194 a short history of the united states
were high on the list of what needed reform, along with certain busi-
ness practices known to violate ethical and moral standards. Of partic -
ular concern was the unrelenting drive of industries to form trusts.
Using what he called the “bully pulpit,” that is, his position as chief
executive of the nation, Roo sevelt sought popular approval of his cru-
sade against trusts. The formation of the U.S. Steel Company, the fi rst
billion-dollar corporation in the country, and the Northern Securities
Company, a railroad holding company, inaugurated Roo sevelt’s drive
to bring an end to industrial abuses. Under prodding by the President
to expedite federal prosecution of antitrust suits in federal courts, Con-
gress passed the Expedition Act on February 11 , 1903 , giving these suits
precedence in circuit court proceedings. A few days later, on February
14 , 1903 , the Department of Labor and Commerce was established
which included a Bureau of Corporations that had authority to investi-
gate and subpoena testimony on activities by corporations involved in
interstate commerce. The Elkins Act of February 19 , 1903 , sought to
eliminate rebates on freight charges and regulate shipping by railroads.
And in 1906 the Hepburn Act reinforced the Interstate Commerce Act
by granting it the authority to set maximum railroad rates.
As a President committed to conservation, Roo sevelt pressured
Congress to pass the Newlands Act, which directed the proceeds from
the sale of arid and semiarid lands in the West to be used for the con-
struction of dams, irrigation, and other reclamation projects. This leg-
islation has been compared to the Homestead Act in shaping the
development of the western region of the country.
In foreign affairs, Roo sevelt decided that the ever-burgeoning inter-
ests of the United States necessitated playing a larger role in world
events. He summed up his philosophy by what he said was an African
proverb: “Speak softly and carry a big stick, and you will go far.” The
destiny of America, as far as Roo sevelt was concerned, dictated that
new opportunities should be explored to enhance the reputation,
wealth, and prestige of this country. One way to do that was to achieve
something which had been contemplated for many de cades and revived
as a result of the Spanish-American War, namely, the building of a
canal that would link the Atlantic and Pacifi c oceans.
Roosevelt encouraged Panama, then a province of the nation of Co-
lombia, to seek its freedom in order to allow the building of a canal