Sees Good In Socialism.

New York Times 100 years ago today, October 31, 1912:
William Guggenheim for Federal Regulation and Labor Reforms.
    PHILADELPHIA, Oct. 30.— Speaking before the students of the Wharton School of Finance of the University of Pennsylvania, William Guggenheim, who is an alumnus of the university, said:
    "It is well to bear in mind in our present political excitement that the honeyed words of politicians and the unrealizable promises of reformers must be considered with caution, for, notwithstanding their assurances, the demand for reasonable rates by our railroads must eventually be recognized, and our trade conditions are so adjusted to a protective tariff that only a moderate reduction in tariff rates would be advisable. Furthermore, our banks, which are the wells of credit, should be given much needed legislative aid, rather than made the plaything of Congressional or other investigating committees.
    "At the present moment there is an unmistakable, drift toward Government regulation and supervision of the larger affairs of life. We should readily accept regulation and supervision, but at same time we should insist that it shall stop there, so as to maintain for us a reasonable right to manage our own affairs; for, though Government ownership is essential in some instances, I fear that its undue extension would prove harmful."
    The speaker affirmed his belief that the Constitution provided for an enlightened people the best form of government possible. He said of socialism that "every intelligent and thinking person" was socialistically inclined.
    "It is of the utmost importance, however," he continued, "that we neither destroy initiative nor give undue encouragement to the inefficient and worthless. Consequently the wisest legislative course to pursue is not always easily determined."