Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-12-03
Safe, Secure and Elastic Currency Is
Advocated.
COUNTRY DECLARED TO BE FREE FROM MILL.
TARISM-UNWISE TO STOP UPBUILD-
ING OF THE NAVY-THE
TARIFF QUESTION:
r. the Senate and House of Representa-

To the Senate and House OF Representa-
tives:
No nation has greater resources tnah
ours, and think it can be trutniuiiy
said that the citizens of no nation pos
sess greater energy and industrial ability
In no nation are the fundamental pus1-
ne,s conditions sounder than In ours al
this very moment: and it Is foolish. when
such ,s the case. for people to hoard
money instead Of keeping 1t fn--eound
banks; for It Is such boarding that is the
Immediate occasion OF money stringency
Moreover, as a rule, the business OF our
people is conducted with honesty and
problty. and this applies alike to farms
and factories. to railroads and banks. TO
all our legitimate commercial enterprises
I'm any large body of men. however,
there are certain to be some who are
dishonest. and IL the conditions are such
that these men prosper or commit their
misdeeds with IMMUNITY. their example IS
a very evil thing for the community.
Where these men are business men OF
great sagacity and Of temperament both
INSCRIPTIONS and reckless. and where
the conditions are such that they act
without supervision or control and at
first without effective check from public
opinion. they delude many innocent people
into making nvestments or embarking
T. Ii 90 ,,cip hot Hoo1lxy
sound When the misdeeds Of these sue
cessfully dishonest men are discovered.
suffering comes not only upon them. but
upon the innocent men whom they have
misled. 1t is a painful awakening, when
ever 1t occurs: and. naturally. when 1t
does occur those who suffer are apt to
forget that the longer it was deferred the
more painful II would be. In the effort
to punish the guilty it Is both wise and
proper to endeavor so far as possible to
minimize the distress of those who have
been misled by the guilty. Yet it is not
possible to refrain because of such dis
tress from striving to put an end to the
misdeeds that are the ultimate causes of
the suffering, and. as a means to this
end. where possible to punish those re-
sponsible for them. There may be honest
differences of opinion as to many govern
mental policies; but surely there can be
no such differences as to the need of I'M
finching perseverance in the war against
successful dishonesty
Effect Of a Panic.
In my message to Congress on Decem-
Der 3, 1905. i said:
IF the folly of man mars the general
well-being. then those who are innocent
Of the folly will have to pay part of the
penalty incurred by those who are guilty
of the folly. panic brought on by the
speculative folly of part of the business
community would hurt the whole business
community: but such stoppage of welfare,
though 1t might be severe, would not be
lasting. In the long run the one vital fac
tor In the permanent prosperity of the
country is the high individual character
OF the average American worker. the ay-
erage American citizen, no matter wheth-
er his work be mental or manual, whether
ne be farmer or wage-worker, business
man or professional man.
In our industrial and social system the
interests of all men are so closely inter-
twined that in the immense majority of
cases a straight-dealing man, who by his
efficiency, by his ingenuity and industry,
benefits himself, must also benefit others.
Normally, the man of great productive
capacity who becomes rich by guiding
the labor OF many other men does so by
enabling them to produce more than they
could produce without his guidance; and
both he and they share in the benefit,
which comes also to the public at large.
The superficial fact that the sharing may
be unequal must never blind US to the
underlying fact that there is this sharing,
and that the benefit comes In some degree
to each man concerned.
Normally, the wageworker. the man Of