroverted，andifnotsuccessfullycontrovertedtheyshowclearlynotonlythattheacquisitionoftheTennesseeCoalandIronpropertieswroughtnochangeinthestatusoftheSteelCorporation，butthattheSteelCorporationduringthedecadehassteadilylost，insteadofgained，inmonopolisticcharacter。
　　[*]MyownbeliefisthatourNationshouldlongagohaveadoptedthepolicyofmerelyleasingforatermofyearsmineral-bearingland；
　　butitisthefaultofusourselves，ofthepeople，notoftheSteelCorporation，thatthispolicyhasnotbeenadopted。
　　Somuchforthefactsinthisparticularcase。Nowforthegeneralsubject。WhenmyAdministrationtookoffice，Ifound，notonlythattherehadbeenlittlerealenforcementoftheAnti-TrustLawandbutlittlemoreeffectiveenforcementoftheInter-StateCommerceLaw，butalsothatthedecisionsweresochaoticandthelawsthemselvessovaguelydrawn，oratleastinterpretedinsuchwidelyvaryingfashions，thatthebiggestbusinessmentendedtotreatbothlawsasdeadletters。TheseriesofactionsbywhichwesucceededinmakingtheInter-StateCommerceLawanefficientandmostusefulinstrumentinregulatingthetransportationofthecountryandexactingjusticefromthebigrailwayswithoutdoingtheminjustice——while，indeed，onthecontrary，securingthemagainstinjustice——neednothereberelated。TheAnti-TrustLawitwasalsonecessarytoenforceasithadneverhithertobeenenforced；bothbecauseitwasonthestatute-booksandbecauseitwasimperativetoteachthemastersofthebiggestcorporationsinthelandthattheywerenot，andwouldnotbepermittedtoregardthemselvesas，abovethelaw。Moreover，wherethecombinationhasreallybeenguiltyofmisconductthelawservesausefulpurpose，andinsuchcasesasthoseoftheStandardOilandTobaccoTrusts，ifeffectivelyenforced，thelawconfersarealandgreatgood。