“Tomorrow I shall come into my office in my own right,” Roosevelt is said to have remarked on the eve of his election. “Then watch out for me!” Roosevelt’s stunning victory gave him a mandate for reform. He would need all the popularity and political savvy he could muster, however, to guide his reform measures through Congress. The Senate remained controlled by a staunchly conservative Republican “old guard,” with many senators on the payrolls of the corporations Roosevelt sought to curb. Roosevelt’s pet project remained railroad regulation. The Elkins Act prohibiting rebates had not worked. Roosevelt determined that the only solution lay in giving the Interstate Commerce Commission (ICC) real power to set rates and prevent discriminatory practices. But the right to determine the price of goods or services was an age-old prerogative of private enterprise, and one that business had no intention of yielding to government.

The Hepburn Act of 1906 marked the crowning legislative achievement of Roosevelt’s presidency. It gave the ICC the power to set rates subject to court review. Committed progressives like Robert La Follette judged the law a defeat for reform. Die-hard conservatives branded it a “piece of populism.” Both sides exaggerated. The law left the courts too much power and failed to provide adequate means for the ICC to determine rates, but its passage proved a landmark in federal control of private industry. For the first time, a government commission had the power to investigate private business records and to set rates.

Always an apt reader of the public temper, Roosevelt witnessed a growing appetite for reform. Revelations of corporate and political wrongdoing as well as social injustice filled the papers and boosted the sales of popular magazines. Roosevelt counted many of the new investigative journalists among his friends. But he warned them against going too far, citing the allegorical character in Pilgrim’s Progress who was too busy raking muck to notice higher things. Roosevelt’s criticism gave the American vocabulary a new word, muckraker, which journalists soon appropriated as a title of honor.

Muckraking, as Roosevelt well knew, provided enormous help in securing progressive legislation. In the spring of 1906, publicity generated by the muckrakers about poisons in patent medicines goaded the Senate, with Roosevelt’s backing, into passing a pure food and drug bill. Opponents in the House of Representatives hoped to keep the legislation locked up in committee. There it would have died, were it not for the publication of Upton Sinclair’s novel The Jungle (1906), with its sensational account of filthy conditions in meatpacking plants. A massive public outcry led to the passage of the Pure Food and Drug Act and the Meat Inspection Act in 1906.

In the waning years of his administration, Roosevelt allied with the more progressive elements of the Republican Party. In speech after speech, he attacked “malefactors of great wealth.” Styling himself a “radical,” he claimed credit for leading the “ultra conservative” party of McKinley to a position of “progressive conservatism and conservative radicalism.”

When an economic panic developed in the fall of 1907, business interests quickly blamed the president. Once again, J. P. Morgan stepped in to avert disaster, this time switching funds from one bank to another to prop up weak institutions. For his services, he claimed the Tennessee Coal and Iron Company, an independent steel business that U.S. Steel had long coveted. Morgan dispatched his lieutenants to Washington, where they told Roosevelt that the sale of the company would aid the economy “but little benefit” U.S. Steel. Willing to take the word of a gentleman, Roosevelt tacitly agreed not to institute antitrust proceedings against U.S. Steel over the acquisition. Roosevelt’s promise would give rise to the charge that he acted as a tool of the Morgan interests.

The charge of collusion between business and government underscored the extent to which corporate leaders like Morgan found federal regulation preferable to unbridled competition or harsher state measures. During the Progressive Era, enlightened business leaders cooperated with government in the hope of avoiding antitrust prosecution. Convinced that regulation and not trust-busting offered the best way to deal with big business, Roosevelt never acknowledged that his regulatory policies fostered an alliance between business and government that today is called corporate liberalism.