dominate the industries of the country will put up a fight that will try men's souls."

However, after the message was delivered, captains of industries, railroad presidents, and even anti-Wilson newspapers praised the message, and it was noticeable that "stock values sprang to higher levels." It was now declared by leaders in both parties that the atmosphere was changing, "since there is a disposition on the part of great business industries of the country to meet the President in a fair and square method of adjusting their business transactions.'

The message was such a surprise to those especially interested that extremists who favored destroying at once all monopoly, root and branch, declared that the message was a disappointment and that the President had "sold out." Legitimate business had been so harrassed by the threats of Congress and party leaders, that it had about despaired of securing justice. Moreover, illegitimate business had had its methods trailed through the newspapers and certain "malefactors" had even been sent to penitentiary. Therefore, the country had come to the conclusion at last that justice in spite of protest was about to be done.

The President's message gave legitimate business increased confidence and a more wholesome atmosphere; and illegitimate business, the hope that it, too, might be permitted to become respectable before the avenging wrath of a just ruler should overtake it. The

price of stocks and bonds showed a distinct gain the morning afterward, and the business men in every section of the nation were trying to believe in the President's assurance that "the antagonism between business and government is over.'

The form of a great masterpiece had been outlined again and Congress was set to the task of carving out the delicate lines.

The President had learned from his fight with the Senate over the currency bill not to ask for haste. Moreover, the publication of the bills that were soon drafted to carry out his recommendations was accompanied by the promise of ample hearings on them and full debate. The programme was so comprehensive that both Senators and Members felt that much time was needed to give them all the consideration needed. There was considerable feeling in Congress, too, that an important measure such as the one before it should not be enacted during the same session in which it was proposed.

In the meantime the interlocked interests were being voluntarily unlocked. Hence, there seemed to be no pressing need for legislation along that line. Moreover, the tariff and currency laws were still new, and business had not made full adjustment to them. In fact, the new currency law was not yet in operation. Furthermore, there seemed to be no urgent public demand or public necessity for immediate enactment of any anti-trust measures. On the other hand, railroads were asking for

an increase of freight rates on the grounds of business depression, and there did appear to exist a serious lack of confidence in the great trade markets of the country.

At this time Congress began to consider seriously the advisability of abandoning the anti-trust measures, winding up the necessary business to be transacted, and adjourning at an early date. It was pointed out that Congress had been in practically continuous session for a much longer period than any previous Congress in the country's history, and its members naturally and properly wished to wind up the business at a date early enough to give them opportunity to prepare for the Congressional campaign.

President Wilson, however, was steadfast in his conviction that "nothing is more dangerous to business than uncertainty" and that it was "a great deal better to do the thing moderately and soberly now than wait until more radical forces had accumulated and it was necessary to go much further." Moreover, he was interviewing the leading business men of the country and talking with Chambers of Commerce and Boards of Trade; and when a group of manufacturers visited the White House in May and asked him to postpone carrying out the trust program on account of business depression, he is reported to have said that, while he was aware of such depression, there was abundant evidence to show that it was merely psychological and that there was "no natural condition or substantial reason why the business of

the country should not be in the most prosperous and expanding condition." His firm opposition to an adjournment before the pledges to the people were redeemed dispelled all hope of an early adjournment, and Members of both Houses saw another busy summer ahead of them, because the legislative mill was grinding too slowly for any large results at an early date.

The Administration's program was finally worked out in the House and embodied in three bills: (1) a bill creating an Interstate Trade Commission, (2) the Clayton Omnibus bill, and (3) the Railway Capitalization bill. These measures progressed so well in the House that by May 18 the debate began, and within less than three weeks (June 5) they passed the House and were carried to the Senate, where the great fight was scheduled. Here again they had to run the gauntlet of the committee rooms of the Senate. Every new feature added to them was a challenge to innumerable debates, and every elimination was a warning that in the end the bill itself might find a similar fate. There seemed to be an irreconcilable difference between the attitude of organized labor and organized capital over the bills, and the arguments that followed only served to show how far away the end was.

The Mexican trouble had reached an acute stage; the Panama tolls controversy was at a critical moment; and pressure was again brought to bear on the Administration to abandon the trust bills. Then during the month

of June, it appeared that the pressure was being felt, and it was freely talked that President Wilson had agreed to an adjournment in July. That left only about a month to complete the trust bills and transact all the other important business necessary; and the prediction was openly made that Congress would adjourn without passing the Administration measures.

Senators and Members faced another summer. They remembered only too well the mastery that the President had exercised over Congress the summer before-how he had held that body together in spite of the tremendous opposition to the tariff and the currency bills, and in spite of the desire on the part even of many friends of the measure to escape the intense heat of the capital.

They had been in session over twelve months. The young administration had now reached its second summer with a constitution strong enough to make the last and really the worst stage of the journey. But again many felt that the country would be best served by an adjournment until after "dog days."

However, the desperate opponents of the bill learned with much chagrin that President Wilson had no intention to postpone action. He was inexorable, notwithstanding the fact that Congress was tired and a new election was approaching.

The opposition then resorted to its old tactics. It began a campaign to bring great pressure to bear on Congress from the people "back home" and thus to frighten the