It is just so with personal liberty. The unlimited freedom which the individual property-owner has enjoyed has been of use to this country in many ways, and we can continue our prosperous economic career only by retaining an economic organization which will offer to the men of the stamp of the great captains of industry the opportunity and inducement to earn distinction. Nevertheless, we as Americans must now face the fact that this great freedom which the individual property-owner has enjoyed in the past has produced evils which were inevitable from its unrestrained exercise. It is this very freedom—this absence of State and National restraint—that has tended to create a small class of enormously wealthy and economically powerful men whose chief object is to hold and increase their power. Any feeling of special hatred toward these men is as absurd as any feeling of special regard. Some of them have gained their power by cheating and swindling, just as some very small business men cheat and swindle; but, as a whole, big men are no better and no worse than their small competitors, from a moral standpoint. Where they do wrong it is even more important to punish them than to punish a small man who does wrong, because their position makes it especially wicked for them to yield to temptation; but the prime need is to change the conditions which enable them to accumulate a power which it is not for the general welfare that they should hold or exercise, and to make this change not only without vindictiveness, without doing injustice to individuals, but also in a cautious and temperate spirit, testing our theories by actual practice, so that our legislation may represent the minimum of restrictions upon the individual initiative of the exceptional man which is compatible with obtaining the maximum of welfare for the average man. We grudge no man a fortune which represents merely his own power and sagacity exercised with entire regard to the welfare of his fellows. But the fortune must not only be honorably obtained and well used; it is also essential that it should not represent a necessary incident of widespread, even though partial, economic privation. It is not even enough that the fortune should have been gained without doing damage to the community. We should only permit it to be gained and kept so long as the gaining and the keeping represent benefit to the community. This I know implies a policy of a far more active governmental interference with social and economic conditions than we have hitherto seen in this country; but I think we have to face the fact that such increase in governmental activity is now necessary. We should work cautiously and patiently and with complete absence of animosity, except toward the individuals whom we are certain have been guilty of flagrant evil; but we should also work firmly to realize the democratic purpose, economically and socially as well as politically. We must make popular government responsible for the