Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1907-12-03
PRESIDENTS MESSAGE

The president in his message to con-
gress says:
No nation has greater resources than
ours, and 1 think 1t can be truthfully
said that the citizens OF no nation pos
sess greater energy and industrial abil-
w. In no nation are the fundamental
business conditions sounder than In
ours at this very moment, and 1t Is
foolish when such IS the case for peo-
ple to hoard money instead Of keeping
II IN sound banks, for it is such hoard
ing that is the immediate occasion OF
money stringency Moreover, as
rule, the business Of our people Is con-
Quoted with honesty and probity, and
this applies alike to farms and fac
tories. to railroads and banks, to ali
our legitimate commercial enterprises
In any large body Of men, however,
there are certain to be some who are
dishonest, and II the conditions are
such that these men prosper or commit
their mlsdeeds With impunity their
example is a very evil thing for the
community. Where these men are
business men OF grea. sagacity and o.
temperament both Inscriptions and
reckless, nnd where the conditions are
such that they act without supervision
or control aud at first without effective
check from public opinion, they deiude
many innocent people into making III
xestments or embarlIing in kinds OF
business that are really unsound. When
the misdeeds OF these successfully dis
honest men are discovered, suffering
comes not only upon them, but upon
the innocent whom they have misled.
II is a painful awakening, wherever 1t
occurs, and naturally when it does oc-,
cur those who suffer are apt 10 forget
that the longer it was deferred the
more painful it would be. In the enort
10 punish the guilty 1t IS both wise ana
proper TO endeavOr so far as possible
10 minimize the distress of those who
have been mislsd by the guilty. Yet IT
IL not possible TO refraiu because OF
such distress from striving TO put an
end 10 the misdeeds that are the ulti-
mate causes OF the suffering and, as a
meang to this end, where possible 10
punish those responsible for them.
There NAV be honest differences or
oplnion as to many governmental poll
cles. but surely there can be no sucn
differences as TO the need Of unhinch-
lug perseverance in the war against
successful dishonesty.
Interstate Commerce.
No small part OF the trouble that we
have comes from carrying TO an ex-
IRENE the national virtue OF self reli-
auce, OF independence in initiative
and action. II is wise 10 conserve TINS
virtue and TO provide for fits fullest
exercise compatible with seeing that
liberty does not become liberty TO
wrong others. Unfortunately this Is
the kind OF liberty that the lack OF all
effective regulation inevitably breeds.
The founders Of the constitution pro
yided that the national government
should have complete and sole control
of interstate commerce. There was
then practically no interstate business
save such as was conducted By water,
and this the national government at
once proceeded to regulate In thorough
going and effective fashion. Conditions
have now so wholly changed that the
interstate commerce by water IL insig-
nincant compared with the amount
that goes by land, and almost all Dig
business concerns are now engaged In
interstate commerce. AS result 1t can
be but partially and imperfectly con-
trolled or regulated by the action OF
any one Of the several states. such ac-
ton inevitably tending to be either
too drastic or else too lax and In either
case ineffective for purposes of justice.
Only the national government can In
thoroughRoing fashion exercise the
needed control. This does not mean
that there should be any extension OF
federal authority, for such authority
already exists under the constitution
In amplest and most far reaching form.
but II does mean that there should be
an extension OF federal activity. This
IS not advocating Capitalization. 1t is
merely looking facts In the face anu
realizing that Capitalization in business
has already come and cannot be avoid
ed or undone and that the public at
large can only protect itself from Ger.
tain evil effects Of this business CEN
tralixation By providing better methods
for the exercise Of control through the
authority already centralized IN the
national government by the constitU-
ton itself. There must be no halt In
the healthy constructive course OF ac-
ton which this nation has elected to
pursue and has steadily pursued dur
ing the last six years. as shown both
in the legislation of the congress ana
the administration Of the law by the
department Of justice.
National License For Railroads.
The most vital need is In connection
with the railroads. AS to these, In my
Judgment there should now be either
a national incorporation act or law
licensing railway companies 10 engage
In interstate commerce upon certain
conditions. The law should be 50
framed as to give to the interstate
commerce commission power to pass
upon the future issue OF securities,
while ample means should be provided
to enable the commission whenever In
its Judgment 1t is necessary to make