The organization of business has become more centralized, vastly more centralized, than the political organization of the country itself. Corporations have come to cover greater areas than states; have come to live under a greater variety of laws than the citizen himself, have excelled states in their budgets and loomed bigger than whole commonwealths in their influence over the lives and fortunes of entire communities of men. Centralized business has built up vast structures of organization and equipment which overtop all states and seem to have no match or competitor except the federal government itself. What we have got to do,--and it is a colossal task not to be undertaken with a light head or without judgment,--what we have got to do is to disentangle this colossal "community of interest." No matter how we may purpose dealing with a single combination in restraint of trade, you will agree with me in this, that no single, avowed, combination is big enough for the United States to be afraid of; but when all the combinations are combined and this final combination is not disclosed by any process of incorporation or law, but is merely an identity of personnel, or of interest, then there is something that even the government of the nation itself might come to fear,--something for the law to pull apart, and gently, but firmly and persistently, dissect. You know that the chemist distinguishes between a chemical combination and an amalgam. A chemical combination has done something which I cannot scientifically describe, but its molecules have become intimate with one another and have practically united, whereas an amalgam has a mere physical union created by pressure from without. Now, you can destroy that mere physical contact without hurting the individual elements, and this community of interest is an amalgam; you can break it up without hurting any one of the single interests combined. Not that I am particularly delicate of some of the interests combined,--I am not under bonds to be unduly polite to them,--but I am interested in the business of the country, and believe its integrity depends upon this dissection. I do not believe any one group of men has vision enough or genius enough to determine what the development of opportunity and the accomplishment by achievement shall be in this country. The facts of the situation amount to this: that a comparatively small number of men control the raw material of this country; that a comparatively small number of men control the water-powers that can be made useful for the economical production of the energy to drive our machinery; that that same number of men largely control the railroads; that by agreements handed around among themselves they control prices, and that that same group of men control the larger credits of the country. * * * * *