Under the present laws we have in the last four years accomplished much that is of substantial value; but the difficulties in the way have been so great as to prove that further legislation is advisable. Many corporations show themselves honorably desirous to obey the law; but, unfortunately, some corporations, and very wealthy ones at that, exhaust every effort which can be suggested by the highest ability, or secured by the most lavish expenditure of money, to defeat the purposes of the laws on the statute books. Not only the men in control of these corporations, but the business world generally, ought to realize that such conduct is in every way perilous, and constitutes a menace to the nation generally, and especially to the people of great property. I earnestly believe that this is true of only a relatively small portion of the very rich men engaged in handling the largest corporations in the country; but the attitude of these comparatively few men does undoubtedly harm the country, and above all harm the men of large means, by the just, but sometimes misguided, popular indignation to which it gives rise. The consolidation in the form of what are popularly called trusts of corporate interests of immense value has tended to produce unfair restraints of trade of an oppressive character, and these unfair restraints tend to create great artificial monopolies. The violations of the law known as the anti-trust law, which was meant to meet the conditions thus arising, have more and more become confined to the larger combinations, the very ones against whose policy of monopoly and oppression the policy of the law was chiefly directed. Many of these combinations by secret methods and by protracted litigation are still unwisely seeking to avoid the consequences of their illegal action. The Government has very properly exercised moderation in attempting to enforce the criminal provisions of the statute; but it has become our conviction that in some cases, such as that of at least certain of the beef packers recently indicted in Chicago, it is impossible longer to show leniency. Moreover, if the existing law proves to be inadequate, so that under established rules of evidence clear violations may not be readily proved, defiance of the law must inevitably lead to further legislation. This legislation may be more drastic than I would prefer. If so, it must be distinctly understood that it will be because of the stubborn determination of some of the great combinations in striving to prevent the enforcement of the law as it stands, by every device, legal and illegal. Very many of these men seem to think that the alternative is simply between submitting to the mild kind of governmental control we advocate and the absolute freedom to do whatever they think best. They are greatly in error. Either they will have to submit to reasonable supervision and regulation by the national authorities, or else they will ultimately