Undoubtedly there is need of regulation by the Government, in the interest of the public, of these great corporations which in modern life have shown themselves to be the most efficient business implements, and which are, therefore, the implements commonly employed by the owners of large fortunes. The corporation is the creature of the State. It should always be held accountable to some sovereign, and this accountability should be real and not sham. Therefore, in my judgment, all corporations doing an interstate business, and this means the great majority of the largest corporations, should be held accountable to the Federal Government, because their accountability should be coextensive with their field of action. But most certainly we should not strive to prevent or limit corporate activity. We should strive to secure such effective supervision over it, such power of regulation over it, as to enable us to guarantee that its activity will be exercised only in ways beneficial to the public. The unwisdom of any well-meaning but misguided effort to check corporate activity has been shown in striking fashion in recent years by our experience in the Philippines and in Porto Rico. Our national legislators very properly determined that the islands should not be exploited by adventurers without regard to the interests of the people of the islands themselves. But unfortunately in their zeal to prevent the islands from being improperly exploited they took measures of such severity as to seriously, and in some respects vitally, to hamper and retard the development of the islands. There is nothing that the islands need more than to have their great natural resources developed, and these resources can be developed only by the abundant use of capital, which, of course, will not be put into them unless on terms sufficiently advantageous to offer prospects of good remuneration. We have made the terms not merely hard, but often prohibitory, with the result that American capital goes into foreign countries, like Mexico, and is there used with immense advantage to the country in its development, while it can not go into our own possessions or be used to develop the lands under our own flag. The chief sufferers by this state of things are the people of the islands themselves.