Fromtherailroadratelawtothepurefoodlaw，everymeasureforhonestyinbusinessthathasbeenpressedduringthelastsixyears，hasbeenopposedbythesemen，onitspassageandinitsadministration，witheveryresourcethatbitterandunscrupulouscraftcouldsuggest，andthecommandofalmostunlimitedmoneysecure。Thesemendonotthemselvesspeakorwrite；theyhireotherstodotheirbidding。Theirspiritandpurposearemadeclearalikebytheeditorialsofthepapersownedin，orwhosepolicyisdictatedby，WallStreet，andbythespeechesofpublicmenwho，asSenators，Governors，orMayors，haveservedthesetheirmasterstothecostoftheplainpeople。Atonetimeoneoftheirwritersorspeakersattackstheratelawasthecauseofthepanic；heis，whetherinpubliclifeornot，usuallyaclevercorporationlawyer，andheisnotsofoolishabeingastobelieveinthetruthofwhathesays；hehastoocloselyrepresentedtherailroadsnottoknowwellthattheHepburnRateBillhashelpedeveryhonestrailroad，andhashurtonlytherailroadsthatregardedthemselvesasabovethelaw。Atanothertime，oneofthemassailstheAdministrationfornotimprisoningpeopleundertheShermanAnti-TrustLaw；fordecliningtomakewhathewellknows，inviewoftheactualattitudeofjuriesasshownintheTobaccoTrustcasesandinSanFranciscoinoneortwoofthecasesbroughtagainstcorruptbusinessmenwouldhavebeenthefutileendeavortoimprisondefendantswhomweareactuallyabletofine。
Heraisestheusualclamor，raisedbyallwhoobjecttotheenforcementofthelaw，thatwearefiningcorporationsinsteadofputtingtheheadsofthecorporationsinjail；andhestatesthatthisdoesnotreallyharmthechiefoffenders。Werethisstatementtrue，hehimselfwouldnotbefoundattackingus。Theextraordinaryviolenceoftheassaultuponourpolicycontainedinspeecheslikethese，inthearticlesinthesubsidizedpress，insuchhugeadvertisementsandpamphletsasthoseabovereferredto，andtheenormoussumsofmoneyspentinthesevariousways，giveafairlyaccuratemeasureoftheangerandterrorwhichouractionshavecausedthecorruptmenofvastwealthtofeelintheverymarrowoftheirbeing。
Themanthusattackingusisusually，likesomanyofhisfellows，eitheragreatlawyer，orapaideditorwhotakeshiscommandsfromthefinanciersandhisargumentsfromtheirattorneys。Iftheformer，hehasdefendedmanymalefactors，andheknowswellthat，thankstotheadviceoflawyerslikehimself，acertainkindofmoderncorporationhasbeenturnedintoanadmirableinstrumentbywhichtorenderitwellnighimpossibletogetatthereallyguiltyman，sothatinmostcasestheonlywayofpunishingthewrongisbyfiningthecorporationorbyproceedingpersonallyagainstsomeoftheminoragents。Theselawyersandtheiremployersarethemenmainlyresponsibleforthisstateofthings，andtheirresponsibilityissharedwiththelegislatorswhoingeniouslyopposethepassingofjustandeffectivelaws，andwiththosejudgeswhoseoneaimseemstobetoconstruesuchlawssothattheycannotbeexecuted。Nothingissillierthanthisoutcryonbehalfofthe“innocentstockholders“inthecorporations。WearebesoughttopitytheStandardOilCompanyforafinerelativelyfarlessgreatthanthefineseverydayinflictedinthepolicecourtsuponmultitudesofpushcartpeddlersandotherpettyoffenders，whosewoesneverextortonewordfromthemenwhosewithersarewrungbythewoesofthemighty。Thestockholdershavethecontrolofthecorporationintheirownhands。Thecorporationofficialsareelectedbythoseholdingthemajorityofthestockandcankeepofficeonlybyhavingbehindthemthegood-willofthesemajoritystockholders。
Theyarenotentitledtotheslightestpityiftheydeliberatelychoosetoresignintothehandsofgreatwrongdoersthecontrolofthecorporationsinwhichtheyownthestock。Ofcourseinnocentpeoplehavebecomeinvolvedinthesebigcorporationsandsufferbecauseofthemisdeedsoftheircriminalassociates。Lettheseinnocentpeoplebecarefulnottoinvestincorporationswherethoseincontrolarenotmenofprobity，menwhorespectthelaws；
aboveallletthemavoidthemenwhomakeittheironeefforttoevadeordefythelaws。Butifthesehonestinnocentpeopleareinthemajorityinanycorporationtheycanimmediatelyresumecontrolandthrowoutofthedirectorythemenwhomisrepresentthem。DoesanymanforamomentsupposethatthemajoritystockholdersoftheStandardOilareothersthanMr。Rockefellerandhisassociatesthemselvesandthebeneficiariesoftheirwrongdoing？Whenthestockiswateredsothattheinnocentinvestorssuffer，agravewrongisindeeddonetotheseinnocentinvestorsaswellastothepublic；butthepublicmen，lawyersandeditors，towhomIrefer，donotunderthesecircumstancesexpresssympathyfortheinnocent；onthecontrarytheyarethefirsttoprotestwithfranticvehemenceagainstoureffortsbylawtoputastoptoover-capitalizationandstock-watering。Theapologistsofsuccessfuldishonestyalwaysdeclaimagainstanyefforttopunishorpreventitonthegroundthatsucheffortwill“unsettlebusiness。”Itistheywhobytheiractshaveunsettledbusiness；andtheverymenraisingthiscryspendhundredsofthousandsofdollarsinsecuring，byspeech，editorial，bookorpamphlet，thedefensebymisstatementofwhattheyhavedone；andyetwhenwecorrecttheirmisstatementsbytellingthetruth，theydeclaimagainstusforbreakingsilence，lest“valuesbeunsettled！”Theyhavehurthonestbusinessmen，honestworkingmen，honestfarmers；andnowtheyclamoragainstthetruthbeingtold。
Thekeynoteofalltheseattacksupontheefforttosecurehonestyinbusinessandinpolitics，isexpressedinarecentspeech，inwhichthespeakerstatedthatprosperityhadbeencheckedbytheeffortforthe“moralregenerationofthebusinessworld。”aneffortwhichhedenouncedas“unnatural，unwarranted，andinjurious“andforwhichhestatedthepanicwasthepenalty。Themoralityofsuchapleaispreciselyasgreatasifmadeonbehalfofthemencaughtinagamblingestablishmentwhenthatgamblingestablishmentisraidedbythepolice。Ifsuchwordsmeananythingtheymeanthatthosewhosesentimentstheyrepresentstandagainsttheefforttobringaboutamoralregenerationofbusinesswhichwillpreventarepetitionoftheinsurance，banking，andstreetrailroadscandalsinNewYork；arepetitionoftheChicagoandAltondeal；arepetitionofthecombinationbetweencertainprofessionalpoliticians，certainprofessionallaborleadersandcertainbigfinanciersfromthedisgraceofwhichSanFranciscohasjustbeenrescued；arepetitionofthesuccessfuleffortsbytheStandardOilpeopletocrushouteverycompetitor，tooverawethecommoncarriers，andtoestablishamonopolywhichtreatsthepublicwiththecontemptwhichthepublicdeservessolongasitpermitsmenlikethepublicmenofwhomIspeaktorepresentitinpolitics，menliketheheadsofcollegestowhomIrefertoeducateitsyouth。Theoutcryagainststoppingdishonestpracticesamongtheverywealthyispreciselysimilartotheoutcryraisedagainsteveryeffortforcleanlinessanddecencyincitygovernmentbecause，forsooth，itwill“hurtbusiness。”ThesameoutcryismadeagainsttheDepartmentofJusticeforprosecutingtheheadsofcolossalcorporationsthatismadeagainstthemenwhoinSanFranciscoareprosecutingwithimpartialseveritythewrongdoersamongbusinessmen，publicofficials，andlaborleadersalike。Theprincipleisthesameinthetwocases。Justastheblackmailerandthebribegiverstandonthesameevileminenceofinfamy，sothemanwhomakesanenormousfortunebycorruptingLegislaturesandmunicipalitiesandfleecinghisstockholdersandthepublicstandsonalevelwiththecreaturewhofattensonthebloodmoneyofthegamblinghouse，thesaloonandthebrothel。
Moreover，bothkindsofcorruptioninthelastanalysisarefarmoreintimatelyconnectedthanwouldatfirstsightappear；thewrong-doingisatbottomthesame。Corruptbusinessandcorruptpoliticsactandreact，witheverincreasingdebasement，oneontheother；therebate-taker，thefranchise-trafficker，themanipulatorofsecurities，thepurveyorandprotectorofvice，theblack-mailingwardboss，theballotboxstuffer，thedemagogue，themobleader，thehiredbullyandmankiller，allalikeworkatthesamewebofcorruption，andallalikeshouldbeabhorredbyhonestmen。
The“business“whichishurtbythemovementforhonestyisthekindofbusinesswhich，inthelongrun，itpaysthecountrytohavehurt。Itisthekindofbusinesswhichhastendedtomaketheveryname“highfinance“atermofscandaltowhichallhonestAmericanmenofbusinessshouldjoininputtinganend。Oneofthespecialpleadersforbusinessdishonesty，inarecentspeech，indenouncingtheAdministrationforenforcingthelawagainstthehugeandcorruptcorporationswhichhavedefiedthelaw，alsodenounceditforendeavoringtosecureafar-reachinglawmakingemployersliableforinjuriestotheiremployees。Itismeetandfitthattheapologistsforcorruptwealthshouldopposeeveryefforttorelieveweakandhelplesspeoplefromcrushingmisfortunebroughtuponthembyinjuryinthebusinessfromwhichtheygainabarelivelihoodandtheiremployersfortunes。Itishypocriticalbasenesstospeakofagirlwhoworksinafactorywherethedangerousmachineryisunprotectedashavingthe“right“
freelytocontracttoexposeherselftodangerstolifeandlimb。
Shehasnoalternativebuttosufferwantorelsetoexposeherselftosuchdangers，andwhenshelosesahandorisotherwisemaimedordisfiguredforlifeitisamoralwrongthattheburdenoftherisknecessarilyincidentaltothebusinessshouldbeplacedwithcrushingweightuponherweakshouldersandthemanwhohasprofitedbyherworkescapescot-free。Thisiswhatouropponentsadvocate，anditisproperthattheyshouldadvocateit，foritroundsouttheiradvocacyofthosemostdangerousmembersofthecriminalclass，thecriminalsofvastwealth，themenwhocanaffordbesttopayforsuchchampionshipinthepressandonthestump。
Itisdifficulttospeakaboutthejudges，foritbehoovesusalltotreatwiththeutmostrespectthehighofficeofjudge；andourjudgesasawholearebraveanduprightmen。Butthereisneedthatthosewhogowrongshouldnotbeallowedtofeelthatthereisnocondemnationoftheirwrongdoing。Ajudgewhoonthebencheithertrucklestothemoborbowsdownbeforeacorporation；orwho，havingleftthebenchtobecomeacorporationlawyer，seekstoaidhisclientsbydenouncingasenemiesofpropertyallthosewhoseektostoptheabusesofthecriminalrich；suchamanperformsanevenworseservicetothebodypoliticthantheLegislatororExecutivewhogoeswrong。Innowaycanrespectforthecourtsbesoquicklyunderminedasbyteachingthepublicthroughtheactionofajudgehimselfthatthereisreasonforthelossofsuchrespect。Thejudgewhobywordordeedmakesitplainthatthecorruptcorporation，thelaw-defyingcorporation，thelaw-defyingrichman，hasinhimasureandtrustworthyally，thejudgewhobymisuseoftheprocessofinjunctionmakesitplainthatinhimthewage-workerhasadeterminedandunscrupulousenemy，thejudgewhowhenhedecidesinanemployers’liabilityoratenementhousefactorycaseshowsthathehasneithersympathyfornorunderstandingofthosefellow-citizensofhiswhomostneedhissympathyandunderstanding；thesejudgesworkasmuchevilasiftheypanderedtothemob，asiftheyshrankfromsternlyrepressingviolenceanddisorder。Thejudgewhodoeshisfulldutywellstandshigher，andrendersabetterservicetothepeople，thananyotherpublicservant；heisentitledtogreaterrespect；andifheisatrueservantofthepeople，ifheisupright，wiseandfearless，hewillunhesitatinglydisregardeventhewishesofthepeopleiftheyconflictwiththeeternalprinciplesofrightasagainstwrong。Hemustservethepeople；
buthemustservehisconsciencefirst。Allhonortosuchajudge；
andallhonorcannotberenderedhimifitisrenderedequallytohisbrethrenwhofallimmeasurablybelowthehighidealsforwhichhestands。Thereshouldbeasharpdiscriminationagainstsuchjudges。Theyclaimimmunityfromcriticism，andtheclaimisheatedlyadvancedbymenandnewspaperslikethoseofwhomI
speak。Mostcertainlytheycanclaimimmunityfromuntruthfulcriticism；andtheirchampions，thenewspapersandthepublicmenIhavementioned，exquisitelyillustratebytheirownactionsmendaciouscriticisminitsmostflagrantandiniquitousform。
Butnoservantofthepeoplehasarighttoexpecttobefreefromjustandhonestcriticism。Itisthenewspapers，andthepublicmenwhosethoughtsanddeedsshowthemtobemostalientohonestyandtruthwhothemselvesloudlyobjecttotruthfulandhonestcriticismoftheirfellow-servantsofthegreatmoneyedinterests。
Wehavenoquarrelwiththeindividuals，whetherpublicmen，lawyersoreditors，towhomIrefer。Thesemenderivetheirsolepowerfromthegreat，sinisteroffenderswhostandbehindthem。
TheyarebutpuppetswhomoveasthestringsarepulledbythosewhocontroltheenormousmassesofcorporatewealthwhichifitselfleftuncontrolledthreatensdireeviltotheRepublic。Itisnotthepuppets，butthestrong，cunningmenandthemightyforcesworkingforevilbehind，andtoacertainextentthrough，thepuppets，withwhomwehavetodeal。Weseektocontrollaw-
defyingwealth，inthefirstplacetopreventitsdoingevil，andinthenextplacetoavoidthevindictiveanddreadfulradicalismwhichifleftuncontrolleditiscertainintheendtoarouse。
Sweepingattacksuponallproperty，uponallmenofmeans，withoutregardtowhethertheydowellorill，wouldsoundthedeathknelloftheRepublic；andsuchattacksbecomeinevitableifdecentcitizenspermitrichmenwhoselivesarecorruptandeviltodomineerinswollenpride，uncheckedandunhindered，overthedestiniesofthiscountry。Weactinnovindictivespirit，andwearenorespectersofpersons。Ifalaboruniondoeswhatiswrong，weopposeitasfearlesslyasweopposeacorporationthatdoeswrong；andwestandwithequalstoutnessfortherightsofthemanofwealthandfortherightsofthewage-workers；justasmuchsoforoneasfortheother。Weseektostopwrongdoing；andwedesiretopunishthewrongdoeronlysofarasisnecessaryinordertoachievethisend。Wearethestanchupholdersofeveryhonestman，whetherbusinessmanorwage-worker。