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Updated: May 22, 2025
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.
Assuming, however, that the Sherman Anti-Trust Law can be repealed, and that the Roosevelt-Taft policy of recognition tempered by regulation be adopted, the question remains as to the manner in which such a policy can best be carried out. Certain essential aspects of this question will not be discussed in the present connection.
The results of the election indicated how complete the division in the Republican party had been. In the electoral college Wilson received 435 votes to Roosevelt's 88 and Taft's 8. Yet Wilson's popular vote 6,300,000 fell far short of the combined Roosevelt-Taft vote 7,500,000 and was less than that of Bryan in 1896, 1900, and 1908.
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.
The Sherman Anti-Trust Law constitutes precisely such an attempt to save the life of the small competitor; and in case the Roosevelt-Taft policy of recognition tempered by regulation is to prevail, the first step to be taken is the repeal or the revision of that law.
The fact that the combined Roosevelt-Taft vote was less than that received by Taft in 1908 seems to indicate that many Republicans refused to vote. The control of Congress, in both houses, went to the Democrats, even such a popular leader as Speaker Cannon failing of reelection. In twenty-one of the thirty-five states where governors were chosen, the Democrats were triumphant.
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