NEW ORDER COMING AFTER THE WAR

...The growth of the socialist group, heretofore mainly confined to other countries, will expand in the United States...

...NO THOUGHTFUL man can doubt, whether or not he believes in the extension of regulation, that great economic changes are inevitable following the war...

...In the further development of the policy of regulation we should proceed cautiously as occasion arises precisely as we did in the control of the public utilities...

...Experiments on a gigantic scale of public control and even public operation will have been made in European countries and in the United States...

...That principle recognized, regulatory measures should be continued only as far as necessary to meet the existing world conditions...

...In advocating the continuance of regulation after the war, I do not mean to imply that all the existing measures shall be retained in their present forms...

...With the mighty burden of the war debts upon us it will be absolutely necessary to continue this efficiency and economy...

...What I am advocating is that we maintain the principle that the essential commodities are subject to control in the public interest precisely as are the utilities...

...Therefore in advocating the continuance of the use of tha principle of regulation for these fundamental commodities essential to the very life of the people or in the legal phrase vested with a public interest, I believe I am advocating the policy by which we may escape government ownership and operation...

...Already it has been demonstrated that in many directions, under the system of cooperation, efficiency and economy have been very greatly increased and unnecessary wastes reduced...

...It is yet too early to suggest a program in regard to the extent to which this should de done...