Its policy must become, not one of
recognition, but one of recognition under conditions which would impair
the efficiency of the large industrial organizations. Mr. William J.
Bryan's policy of a Federal license granted only under certain rigid
conditions as to size, is aimed precisely at the impairment of the
efficiency of the "trusts," and the consequent active discrimination in
favor of the small competitor; but the Roosevelt-Taft programme allows
the small competitor only such advantages as he is capable of earning
for himself; and it must be admitted that these advantages are,
particularly in certain dominant industries, not of a very encouraging
nature.
Nevertheless, at the last general election the American people cast a
decisively preponderant vote in favor of the Roosevelt-Taft programme;
and in so doing they showed their customary common sense. The huge
corporations have contributed to American economic efficiency. They
constitute an important step in the direction of the better
organization of industry and commerce.
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