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The election has again confirmed the determination of the American
people that regulation of private enterprise and not Government
ownership or operation is the course rightly to be pursued in our
relation to business. In recent years we have established a
differentiation in the whole method of business regulation between
the industries which produce and distribute commodities on the one
hand and public utilities on the other. In the former, our laws
insist upon effective competition; in the latter, because we
substantially confer a monopoly by limiting competition, we must
regulate their services and rates. The rigid enforcement of the
laws applicable to both groups is the very base of equal
opportunity and freedom from domination for all our people, and it
is just as essential for the stability and prosperity of business
itself as for the protection of the public at large. Such
regulation should be extended by the Federal Government within the
limitations of the Constitution and only when the individual
States are without power to protect their citizens through their
own authority. On the other hand, we should be fearless when the
authority rests only in the Federal Government.
COOPERATION BY THE GOVERNMENT
The larger purpose of our economic thought should be to establish
more firmly stability and security of business and employment and
thereby remove poverty still further from our borders. Our people
have in recent years developed a new-found capacity for
cooperation among themselves to effect high purposes in public
welfare. It is an advance toward the highest conception of self-government.
Self-government does not and should not imply the use
of political agencies alone. Progress is born of cooperation in
the community--not from governmental restraints. The Government
should assist and encourage these movements of collective self-help
by itself cooperating with them. Business has by cooperation
made great progress in the advancement of service, in stability,
in regularity of employment and in the correction of its own
abuses. Such progress, however, can continue only so long as
business manifests its respect for law.
There is an equally important field of cooperation by the Federal
Government with the multitude of agencies, State, municipal and
private, in the systematic development of those processes which
directly affect public health, recreation, education, and the
home. We have need further to perfect the means by which
Government can be adapted to human service.
EDUCATION
Although education is primarily a responsibility of the States and
local communities, and rightly so, yet the Nation as a whole is
vitally concerned in its development everywhere to the highest
standards and to complete universality. Self-government can
succeed only through an instructed electorate. Our objective is
not simply to overcome illiteracy. The Nation has marched far
beyond that. The more complex the problems of the Nation become,
the greater is the need for more and more advanced instruction.
Moreover, as our numbers increase and as our life expands with
science and invention, we must discover more and more leaders for
every walk of life. We can not hope to succeed in directing this
increasingly complex civilization unless we can draw all the
talent of leadership from the whole people. One civilization after
another has been wrecked upon the attempt to secure sufficient
leadership from a single group or class. If we would prevent the
growth of class distinctions and would constantly refresh our
leadership with the ideals of our people, we must draw constantly
from the general mass. The full opportunity for every boy and girl
to rise through the selective processes of education can alone
secure to us this leadership.
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