These problems have to do with securing a more just and generally widespread welfare, so that there may be a more substantial measure of equality in moral and physical well-being among the people whom the men of Lincoln’s day kept undivided as citizens of a single country, and freed from the curse of negro slavery. They did their part; now let us do ours.

Fundamentally, our chief problem may be summed up as the effort to make men, as nearly as they can be made, both free and equal; the freedom and equality necessarily resting on a basis of justice and brotherhood. It is not possible, with the imperfections of mankind, ever wholly to achieve such an ideal, if only for the reason that the shortcomings of men are such that complete and unrestricted individual liberty would mean the negation of even approximate equality, while a rigid and absolute equality would imply the destruction of every shred of liberty. Our business is to secure a practical working combination between the two. This combination should aim, on the one hand, to secure to each man the largest measure of individual liberty that is compatible with his fellows’ getting from life a just share of the good things to which they are legitimately entitled; while, on the other hand, it should aim to bring about among well-behaved, hard-working people a measure of equality which shall be substantial, and which shall yet permit to the individual the personal liberty of achievement and reward without which life would not be worth living, without which all progress would stop, and civilization first stagnate and then go backwards. Such a combination cannot be completely realized. It can be realized at all only by the application of the spirit of fraternity, the spirit of brotherhood. This spirit demands that each man shall learn and apply the principle that his liberty must be used not only for his own benefit but for the interest of the community as a whole, while the community in its turn, acting as a whole, shall understand that while it must insist on its own rights as against the individual, it must also scrupulously safeguard these same rights of the individual.

Lincoln set before us forever our ideal when he stated that this country was dedicated to a government of, by, and for the people. Our whole experiment is meaningless unless we are to make this a democracy in the fullest sense of the word, in the broadest as well as the highest and deepest significance of the word. It must be made a democracy economically as well as politically. This does not mean that there shall not be leadership in the economic as in the political world, or that there shall not be ample reward for high distinction and great service. Quite the contrary. It is our boast that in our political affairs we have combined genuine political equality with high distinction in individual service. During a century and a third we here on this continent—more completely than anywhere else at any other time—have actually realized the democratic principle, the principle of popular government. Yet during this period we have produced, in the persons of Washington and Lincoln, two leaders who on the roll of the world’s worthies stand higher than any other two men ever produced by any other country during a similar length of time. We believe that it is entirely possible to combine equality of rights and at least an approximate equality in the opportunity to achieve material well-being, with the opportunity for the highest kind of individual distinction. Hitherto our efforts towards this end have related to purely political matters; we must now strive to achieve the same end in economic matters.

To achieve our purpose we cannot trust merely to haphazard, easy-going methods with complete absence of official Government action and a too exclusively material standard. These did well enough in the pioneer days when problems were comparatively simple, and when the country was still so large that Uncle Sam could give every man a farm, so that, if any man did not succeed where he was, all he had to do was to move somewhere else. We must be true to the spirit of our ancestors, and therefore we must avoid any servility to the letter of what they said and did. There must be equal rights for all, and special privileges for none; but we must remember that to achieve this ideal it is necessary to construe rights and privileges very differently from the way they were necessarily construed, by statesmen and people alike, a century ago. We must strive to achieve our ideal by an exercise of governmental power which the conditions did not render necessary a century ago, and of which our forefathers would have felt suspicious. This is no reflection on the wisdom of our forefathers; it is simply an acknowledgment that conditions have now changed. If our farmers now used the wasteful methods that served for their great-grandfathers, they would not merely fail in the present, but would work a grave wrong to the American citizens of the future. In the same way we must apply new political methods to meet the new political needs, or else we shall suffer, and our children also. In the same way, when we speak of the “square deal,” we include two thoughts, each supplementary to the other. The square deal can be secured in part by honest enforcement of existing laws, by honest application of the principles upon which this Government was founded, by the exercise of an aroused and enlightened public opinion. But in order completely to secure it, there must be whatever legislation is necessary to meet the new conditions caused by the extraordinary industrial change and development that have taken place during the last two generations. The greatest evils in our industrial system to-day are those which rise from the abuses of aggregated wealth; and our great problem is to overcome these evils and cut out these abuses. No one man can deal with this matter. It is the affair of the people as a whole. When aggregated wealth demands what is unfair, its immense power can be met only by the still greater power of the people as a whole, exerted in the only way it can be exerted, through the Government; and we must be resolutely prepared to use the power of the Government to any needed extent, even though it be necessary to tread paths which are yet untrod. The complete change in economic conditions means that governmental methods never yet resorted to may have to be employed in order to deal with them. We cannot tolerate anything approaching a monopoly, especially in the necessaries of life, except on terms of such thoroughgoing governmental control as will absolutely safeguard every right of the public. Moreover, one of the most sinister manifestations of great corporate wealth during recent years has been its tendency to interfere and dominate in politics.

It is not merely that we want to see the game played fairly. We also want to see the rules changed, so that there shall be both less opportunity and less temptation to cheat, and less chance for some few people to gain a profit to which either they are not entitled at all, or else which is so enormous as to be greatly in excess of what they deserve, even though their services have been great. We wish to do away with the profit that comes from the illegitimate exercise of cunning and craft. We also wish to secure a measurable equality of opportunity, a measurable equality of reward for services of similar value. To do all this, two mutually supplementary movements are necessary. On the one hand, there must be—I think there now is—a genuine and permanent moral awakening, without which no wisdom of legislation or administration really means anything; and, on the other hand, we must try to secure the social and economic legislation without which any improvement due to purely moral agitation is necessarily evanescent.

We pride ourselves upon being a practical people, and therefore we should not be merely empirical in seeking to bring about results. We must set the end in view as the goal; and then, instead of making a fetish of some particular kind of means, we should adopt whatever honorable means will best accomplish the end. In so far as unrestricted individual liberty brings the best results, we should encourage it. But when a point is reached where this complete lack of restriction on individual liberty fails to achieve the best results, then, on behalf of the whole people, we should exercise the collective power of the people, through the State Legislatures in matters of purely local concern, and through the National Legislature when the purpose is so big that only National action can achieve it. There are good people who, being discontented with present-day conditions, think that these conditions can be cured by a return to what they call the “principles of the fathers.” In so far as we have departed from the standards of lofty integrity in public and private life to which the greatest men among the founders of the Republic adhered, why, of course, we should return to these principles. We must always remember that no system of legislation can accomplish anything unless back of it we have the right type of National character; unless we have ideals to which our practice measurably conforms. But to go back to the governmental theories of a hundred years ago would accomplish nothing whatever; for it was under the conditions of unrestricted individualism and freedom from Government interference, countenanced by those theories, that the trusts grew up, and private fortunes, enormous far beyond the deserts of the accumulators, were gathered. The old theories of government worked well in sparsely settled communities, before steam, electricity, and machinery had revolutionized our industrial system; but to return to them now would be as hopeless as for the farmers of the present to return to the agricultural implements which met the needs of their predecessors, the farmers who followed in the footsteps of Daniel Boone to Kentucky and Missouri. It may be that, in the past development of our country, complete freedom from all restrictions, and the consequent unlimited encouragement and reward given to the most successful industrial leaders, played a part in which the benefits outweighed the disadvantages. But nowadays such is not the case.

Lincoln had to meet special and peculiar problems, and therefore there was no need and no opportunity for him to devote attention to those other problems which we face, and which in his day were so much less intense than in ours. Nevertheless, he very clearly put the proper democratic view when he said: “I hold that while man exists it is his duty to improve not only his own condition but to assist in ameliorating mankind.” And again: “Labor is prior to, and independent of, capital; capital is only the fruit of labor, and could never have existed but for labor. Labor is the superior of capital, and deserves much the higher consideration. Capital has its rights which are as worthy of protection as any other rights.... Nor should this lead to a war upon the owners of property. Property is the fruit of labor; property is desirable; is a positive good in the world. Let not him who is houseless pull down the house of another, but let him work diligently and build one for himself, thus by example showing that his own shall be safe from violence when built.” It seems to me that in these words Lincoln took substantially the attitude that we ought to take; he showed the proper sense of proportion in his relative estimate of capital and labor, of human rights and property rights. Above all, in this speech, as in so many others, he taught a lesson in wise kindliness and charity; an indispensable lesson to us of to-day, for if we approach the work of reform in a spirit of vindictiveness—in a spirit of reckless disregard for the rights of others, or of hatred for men because they are better off than ourselves—we are sure in the end to do not good but damage to all mankind, and especially to those whose especial champions we profess ourselves to be. Violent excess is sure to provoke violent reaction; and the worst possible policy for our country would be one of violent oscillation between reckless upsetting of property rights, and unscrupulous greed manifested under pretense of protecting those rights. The agitator who preaches hatred and practices slander and untruthfulness, and the visionary who promises perfection and accomplishes only destruction, are the worst enemies of reform; and the man of great wealth who accumulates and uses his wealth without regard to ethical standards, who profits by and breeds corruption, and robs and swindles others, is the very worst enemy of property, the very worst enemy of conservatism, the very worst enemy of those “business interests” that only too often regard him with mean admiration and heatedly endeavor to shield him from the consequences of his iniquity.

Now, the object we seek to achieve is twofold. A great democratic commonwealth should seek to produce and reward that individual distinction which results in the efficient performance of needed work, for such performance is of high value to the whole community. But hand in hand with this purpose must go the purpose which Abraham Lincoln designated as the “amelioration of mankind.” Only by an intelligent effort to realize this joint process of individual and social betterment can we keep our democracy sound. We all admit this to be true politically; but we have not paid much heed to the question from its economic side. The wage-earner primarily needs what it is pre-eminently to the interest of our democratic commonwealth that he should obtain—that is, a high standard of living, and the opportunity to acquire the means whereby to secure it. Every power of the Nation should be used in helping him to this end; taking care, however, that the help shall be given in such fashion as to represent real help, and not harm; for the worst injury that could be done him or any other man would be to teach him to rely primarily on “the State” instead of on himself. The collective power of the State can help; but it is the individual’s own power of self-help which is most important.

Now, I am well aware that demagogues and doctrinaire reformers of a certain type may try to turn such use of the powers of the State into an abuse. We should set our faces like flint against any such abuse. We should make it fully understood by the workingmen—by the men of small means—that we will do everything in our power for them except what is wrong; but that we will do wrong for no man—neither for them nor for any one else. Nevertheless, the fact that there are dangers in following a given course merely means that we should follow it with a cautious realization of these dangers, and not that we should abandon it, if on the whole it is the right course.

It is just so with personal liberty. The unlimited freedom which the individual property-owner has enjoyed has been of use to this country in many ways, and we can continue our prosperous economic career only by retaining an economic organization which will offer to the men of the stamp of the great captains of industry the opportunity and inducement to earn distinction. Nevertheless, we as Americans must now face the fact that this great freedom which the individual property-owner has enjoyed in the past has produced evils which were inevitable from its unrestrained exercise. It is this very freedom—this absence of State and National restraint—that has tended to create a small class of enormously wealthy and economically powerful men whose chief object is to hold and increase their power. Any feeling of special hatred toward these men is as absurd as any feeling of special regard. Some of them have gained their power by cheating and swindling, just as some very small business men cheat and swindle; but, as a whole, big men are no better and no worse than their small competitors, from a moral standpoint. Where they do wrong it is even more important to punish them than to punish a small man who does wrong, because their position makes it especially wicked for them to yield to temptation; but the prime need is to change the conditions which enable them to accumulate a power which it is not for the general welfare that they should hold or exercise, and to make this change not only without vindictiveness, without doing injustice to individuals, but also in a cautious and temperate spirit, testing our theories by actual practice, so that our legislation may represent the minimum of restrictions upon the individual initiative of the exceptional man which is compatible with obtaining the maximum of welfare for the average man. We grudge no man a fortune which represents merely his own power and sagacity exercised with entire regard to the welfare of his fellows. But the fortune must not only be honorably obtained and well used; it is also essential that it should not represent a necessary incident of widespread, even though partial, economic privation. It is not even enough that the fortune should have been gained without doing damage to the community. We should only permit it to be gained and kept so long as the gaining and the keeping represent benefit to the community. This I know implies a policy of a far more active governmental interference with social and economic conditions than we have hitherto seen in this country; but I think we have to face the fact that such increase in governmental activity is now necessary. We should work cautiously and patiently and with complete absence of animosity, except toward the individuals whom we are certain have been guilty of flagrant evil; but we should also work firmly to realize the democratic purpose, economically and socially as well as politically. We must make popular government responsible for the betterment both of the individual and of society at large.