President Woodrow Wilson - Monopoly, Or Opportunity lyrics

There is another matter to which we must direct our attention, whether we like or not. I do not take these things into my mouth because they please my palate; I do not talk about them because I want to attack anybody or upset anything; I talk about them because only by open speech about them among ourselves shall we learn what the facts are. You will notice from a recent investigation that things like this take place: A certain bank invests in certain securities. It appears from evidence that the handling of these securities was very intimately connected with the maintenance of the price of a particular commodity. Nobody ought, and in normal circumstances nobody would, for a moment think of suspecting the managers of a great bank of making such an investment in order to help those who were conducting a particular business in the United States maintain the price of their commodity; but the circumstances are not normal. It is beginning to be believed that in the big business of this country nothing is disconnected from anything else. I do not mean in this particular instance to which I have referred, and I do not have in mind to draw any inference at all, for that would be unjust; but take any investment of an industrial character by a great bank. It is known that the directorate of that bank interlaces in personnel with ten, twenty, thirty, forty, fifty, sixty boards of directors of all sorts, of railroads which handle commodities, of great groups of manufacturers which manufacture commodities, and of great merchants who distribute commodities; and the result is that every great bank is under suspicion with regard to the motive of its investments. It is at least considered possible that it is playing the game of somebody who has nothing to do with banking, but with whom some of its directors are connected and joined in interest. The ground of unrest and uneasiness, in short, on the part of the public at large, is the growing knowledge that many large undertakings are interlaced with one another, are indistinguishable from one another in personnel. Therefore, when a small group of men approach Congress in order to induce the committee concerned to concur in certain legislation, nobody knows the ramifications of the interests which those men represent; there seems no frank and open action of public opinion in public counsel, but every man is suspected of representing some other man and it is not known where his connections begin or end. I am one of those who have been so fortunately circumstanced that I have had the opportunity to study the way in which these things come about in complete disconnection from them, and I do not suspect that any man has deliberately planned the system. I am not so uninstructed and misinformed as to suppose that there is a deliberate and malevolent combination somewhere to dominate the government of the United States. I merely say that, by certain processes, now well known, and perhaps natural in themselves, there has come about an extraordinary and very sinister concentration in the control of business in the country. However it has come about, it is more important still that the control of credit also has become dangerously centralized. It is the mere truth to say that the financial resources of the country are not at the command of those who do not submit to the direction and domination of small groups of capitalists who wish to keep the economic development of the country under their own eye and guidance. The great monopoly in this country is the monopoly of big credits. So long as that exists, our old variety and freedom and individual energy of development are out of the question. A great industrial nation is controlled by its system of credit. Our system of credit is privately concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men who, even if their action be honest and intended for the public interest, are necessarily concentrated upon the great undertakings in which their own money is involved and who necessarily, by very reason of their own limitations, chill and check and destroy genuine economic freedom. This is the greatest question of all, and to this statesmen must address themselves with an earnest determination to serve the long future and the true liberties of men. This money trust, or, as it should be more properly called, this credit trust, of which Congress has begun an investigation, is no myth; it is no imaginary thing. It is not an ordinary trust like another. It doesn't do business every day. It does business only when there is occasion to do business. You can sometimes do something large when it isn't watching, but when it is watching, you can't do much. And I have seen men squeezed by it; I have seen men who, as they themselves expressed it, were put "out of business by Wall Street," because Wall Street found them inconvenient and didn't want their competition. Let me say again that I am not impugning the motives of the men in Wall Street. They may think that that is the best way to create prosperity for the country. When you have got the market in your hand, does honesty oblige you to turn the palm upside down and empty it? If you have got the market in your hand and believe that you understand the interest of the country better than anybody else, is it patriotic to let it go? I can imagine them using this argument to themselves. The dominating danger in this land is not the existence of great individual combinations,—that is dangerous enough in all conscience,—but the combination of the combinations,—of the railways, the manufacturing enterprises, the great mining projects, the great enterprises for the development of the natural water-powers of the country, threaded together in the personnel of a series of boards of directors into a "community of interest" more formidable than any conceivable single combination that dare appear in the open. 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.