I had been carefully studying the question.

I had talked with the Mutual Life and Equitable people about it, but was not committed to any particular course, and had grave doubts as to whether it was well to draw the line on size instead of on conduct.

I was therefore very glad to see Perkins and get a new point of view.

I went over the matter with a great deal of care and at considerable length, and after we had thrashed the matter out pretty fully and Perkins had laid before me in detail the methods employed by Austria, Germany, Switzerland, and other European countries to handle their large insurance companies, I took the position that there undoubtedly were evils in the insurance business, but that they did not consist in insuring people's lives, for that certainly was not an evil; and I did not see how the real evils could be eradicated by limiting or suppressing a company's ability to protect an additional number of lives with insurance.

I therefore announced that I would not favor a bill that limited volume of business, and would not sign it if it were passed; but that I favored legislation that would make it impossible to place, through agents, policies that were ambiguous and misleading, or to pay exorbitant prices to agents for business, or to invest policy-holders' money in improper securities, or to give power to officers to use the company's funds for their own personal profit.