The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1907-12-05
PRESIDENT MESSAGE

ours, and I think 1t can be truthfu!!y
said that the citizens of no nation pos
less greater energy and industrial abil-
~. 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-
pie to hoard money instead Of Keeping
II In sound banks. for II is such hoard
Ing that is the immediate occasion Of
money stringency. Moreover. as Il
rule, the business of our people is con
Quoted with honesty and probity. and
this applies alike to farms and fac
tories, 10 railroads and banks to all
our legitimate commercial enterprises
In any large body Of men, however.
there are certain to be some who are
dishonest, and If the conditions are
such that these men prosper Or commit
example IS q very evil filing for the
community. Where these men are
business men OF grea' sagaci:y and o.
temperament Lo-h INSCRIPTIONS and
reck less, an 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 IN
vestmen:5 OF e.Abarliin9 IN Kinds 81!
business that are really un%oInl Nher
the misdeeGs of these successfully dis
honest men are discovered. suffering
comes not only upon them. but upon
the innocent whom they have misled
1t ~ a painful awakening, whenever 1t
occurs, and naturally when it does oc
cur those who suffer are apt to forget
that the longer it was deferred the
more painful it would be. In the effort
to punish the guilty II Is both wise and
proper to en6eavor so far as possible
to minimize tie distress of those who
have Eeen misled by the gully. Yet it
Is not possible to refrain because or
such distress from striving to put an
end to the misdeeds that are the ulti-
mate causes OF the suffering and, as
means to this end where possible to
punish those responsible for them.
There may be honest differences or
opinion as TO many governmental poll
cies. but surely there can be no such
differences ~ TO the need of unfinch
ing 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-
ance, of independence in initiative
and action. 1t is wise to conserve this
virtue and to provide for its 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
vided that the national government
should have complete and sole control
of Interstate commerce. There was
then practically no INTEREST q business
save such as was conducted ny water,
and this the national government At
once procee:lrd'to regulate IN thorough,
going aud effective fashion. Coalitions
have now so wholly changed that the
interstate commerce by water is insig-
nificant compared with the amount
that goes by land and almost all big
business concerns are now engaged In
interstate commerce. As Il result ii can
be but partially and inIperfectiy 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
thoroughgoing fashion exercise The
needed control. This does not mean
that there should he any extension Of
federal authority, for such authority
already exists under the constitution
iii amplest and most far reaching form
but ii does mean that there should bt
an extension of fedora! activity This
is not advocating Capitalization. 1t i,
merely looking facts in the face ant
realizing that Capitalization in business
has already come and cannot be avoid
ed or uadonc and that the public 81
large can only protect itself from Ger
tain evil effects of this business cen
tralization by providing better method:
for the exercise of control through the
authority already centralized in thu
national government by the cOnStitu
ton itself There must be no halt /;
the healthy constructive course of ac
tion which this nation has elected i
pursue and has steadily pursued dur
ing the last six years. as shown boil
in the legislation of the congress ant
the administration of the law by TIL
department OF justice.
National License For Railroads.
The most vital need is in connection
with the railroads As to these, in m.
Judgment there should now be eithe
Il Iatiogai incorporation act or law
licensing railway companies to engag
in interstate commerce upon certain
conditions The law should be s.
framed as to give 10 the interstat
IIleEHe com mission power 10 pas
upon the future issue of securities
while ample means should be provide,
10 enable the commission whenever il
its Judgment il is necessary TO make
physical valuation of any railroad. A
I stated in my message TO the congress
q year ago. railroads should be give
power to enter into agreements sui
ject to these agreements being mad
s>-ablic in minute detail and to the cor
sent of the interstate commerce CON
mission being trst obtained INT
the national government assumes prol
er control of interstate commerce j
the exercise of the authority it alread
possesses it will be impossible -eithe
to give to CT to get from the railroad
full Justice. The railroads and all otl
sr great corporations will do we'll I
recognize that this control must com
The only question Is as to what go
ernmental BODY can most wisely exc
else IL. The courts will determine Il
limits within which the federal autho
ity can exercise It. and there will sti
remain ample work within each stat