The herald-advance. (Milbank, S.D.) 1890-1922, 1902-12-05

COUNTRY STILL CONTINUES IN
A PERIOD OF UNRouNDED
PROSPERITY.
REGULATION OF the TRUSTS
PRESIDENT URGES CONGRESS TO
GIVE THE SUBJECT EAR
NEST ATTENTION.
kARIff MUST NOT BIZ DISTURBED
FINANCIAL LEGISLATION - HAIR.
MoNY BETWEEN CAPITAL
AND LABOR.
FapIff MUST NOT Be DISTURBED
the Senate and House Of Representa-

70 the Senate and House Of Representa-
We still continue in a period of UNI
Handed prosperity. This prosperity is
IN the creature of law, but undoubtedly
[he laws under which we work have been
Instrumental in creating The conditions
rhich made it possible. and by unwise
ssislation it would be easy enough to de-
,rnv it. There will undoubtedly be PEE
kiods of depression. The wave will re-
kede: but the tide Will advance. This ma
SiOn is seated on a continent thanked by
wn great oceans. 1t Ia composed OF men
Sense. pioneers themselves; of men win
lowed out from among the nations of the
bid World by the energy, holiness and
ave of adventure found In their own
Eager hearts. Sue a nation, so placed,
al surely wrest success from fortune,
AS a people we have played a large
bart in the world. and we are bent upon
making our future even larger than the
ASH four years have definitely decided
Shat. for woe or for veal. our place must
Be- great among the nations. We may
Either fail greatly or succeed greatly;
hut we cannot avoid the endeavor from
which either great failure or great sue
less must come. Even if we would. we
kannot play a small part. If we should
nv. all that would follow would be that
Re should play d large part ignobly and
THANKFULLY.
But our people. the sons of the men of
The Civil war. the sons of the men Who
had iron in their blood, rejoice in the
present and face the future high of heart
Ind resolIse of will. Ours is not the
Freed of the weakling and the coward:
burs is the gospel of hope and of trium-
bhant %endeavor. We do not shrink from
he struggle before us. There are many
problems for US to face at the outset OF
Inc twentieth century-grave problems
hbroad and still graver at home; but we
know that we can solve them and solve
them we'll, provided only that We bring
10 the solution the qualities of head and
heart which were shown by the men who,
n the days of Washington, founded this
government. and, in the days OF Lincoln,
preserved it.
Nc country mas ever occupied a higher
blame Of material vel being than ours at
HE present mon.en, 1nis well-be.ns IS
due to no sudden Or accidentai causes,
but to the play OF the economic forces IN
this country for ever . century: to our
haws, our sustained and continuous poll
.ces; above all, to the high individual
average of our citizenship. Great fortunes
have been won by those who have taken
The lead in this phenomenal industrial de-
{velopment, and most OF these fortunes
have been won not by doing evil, but as
kn incident to action which has benefited
The community as a whole. Never before
has material w~ell-being been SO Wlueiy
XQltluScu dHiOuE oui ptoplC' iva ~
Fumes have been accumulated. and YET
IN the aggregate these fortunes are small
indeed when compared to the wealth. OF
|the people as a whole. The PLAIN people
are better off than they nave ever peeh
before. The insurance companies, Whlch
ARE practically mutual benefit societies-
Especially helpful to men of moderate
mean~s-represent umulatl OIL chpl-
Pal which are among the iafgest in
|this county,. There are more deposits IN
The savings banks, more owners OF farms.
more we'll paid wageworkers In TINS couh-
|try low than c"er before in our history;
OF course. when the conditions nave Ia
Ivored the growth of so much that Wae
|good. they have also favored somewhat
THE growth Of what was evil IL is en-
3tnently necessary that we Should etiuea-
Iyor to cut out this eveil. but let US keep
due sense of proportion; let us forA
get the greater good. The evils are real
land some of them managing. but thes aae
|the outgrowth. not of misery OF usos
3dence. but Of prosperity-oi tne plosl,HS
|0f our gigantic industrial ~eveiopi!eh.
This Industrial development must hol pS
checked, but side by side with it shouio
|eo such progressive regulation az WnA Nv
finnish the evils. We should ran IN oua
|evils, but we shall succeed only il we pro
|ceed patiently. with practlcai ratinn
5sense as well as resolution, sepala'is
1.-The good from the bad n nolqihs W
10 the former while ndeaVorihs 80
rid OF the latter
Public Kegusn.i0n Of Trusts.
In my message 10 the present cohsie
~ its first session I iiscusssi a. n9t TO
the question. of the regulation OF tnose p,s
Ic0rporations COMMONLY doing fAl .lte'
state business. often with some 'endei'cy
70 monopoly, which ere populari7 K'o"na 10
trusts. TIE experience of the pass sen.
has emphasized. in my opinion. lns A
Eaoility of the Steps then va iancv
[YHpI q n N :. v...,, 1 nf Gn(l1l eIIClttlSy
lis a high standard of individual eneiss
and excellence, but this Is in no wise M
consistent with power to act IN conau he
Ftlon for aims which cannot SO wen ~
achieved by the Individual acting alone.
A fundamental basis of civilization IS tHe
|inviolability Of property; but TINS Is ~
mo wise i~nconsiste nt with the rlsnt ~
|society to regulate the exercise OF We
artificial powers which 1t confers upon tne
Owners of property. under the name OF
corporate franchises, In such q way as "
prevent the misuse Of these powers. 80
Corporations, and especially ctm.ina,
under public regulation. Experience mas
SHOWN that under our system or govern.
tInent the necessary supervision cannot Do
Ioptalned by state action. II nust there.
E.ore be achieved by national action ~.
ann Is not TO do away with corIs' tons,
~ the contrary, these big
I!are an inevitable development of modern
|.ndustrialism, and the effort to Destroy
itsnem would be futile unless ccompllSheu
q ways that would work the utmost ms
lSSnief to the entire body polite. we can
So nothing of good in the way of regulat-
,ms and supervising these corporations
{Sntil we fix clearly In our minds tnat
~ ~ are not attacking h CORPORATIONS
&DuS .~endeayoring to do away with any
|ssii IN them. We are not hostile to them;
NJ are merely determined that they snail
~ go handled as to subserve the, puhlic
)SUod' We draw the line against miscon-
(SIct' not against wealth. The capitalist
ING. alone or in conjunction with his
|tehows, performs some great industrial
TdI ~ py which he wins money Is a Well
IsueI, not q wrongdOer. provided only ne
~ks IN proper and Legitimate lines. We
"sn 20 favor such a man when he doeS
hrish we wish to supervise n control
IT, actions only to prevents him from do
~ 1hss III Publicity can do no harm to
= oVertender about sparing the dishonest
Evaporation.
ti n curbing and regulating the combina-
Einss,,s OF capital which are or may become
not .ous TO the public we must be careful
Ehavao ~ stop the great enterprises which
fdncte, .es'tlmately reduced the cost of pro-
our ION not to abandon the place which
|the ;Sountry has won in the leadership OF
sstr,k,n International industrial world, not tC
Fciosin. oown wealth with the result Oi
" wage worker idle in the streets and
Iwhst the farmer without "a market fol-
grows. lnsistepce upon the I'm
pOss;piee means delay in achieving the
Ethe st.; exactly as. on the other hand.
good oauuDorn defense alike Of what II
EtemA and what Is bad In. the existing sys.
."s resoluts effort to Obstruct any