American energies are now directed towards the markets of
the world.
The laws against trusts have been clarified by definition, with a view
to making it plain that they were not directed against big business but
only against unfair business and the pretense of competition where there
was none; and a Trade Commission has been created with powers of
guidance and accommodation which have relieved business men of unfounded
fears and set them upon the road of hopeful and confident enterprise.
By the Federal Reserve Act the supply of currency at the disposal of
active business has been rendered elastic, taking its volume, not from a
fixed body of investment securities, but from the liquid assets of daily
trade; and these assets are assessed and accepted, not by distant groups
of bankers in control of unavailable reserves, but by bankers at the
many centers of local exchange who are in touch with local conditions
everywhere.
Effective measures have been taken for the re-creation of an American
merchant marine and the revival of the American carrying trade
indispensable to our emancipation from the control which foreigners have
so long exercised over the opportunities, the routes, and the methods of
our commerce with other countries.
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