Joseph P. Tumulty to Woodrow Wilson

Answering your telegram: Since the Morgan announcement appeared I have tried to keep in touch with the opinion of the country as expressed through the leading journals and newspapers, particularly the newspapers which have been our consistent friends and the leading independent journals. I have come to these conclusions:

1. The country accepts the Morgan announcement as an act of good faith on the part of big business.

2. Their action seems to be accepted as another step in the effort of American business to adjust itself to new ideals.

3. The action is accepted as an indication of the willingness on the part of intelligent leaders in finance to put themselves in accord with the spirit of the times. It is accepted as an impressive assurance that the great financial interests are as ready to come into agreement with the Government and work in harmony with it as the Government is to come into agreement with them. One paper characterized it as another chapter written into what the President, when signing the currency bill, was pleased to call the Constitution of Peace .

4. The announcement is taken at its face value as an honest and sincere declaration on the part of great banking firms that they will cease usurping the place which belongs to industrial management.

5. The whole country is heartily in favor of legislation preventing interlocking directorates, the only difference of opinion being as to the most practical method of bringing about this reform.
The business men and the public generally expect from you a message to be delivered at an early date, suggesting legislation following up the lines of you last message, that will clear up the atmosphere of doubt surrounding the Sherman law, so that area of debatable ground may be reduced; but with the message they expect from you a gentle admonition to Congress that such legislation must not be undertaken in a spirit of hostility to business, which is now showing itself ready to meet the Administration half way.