success by methods which are against the public interest and degrading to the public morals, should not be permitted to exercise such power. Instead of punishing him by a long and doubtful process of the law after the wrong has been committed, there should be such effective Government regulation as to check the evil tendencies at the moment that they start to develop. Overcapitalization in all its shapes is one of the prime evils; for it is one of the most fruitful methods by which unscrupulous men get improper profits, and when the holdings come into innocent hands we are forced into the uncomfortable position of being obliged to reduce the dividends of innocent investors, or of permitting the public and the wage-workers, either or both, to suffer. Such really effective control over great inter-State business can come only from the National Government. The American people demands the new Nationalism needful to deal with the new problems; it puts the National need above sectional or personal advantage; it is impatient of the utter confusion which results from local legislatures attempting to treat National issues as local issues; it is still more impatient of the National impotence which springs from the over-division of governmental powers; the impotence which makes it possible for local selfishness, or for the vulpine legal cunning which is hired by wealthy special interests, to bring National activities to a deadlock. The control must be exercised in several different ways. It may be that National incorporation is not at the moment possible; but there must be some affirmative National control, on terms which will secure publicity in the affairs of and complete supervision and control over the big, Nation-wide business corporations; a control that will prevent and not legalize abuses. Such control should imply the issuance of securities by corporations only under thoroughgoing Governmental supervision, and after compliance with Governmental requirements which shall effectually prevent overcapitalization. Such control should protect and favor the corporation which acts honestly, exactly as it should check and punish, when it cannot prevent, every species of dishonesty.