For twenty years or more this statute has been upon the statute book.  All knew its general purpose and approved.  Many of its violators were cynical over its assumed impotence.  It seemed impossible of enforcement.  Slowly the mills of the courts ground, and only gradually did the majesty of the law assert itself.  Many of its statesmen-authors died before it became a living force, and they and others saw the evil grow which they had hoped to destroy.  Now its efficacy is seen; now its power is heavy; now its object is near achievement.  Now we hear the call for its repeal on the plea that it interferes with business prosperity, and we are advised in most general terms, how by some other statute and in some other way the evil we are just stamping out can be cured, if we only abandon this work of twenty years and try another experiment for another term of years.

It is said that the act has not done good.  Can this be said in the face of the effect of the Northern Securities decree?  That decree was in no way so drastic or inhibitive in detail as either the Standard Oil decree or the Tobacco decree; but did it not stop for all time the then powerful movement toward the control of all the railroads of the country in a single hand?  Such a one-man power could not have been a healthful influence in the Republic, even though exercised under the general supervision of an interstate commission.

Do we desire to make such ruthless combinations and monopolies lawful?  When all energies are directed, not toward the reduction of the cost of production for the public benefit by a healthful competition, but toward new ways and means for making permanent in a few hands the absolute control of the conditions and prices prevailing in the whole field of industry, then individual enterprise and effort will be paralyzed and the spirit of commercial freedom will be dead.

PART II.

The relations of the United States with other countries have continued during the past twelve months upon a basis of the usual good will and friendly intercourse.  Arbitration.

The year just passed marks an important general movement on the part of the Powers for broader arbitration.  In the recognition of the manifold benefits to mankind in the extension of the policy of the settlement of international disputes by arbitration rather than by war, and in response to a widespread demand for an advance in that direction on the part of the people of the United States and of Great Britain and of France, new arbitration treaties were negotiated last spring with Great Britain and France, the terms of which were de signed, as expressed in the preamble of these treaties, to extend the scope and obligations of the policy of arbitration adopted in our present treaties with those Governments To pave the way for this treat with the United States, Great Britain negotiated an important modification in its alliance with Japan, and the French Government also expedited the negotiations with signal good will.  The new treaties have been submitted to the Senate and are awaiting its advice and consent to their ratification.  All the essentials of these important treaties have long been known, and it is my earnest hope that they will receive prompt and favorable action.