Who ya gonna call? TRUST BUSTERS!
On December 3, 1901, 109 years ago today, Theodore Roosevelt delivered a 20,000-word speech to the House of Representatives asking Congress to curb the power of trusts "within reasonable limits" It was part of his plan for what he called the "Square Deal" between business and labor. Trusts were very large corporations which controlled an inordinately large share of the market in a given field.
Roosevelt believed in progressivism and in the first decade of the 20th century, het was its most articulate spokesman. Progressivism meant using expertise and scientific methods to identify the nation's problems, and find ways to eliminate waste and inefficiency and to promote modernization. Roosevelt had been trained as a biologist and he considered himself a man of science. His brand of Progressivism also encompassed a burning hatred of corruption and a fear of powerful and dangerous forces, such as political machines, the corrupt segment of labor unions and especially the new large corporations (known as "trusts"). Roosevelt had been a deputy sheriff on the Dakota frontier, and police commissioner of New York City. He was dedicated to destroying it corruption in all its forms. He was perhaps the most honest President the nation has ever known.
Trusts were a growing concern for average Americans at the time, with public opinion fearing that large corporations could impose monopolistic prices to cheat the consumer and squash small independent companies. By 1904, 318 trusts controlled about 40% of the nation's manufacturing. Powerful trusts also existed in other sectors such as railroads, local transit, and banking. In response, Roosevelt established his reputation as the "Trust Buster."
Roosevelt worked to increase the regulatory power of the federal government. Regulation of railroads came about through the Elkins Act in 1903and the Hepburn Act of 1906. The Hepburn Act set maximum rates for shipping by rail and gave the government the right to inspect the financial records of railroads. Roosevelt also had his Attorney General bring forty-four lawsuits against businesses that were claimed to be monopolies, most notably J.P. Morgan's Northern Securities Company, a huge railroad combination, and J. D. Rockefeller's Standard Oil Company. Both suits were successful. Standard Oil was broken into over 30 smaller companies that eventually competed with one another. He also established a new federal Department of Commerce and Labor.
Apparently in 1901 presidents didn't require large corporate donations to run their campaigns. Either that or Theodore Roosevelt didn't care who he pissed off. History would suggest strongly that TR was an energetic and principled man who cared more about the little guy and not the huge corporations of his day.
Roosevelt believed in progressivism and in the first decade of the 20th century, het was its most articulate spokesman. Progressivism meant using expertise and scientific methods to identify the nation's problems, and find ways to eliminate waste and inefficiency and to promote modernization. Roosevelt had been trained as a biologist and he considered himself a man of science. His brand of Progressivism also encompassed a burning hatred of corruption and a fear of powerful and dangerous forces, such as political machines, the corrupt segment of labor unions and especially the new large corporations (known as "trusts"). Roosevelt had been a deputy sheriff on the Dakota frontier, and police commissioner of New York City. He was dedicated to destroying it corruption in all its forms. He was perhaps the most honest President the nation has ever known.
Trusts were a growing concern for average Americans at the time, with public opinion fearing that large corporations could impose monopolistic prices to cheat the consumer and squash small independent companies. By 1904, 318 trusts controlled about 40% of the nation's manufacturing. Powerful trusts also existed in other sectors such as railroads, local transit, and banking. In response, Roosevelt established his reputation as the "Trust Buster."
Roosevelt worked to increase the regulatory power of the federal government. Regulation of railroads came about through the Elkins Act in 1903and the Hepburn Act of 1906. The Hepburn Act set maximum rates for shipping by rail and gave the government the right to inspect the financial records of railroads. Roosevelt also had his Attorney General bring forty-four lawsuits against businesses that were claimed to be monopolies, most notably J.P. Morgan's Northern Securities Company, a huge railroad combination, and J. D. Rockefeller's Standard Oil Company. Both suits were successful. Standard Oil was broken into over 30 smaller companies that eventually competed with one another. He also established a new federal Department of Commerce and Labor.
Apparently in 1901 presidents didn't require large corporate donations to run their campaigns. Either that or Theodore Roosevelt didn't care who he pissed off. History would suggest strongly that TR was an energetic and principled man who cared more about the little guy and not the huge corporations of his day.