US Presidency
1909

The importance of supervising business of great railways and industrialcombinations and the necessary investigation and prosecution of unlawfulbusiness methods are another necessary tax upon Government which did notexist half a century ago. The putting into force of laws which shall secure the conservation ofour resources, so far as they may be within the jurisdiction of the FederalGovernment, including the most important work of saving and restoring ourforests and the great improvement of waterways, are all proper governmentfunctions which must involve large expenditure if properly performed. Whilesome of them, like the reclamation of and lands, are made to pay for themselves, others are of such an indirect benefit that this can not be expected ofthem. A permanent improvement, like the Panama Canal, should be treatedas a distinct enterprise, and should be paid for by the proceeds of bonds, the issue of which will distribute its cost between the present and futuregenerations in accordance with the benefits derived.