In the Inter-State Commerce Commission and in the Federal Bureau of Corporations we have bodies which, if their powers are sufficiently enlarged after the right fashion, can render great and substantial service. The average American citizen should have presented to him in a simple and easily comprehended form the truth about the business affairs that affect his daily life as consumer, employee, employer, as investor, as voter. The issue of securities should be subject to rigorous Government supervision. There are concrete instances of unfair competition that can be reached under the Federal criminal legislation, and they should be attacked and destroyed in the courts. But the laws should be such that normally, and save in extraordinary circumstances, there should be no need of recourse to the courts. What is needed is administrative supervision and control. This should be so exercised that the highways of commerce and opportunity should be open to all; and not nominally open, but really open, a consistent effort being made to deprive every man of any advantage that is not due to his own superiority and efficiency, controlled by moral purpose. The National Bureau of Corporations has not been given the powers or the funds to develop its full usefulness, and yet it offers one of the prime means at the disposal of the people of keeping them fully acquainted with all the facts about corporation control. We have a right to expect from this Bureau and from the Inter-State Commerce Commission a very high grade of public service. We should be as sure of the proper conduct of inter-State railways and the proper management of inter-State business as we are now sure of the conduct and management of the National banks, and we should have as effective supervision in one case as in the other.