And yet it is as evident to all Americans now, as it was to some Americans at the time, that that legislation had to be passed; because if the monopolists had been allowed to go on unrestrained, they would either have perverted this Republic into an open Plutocracy, in which individual liberty and equality before the law would have disappeared, or they would have hurried on the Social Revolution, the Armageddon of Labor and Capital, the merciless conflict of class with class, which many persons already vaguely dreaded, or thought they saw looming like an ominous cloud on the horizon. It seems astounding that any one should have questioned the necessity of setting up regulations. And will not posterity wonder, when it learns that only in the first decade of the twentieth century did we provide laws against the cruel and killing labor of little children, and against impure foods and drugs? Year after year, the railroads furnished unending causes for legislative control. There were the old laws which the railroad men tried to evade and which the President, as was his duty, insisted on enforcing; and still more insistent and spectacular were the new problems. Just as three or four hundred years ago the most active and vigorous Frenchmen and English men tried to get possession of large tracts of land, or even of provinces, and became counts and dukes, so the Americans of our generation, who aspired to lead the pushing financier class, worked day and night to own a railroad. Naturally one railroad did not satisfy a man who was bitten by this ambition; he reached out for several, or even for a transcontinental system. The war for railroad ownership or monopoly was waged intensely, and in 1901 it nearly plunged the country into a disastrous financial panic. Edward H. Harriman, who had only recently been regarded as a great power in the struggle for railroad supremacy, clashed with James J. Hill, of Minnesota, and J. P. Morgan, a New York banker, over the Northern Pacific Railroad. Their battle was nominally a draw, because Wall Street rushed in and, to avert a nation-wide calamity, demanded a truce. But Harriman remained, until his death in 1909, the railroad czar of the United States, and when he died, he was master of twenty-five thousand miles of road, chief influencer of fifty thousand more miles, besides steamboat companies, banks, and other financial institutions. He controlled more money than any other American. I summarize these statistics, in order to show the reader what sort of a Colossus the President of the United States had to do battle with when he undertook to secure new laws adequate to the control of the enormously expanded railway problems. And he did succeed, in large measure, in bringing the giant corporations to recognize the authority of the Nation. The decision of the Supreme Court in the Northern Securities case, by which the merger of two or more competing roads was declared illegal, put a stop to the practice of