Place of Government, State and Federal, in Rationalizing Mineral Production

OTHERS here are far better qualified than I to discuss some of the specific proposals for government regulation of the oil industry. I shall make no attempt to carry oil to Oklahoma. The question of public control, however, is inherent in other branches of the mineral industry in varying degrees, and my comments will be directed mainly toward some of the trends affecting the mineral industry as a whole, as a background for your more specific consideration of oil legislation. A proud American tradition has been the insistence on freedom of competition, on equality of economic opportunity, on a policy of laissez faire. Nowhere has this principle been given wider application than in the mineral industry. The mineral field has been open to all comers, and the job of mineral exploitation has naturally attracted daring and independent spirits. The laws governing conditions of discovery and development, as well as the anti- trust laws, have been devised to foster the spirit of private initiative. The result has been the building of a mineral industry on a scale never before approximated anywhere in the world. The impetus thus gained, the methods, the technique, the financial resources, have been projected be- yond our boundaries and have made the American mineral industry the purveyor to the world for many essential commodities and first in the exploitation of the world's minerals. Our habits of individual self-reliance and success are deeply ingrained, and there is hardly an individual in the entire mineral field who does not instinctively recoil fro111 the extension of collective control, whether public or private.