On the whole there have been few instruments in the economic development of the country which have done more for the country than the railroads. I do not wish in any shape or way to interfere with the legitimate gain of any of the big men whose special industrial capacity enables them to handle the railroads so as to be of profit to themselves and of advantage to all of us. I should be most reluctant—I will put it stronger than that—I should absolutely refuse to be a party to any measure, to any proposition, that interfered with the proper and legitimate prosperity of those men; and I should feel that such a measure was aimed not only at them, but at all of us, for any attack upon the legitimate prosperity of any of us is in the long run sure to turn into an attack upon all. With that proviso (as to which I ask you to remember that I mean literally every word) let me further add that the public has the right (not a privilege, but in my view a duty) to see that there is on its behalf exercised such supervisory and regulatory power over the railroads as will ensure that while they get fair treatment themselves, they give it in return. The proper exercise of that power is conditioned upon the securing of proper legislation, which will enable the representatives of the public to see to it that any unjust or oppressive or discriminating rate is altered, so as to be a just and fair rate, and is altered immediately. I know well that when you give that power there is a chance of its being occasionally abused. There is no power that can be given to the representatives of the people which it is not possible to abuse. As every one knows, the power of taxation, which must of course be given to the representatives of the people, is the power of death, for it is possible to kill any industry by excessive taxation. There must be a certain trust placed in the common-sense and common honesty of those who are to enforce the law. If it ever falls, and I think it will, to my lot to nominate a board to carry out such a law, I shall nominate men, as far as I am able, on whose ability, courage, and integrity I can count, men who will not be swayed by any influence whatever, direct or indirect, social, political, or any other, to show improper favoritism to any railroad, and who, on the other hand, if a railroad is unjustly attacked, no matter if that attack has behind it the feeling of prejudice of ninety-nine per cent of the people, will stand up against that attack. That is my interpretation of the doctrine of the square deal.