Theodore Roosevelt Quotes
We do not wish to discourage enterprise. We do not desire to destroy corporations. We do desire to put them fully at the service of the State and the people.
This statement demonstrated the classic difference that Roosevelt had with the right wing of his party and that of the contemporary Republican party. Namely they thought that the only obligation of the corporation of other business was to the owners / shareholders while Roosevelt saw the obligation to the State and the people. The State and the society gives corporations many privileges that normal businesses do not have—most important is limited liability for the corporation’s negligence or even intentional damage to people. If the Corporation had no obligation to the State and to the people, why should they get this limited liability and other benefits?
Theodore Roosevelt, 1858-1919, 26th President of the United States (Republican, NY), Speech, January 3, 1900
Sourced by: Eigen's Political and Historical Quotations
During The Depression although business in general was doing very poorly, there were a few which had grown immensely powerful and abused the power as there was little or no regulation at the time.
TR came from a wealthy, upper class family, and because of his position favoring regulation of corporations he was called a traitor to his class by many.
The issue was still not decided by the beginning of the 21st Century except that a certain amount of public disclosure was required if the company raised funds by selling stock to the public, but there were some giant corporations that were private and exercised huge power and influence and yet whose operations were secret.
The Chief Justice refused to accept the previously established legal precedents of other states which would limit considerably the right of the state to regulate corporations. As a result Wisconsin became one of America’s pioneers in regulating corporations which over 25 years later, Theodore Roosevelt was to do for the nation as a whole. The phrase “empire within an empire,” the translation of the Latin that Ryan used, has often been quoted to describe the power corporations had at that time.
Theodore Roosevelt Jr., often referred to as Teddy or his initials T. R., was an American statesman, conservationist, naturalist, historian, and writer, who served as the 26th president of the United States from 1901 to 1909. He previously served as 33rd governor of New York from 1899 to 1900 and the 25th vice president of the United States from March to September 1901. Roosevelt emerged as a leader of the Republican Party and became a driving force for anti-trust and Progressive policies.
