The process has aroused much antagonism, a great part of which is wholly without warrant.  It is not true that as the rich have grown richer the poor have grown poorer.  On the contrary, never before has the average man, the wage-worker, the farmer, the small trader, been so well off as in this country and at the present time.  There have been abuses connected with the accumulation of wealth; yet it remains true that a fortune accumulated in legitimate business can be accumulated by the person specially benefited only on condition of conferring immense incidental benefits upon others.  Successful enterprise, of the type which benefits all mankind, can only exist if the conditions are such as to offer great prizes as the rewards of success.

The captains of industry who have driven the railway systems across this continent, who have built up our commerce, who have developed our manufactures, have on the whole done great good to our people.  Without them the material development of which we are so justly proud could never have taken place.  Moreover, we should recognize the immense importance of this material development of leaving as unhampered as is compatible with the public good the strong and forceful men upon whom the success of business operations inevitably rests.  The slightest study of business conditions will satisfy anyone capable of forming a judgment that the personal equation is the most important factor in a business operation; that the business ability of the man at the head of any business concern, big or little, is usually the factor which fixes the gulf between striking success and hopeless failure.

An additional reason for caution in dealing with corporations is to be found in the international commercial conditions of today.  The same business conditions which have produced the great aggregations of corporate and individual wealth have made them very potent factors in international commercial competition.  Business concerns which have the largest means at their disposal and are managed by the ablest men are naturally those which take the lead in the strife for commercial supremacy among the nations of the world.  America has only just begun to assume that commanding position in the international business world which we believe will more and more be hers.  It is of the utmost importance that this position be not jeoparded, especially at a time when the overflowing abundance of our own natural resources and the skill, business energy, and mechanical aptitude of our people make foreign markets essential.  Under such conditions it would be most unwise to cramp or to fetter the youthful strength of our Nation.