soon relinquishes or lessens its exactions. At the present moment we see all other Governments engaged in fostering the development of their competitive power, with the single exception of Russia; so that there has been no time in history when it could be more dangerous further to harass and penalize those of our citizens engaged in industry. We have already, particularly in the Public Service utilities, too many dangerous and disturbing factors. Unnecessarily to extend such dangers to the whole trade of the United States, and to enforce regulations difficult of application to the merchandising of commodities, under conditions that can never receive adequate judicial consideration, or be workable upon a business basis, must, inevitably, bring on financial depression with all its consequent ills. These causes have often proved the death of Liberty, not only in trade, but in the broader meaning.
