If the small competitor is to be allowed a chance of regaining his former economic importance, he must receive the active assistance of the government.

Its policy must become, not one of recognition, but one of recognition under conditions which would impair the efficiency of the large industrial organizations.

Mr.William J.
Bryan's policy of a Federal license granted only under certain rigid conditions as to size, is aimed precisely at the impairment of the efficiency of the "trusts," and the consequent active discrimination in favor of the small competitor; but the Roosevelt-Taft programme allows the small competitor only such advantages as he is capable of earning for himself; and it must be admitted that these advantages are, particularly in certain dominant industries, not of a very encouraging nature.
Nevertheless, at the last general election the American people cast a decisively preponderant vote in favor of the Roosevelt-Taft programme; and in so doing they showed their customary common sense.

The huge corporations have contributed to American economic efficiency.

They constitute an important step in the direction of the better organization of industry and commerce.