The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1904-12-24
4 SATURDAY, DBcEnrB Ell =. !: 1904 a..
I The Problem Of the Age.


S The Problem Of the Age:
n m ere / u no new thing under the sun
One Of tho Invest questions before 4 the ne
American public o-day Is that of IN ila1n-
Il pleered Individual endcayor on 5 The one t'
n and and government control and opera q
a ton of public utii tiles on tho other. and and
volumes + have been written on the sub ID
iect III! the newspapers and peri icals OF
TIE day. yet, the discussio IS not new
Cons iderably more than a hundred years
T5 20, Adam Smith addressed himself to
~ tn subjects q and covered each n IN 5S e
Y paragraph. OF individual 3 endeavor he he
h said :3ttB 81 Nj III 3sg5
terhe natural efforts Of cycry indivi d,
81 ual to better his own condition. when
NJ suffered to exert itself with freedom and
security, is 50 powerful q principle that
is alone and without any assistance As1
u, not only capable OF carrying OF, the So
e tciety TO wealth and prosperity but 81 OF
ss surmounting d hundred in,pertilnle'nt OBJ %
Gs structions with which the folly OF human
u laws too often encu,hbers It's exert ions, q
III or government ownership and opera
ion l,c said S'Tl,e agents Of a. prince.
another term for governnlcn regard the
veal til or their master as inexha.nstibe;
are careless at what price they buy z arc, are
"a rcless ut what price they sell are care
IL loss; at what expense they transport his.
NJ i "a s. i rom $nne place to another Ss
Ii, these two para graphs tho two sub. ~
facts are completely opt omized and the
4 sprinciplcs, which he so co ncisely and SO
& .forcefully declares are us appca bic, -
& not more so to this generation and md 70
] present conditions as they We're tos5sille e
people ana times or Adam Smith t was ms
upon these principles that the American lean
h republic was founded. They are set y forth
ii, the Declara ton OF Independence, In the
Federal Constitution and especially IN the
virginia Bill Of r lights. The prime obs
iect Of the founders was to promote III
q diyidual effort ana exploitation, without,
the meddlesomc interference Of govern
n rnent and .'the folly OF human laws, IS
& the means OF devel oping in the individual
Il tho spirit OF independence, self-reliance'
y ma rhood Government control and ope-
lfa7
4 ration Of Industrial and commercial en- y
terprises Ii an 4 in1pertinent usurpa ton
Il Of the rights Of individuals, and tends IDS
to build up an oligarchy and to destroy
individual EFFORT Moreover. as Adam
Smith points out, the. government is not
Z iii poslto to carry on such operations to
advantage, because Its agents regard
til 8 wealth OF their mas ter as inexllausti-
BILE; arc careless at what price they buy;
III are careless at what price they sell are
careless at what expense the, transport
his goods from one place to another" Il
Sis But since tho times Of Adam Smith
conditions have changed to this extent.
that the large enterprises Of whatever
rs character arc carried on by corporations
rich and strong, which tend to breed
monopoly and oppression. Corpora tons
u are the natural outgrowth Of an age OF
steam and electricity, and they are neces-
sary. But tho government must eXer-
# else a limited control over them, and curb
them in such il way as 10 prevent them
from running Not yet the regula tons must
"a not be SO exacting as to destroy them.
sSl t is serious problem for the govern
nent 10 deal with, and 1t is still further
complicated by tho fact that tho tendency
# OF corporations is to impair II not &c
81 destroy, individual endeavor and explolta
III tion, so far as the masses are concerned ,e'rr'
But Americans have q genius for self
government, No problem has yet present
" cd itself which they We're not able tt
N solve, and We have an abiding faith tha
they viii find solution for ,his one
8 without either destroying the corpora tom
Si& On running into socialism.