Evening journal., 1907-12-03
PRESIDENT 'SMESSAGE

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The president in his message to cor
gress says:
No nation has greater resources tina.
ours, and I think it can be truthful
said that the citizens OF no nation pos
sess greater energy and Industrial abll
.ty. In no nation are the Fundamental
Business conditions sounder than Il
ours at this very moment, and It /
foolish when such IS the case for pee
pie to hoard money instead OF keepin
It In sound banks. for Il is such hoard
Ing that is the immediate occasion o
money stringency. Moreover, as
rule, the business Of our people is con
Quoted with honesty and probity, an
this applies alike to farms and FAC
tories, to railroads and banks. TO al
our legitimate commercial enterprises
In any large body Of men, however
there are certain 70 be some who ar
and n the conditions ar
such that these men prosper or commi
their misdeeds with impunity thei
example is q very evil thing for th
Where these men ar
business men Of great sagacity and o
both INSCRIPTIONS an
reckless, ans where the conditions ar
such that they act without supervision
Dr. control and at first without effectiv
check from public opinion, they delud
many innocent people into making IN
vestments or embarking in kinds O
business that are really unsound. Whe
The misdeeds Of these successfully dis
honest men are discovered, sudierin
,omes not only upon them, but upol
The innocent whom they have misleC
Il is a painful awakening, whenever /
occurs. and naturally when it does OC
eur those who suffer are apt to forge
that the longer It was deferred tn
more painful it would be. In the effor
10 punish the guilty It Is both wise ant
proper 20 endeavor so far as possibl
10 minimize the distress Of those VIII
have been misled by the guilty. Yet
Is not possible to refrain because o
such distress from striving to put n
end to the misdeeds that are the ultl
mate causes Of the suffering and, as
means TO this end where possible &
punish those responsible for them
There may be honest differences o
opinion as TO many governmental poll
rles. but surely there can be no sucl
as to the need OF un1inch
Ing perseverance in the war agalns
dishonesty.
interstate commeres.
No small part OF the trouble that w
have comes from carrying to an ex
IRENE the national virtue Of self rcli
lnce. Of independence In initiativ
and action II is wise to conserve thi
virtue and to provide for its fulles
exercise compatible with seeing tha
liberty does not become a liberty L
wrong others. Unfortunately this
The kind Of liberty that the lack of al
effective regulation Inevitably breeds
The founders Of the constitution pre-
vided that the national goyernmen
should have complete and sole contro
Of interstate commerce. There wa
then practically no interstate bushes
save such as was conducted by water
and this the national government a
once proceeded 10 regulate in thorough
going and effective fashion. Condition
have now so wholly changed that tn
commerce by water is insie
nincant compared with the amour
that goes by land, and almost all bi
business concerns are now engaged fl
commerce. AS a result It cal
be but partially and imperfectly con
Irolled or regulated by the action O
any one Of the several states. such &C
ton inevitably tending to be eithe
too drastic or else too lax and I'm eithe
case ineffective for purposes Of justice
Only the national government can Il
Ihoroughgoing fashion exercise tn
needed control. This does not meai
that there should be any extension O
federal authority. for such authorit
already exists under the constitution
In amplest and most Tar reaching form
but It does mean that there should b
an extension Of federal activity. Thi
is not advocating Capitalization. II
merely looking facts in the face an
realizing that Capitalization in busines
has already come and cannot be avoiC
ed or undone and that the public O
large can only protect itself from Gel
tain evil effects Of this business ceI
tralization by providing better method
for the exercise OF control through th
authority already centralized In th
national government by the constitl
tlon itself. There must be no halt
the healthy constructive course of az
tlon which this nation has elected
pursue and has steadily pursued du
ing the last six years. as shown bot
in the legislation OF the congress an
the administration of the law by II
Of justice.
National license For Railroads.
The most vital need is in connectic
with the railroads. AS to these, in m
judgment there should now be eith'
a national incorporation act or a la
licensing railway companies to engai
in interstate commerce upon certa
conditions. The law should be
framed as 20 give to the intersta
commerce commission power to pa
upon the future issue OF securitie
while ample means should be provid,
TO enable the commission whenever
its Judgment it is necessary to make
physical valuation Of any railroad.
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