“Are you now speaking for the Administration, Mr. Gorham?”

“Now, I am speaking as a private citizen.”

“If the Attorney-General agrees with me,” added the President, joining in the discussion for the first time, “I think I may say that Mr. Gorham’s views as a private citizen are shared by the Administration; on the other hand, I agree with the Attorney-General in the position which he takes regarding the conflict between the legal and practical bearing of the Sherman Act.  There is only one way to solve the problem, and that is to modify that Act so that a distinction can be made between those consolidations which advance the country’s prosperity, and those which are operated solely for personal gain to the detriment of all except the few directly interested.  You may report back to your constituents, Senator Hunt, that the Administration will refrain from further action in this matter for the present, and will direct its efforts toward securing amendments to the Sherman Act which shall make it possible to draw a distinction between good and bad trusts, as you call them, without discrimination.”

The President rose, signifying that the conference was ended, and Gorham left the White House in company with Senator Kenmore and the Attorney-General.  The latter wore a serious expression upon his face.

“The President took the only logical position,” he remarked to his companions; “but I tell you, gentlemen, that there is not the slightest possibility of passing any bill through either house which can accomplish the results we all desire.”

“In another twelve months,” observed Gorham, “granting that the Companies continues to make history as it has, the people themselves will prevent their representatives from interfering.”

“Provided nothing occurs to raise a doubt as to the integrity of the Companies’ motives,” added the Attorney-General, suggestively.

“How could such a doubt be raised?” Gorham was incredulous.

“By having some official in your corporation act in defiance of the principles which you have upheld.”

“We have a five-years’ record to fall back upon.”

“Yes; but as the Companies grows larger the risk increases.”

“And the careful surveillance increases in like ratio.”

“There are human limitations, Mr. Gorham,” laughed the Attorney-General.

XIX

Allen Sanford, during the next few weeks, found much to think about besides himself.  His advance had been more rapid than Gorham had expected.  His position with the Companies was still the same, but his value in his position had steadily increased.  The impetuosity and intensity which, previously uncontrolled, had made him heedless, were now directed through a smaller vent, and gained in power.  Gorham’s early belief that the boy possessed in no small degree, though undeveloped, the business genius which had accomplished his father’s great success, was being definitely confirmed, and he rejoiced in it.