I can not attempt to speak in detail of all that should be put into the law as I hope it will be enacted at the next session of the National Congress. Not only should this power over rates go in, but in my belief we should at the same time deal with the private car question, which, as regards certain industries, offers an even greater menace than is offered by the present system of fixing rates. I do not think that the law will have to deal with many subjects, but I do feel that with the two I have mentioned and with perhaps one or two others it should deal effectively. There will be the argument made on the other side (doubtless the argument being made in their own minds by certain of my hearers) that such power is liable to abuse. Of course it is. The power of taxation is liable to grave abuse, and yet it must exist in the appropriate legislative body. You can not give any needed power to the representatives of the people without exposing yourselves to the danger of that power being abused. There must be the possibility of abuse or there can not be the possibility of effective use. In closing I wish to mention one governmental project which I have been instrumental, I think, in having started which will have a certain bearing upon this question, and that is the Panama Canal. It is perhaps unnecessary for me to say that I am perfectly aware that many most admirable gentlemen disagreed with me in my action toward the Panama Canal. But I am in a wholly unrepentant frame of mind in reference thereto. The ethical conception upon which I acted was that I did not intend that Uncle Sam should be held up while he was doing a great work for himself and all mankind. But without regard to that, when the canal comes into operation I think it will have a very important regulatory effect in connection with the transcontinental commerce of the great railroads. I think when such is the case those great railroads will have to revise their way of looking at the interests of certain inland cities.