In this country, nowadays, capital has a National and not a State use. The great corporations which are managed and largely owned in the older States are those which are most in evidence in developing and using the mines and water powers and forests of the new Territories and new States, from Alaska to Arizona. I have been genuinely amused during the past two months at having arguments presented to me on behalf of certain rich men from New York and Ohio, for instance, as to why Colorado and other Rocky Mountain States should manage their own water power sites. Now I am sure that those men, according to their lights, are good citizens; but, naturally enough, their special interest obscures their sense of the public need; and as their object is to escape efficient control, they clamor to be put under the State instead of under the Nation. If we are foolish enough to grant their requests, we shall have ourselves to blame when we wake up to find that we have permitted another privilege to intrench itself, and another portion of what should be kept for the public good to be turned over to individuals for purposes of private enrichment. Our people have for many years proceeded upon the assumption that the Nation controls the public land. The coal should be kept for the people, and those who mine it should pay part of the profit back to the people. Remember also that many of the men who protest loudly against effective National action would be the first to turn round and protest against the State action if such action in its turn became effective, and would then unhesitatingly invoke the law to show that the State had no Constitutional power to act. I am a strong believer in efficient National action; and if there is one thing which I abhor more than another, it is the creation by legislative, by executive, or by judicial action of a neutral ground in which neither the State nor the Nation has power, and which can serve as a place of refuge for the lawless man, and especially for the lawless man of great wealth, who can hire the best legal counsel to advise him how to keep his abiding-place equally distant from the uncertain frontier of both State and National power. Let me illustrate what I mean by a reference to two concrete cases. The first is the decision of the United States Supreme Court in the Knight Sugar Trust case. This was really a decision rendering it exceedingly difficult for the people to devise any method of controlling and regulating the business use of great capital in inter-State commerce. It was a decision nominally against National rights, but really against popular rights, against the democratic principle of government by the people.