What did we do in Wilson’s time to deal with monopolistic corporations? We were given a false pretext by Teddy Roosevelt, a “plan” that was no plan at all.
“And I warn every progressive Republican that by lending his assistance to this program he is playing false to the very cause in which he had enlisted. That cause was a battle against monopoly, against control, against the concentration of power in our economic development, against all those things that interfere with absolutely free enterprise. I believe that some day these gentlemen will wake up and realize that they have misplaced their trust, not in an individual, it may be, but in a program which is fatal to the things we hold dearest.
“If there is any meaning in the things I have been urging, it is this: that the incubus that lies upon this country is the present monopolistic organization of our industrial life. That is the thing which certain Republicans became “insurgents” in order to throw off. And yet some of them allowed themselves to be so misled as to go into the camp of the third party in order to remove what the third party proposed to legalize. My point is that this is a method conceived from the point of view of the very men who are to be controlled, and that this is just the wrong point of view from which to conceive it.
“I said not long ago that Mr. Roosevelt was promoting a plan for the control of monopoly which was supported by the United States Steel Corporation. Mr. Roosevelt denied that he was being supported by more than one member of that corporation. He was thinking of money. I was thinking of ideas. I did not say that he was getting money from these gentlemen; it was a matter of indifference to me where he got his money; but it was a matter of a great deal of difference to me where he got his ideas. He got his idea with regard to the regulation of monopoly from the gentlemen who form the United States Steel Corporation. I am perfectly ready to admit that the gentlemen who control the United States Steel Corporation have a perfect right to entertain their own ideas about this and to urge them upon the people of the United States; but I want to say that their ideas are not my ideas; and I am perfectly certain that they would not promote any idea which interfered with their monopoly. Inasmuch, therefore, as I hope and intend to interfere with monopoly just as much as possible, I cannot subscribe to arrangements by which they know that it will not be disturbed.
“The Roosevelt plan is that there shall be an industrial commission charged with the supervision of the great monopolistic combinations which have been formed under the protection of the tariff, and that the government of the United States shall see to it that these gentlemen who have conquered labor shall be kind to labor. I find, then, the proposition to be this: That there shall be two masters, the great corporation, and over it the government of the United States; and I ask who is going to be master of the government of the United States? It has a master now,—those who in combination control these monopolies. And if the government controlled by the monopolies in its turn controls the monopolies, the partnership is finally consummated.”
Wilson, Woodrow. “Chapter 9/Benevolence or Justice?” The New Freedom; a Call for the Emancipation of the Generous Energies of a People. New York and Garden City: Doubleday, Page, 1913. 204-207. Print.