"As a people, we cannot afford to let any group of citizens or any individual citizen, live or labor under conditions which are injurious to the common welfare. Industry, therefore, must submit to such public regulation as will make it a means of life and health, not of death or inefficiency. We must protect the crushable elements at the base of our present industrial structure. We stand for a living wage. Wages are subnormal if they fail to provide a living for those who devote their time and energy to industrial occupations. The monetary equivalent of a living wage varies according to local conditions, but must include enough to secure the elements of a normal standard of living--a standard high enough to make morality possible, to provide for education and recreation, to care for immature members of the family, to maintain the family during periods of sickness, and to permit a reasonable savings for old age."
--President Teddy Roosevelt, August 6, 1912
His speech can be heard and read here: