Alma record. (Alma, Mich.) 1878-1928, 1907-12-04

sess greater energy and Industrial abil.
ity. In no nation are the fundamental
business conditions sounder than in
ours at this very moment. and it is
foolish when such is the case for peo-
pie 10 hoard money instead of keeping
II IN sound banks. for 1t is such hoard
Ing that is the immediate occasion Of
money stringency. Moreover. as a
rule, the business OF our people is con
Hucted with honesty and probity, and
this applies alike to farms and fac
tories, TO 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
their misdeeds with impunity their
example is very evil thing for the
community. Where these men are
business men OF grea- sagacity and %
temperament both unscrupulous and
reck,e AM where the conditions are
such that they act without supervision
or control aud at first without effective
check from public opinion, they delude
many innocent people into making in
vestments or embarking 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
IL is a painful awakening, whenever II
occurs, aud naturally when IL does oc
cur those who suffer are apt to forget
that the longer 1t was deferred the
more painful il would be. In the effort
to punish the guilty 1t 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 il
is not possible to refrain because OF
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 of
opinion as to many governmental poll
cies. but surely there can be no such
differences as to the need or unflinch-
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-
trene the national virtue OF self reli-
ance. OF independence in initiative
and action. IL 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. Unfortunat tely 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 interstate business
save such as was conducted by water.
and this the national government at
once proceeded to regulate In thorough
going aud effective fashion. Conditions
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 result Ii can
be but partially and imperfectly con
trolled or regulated by the action OF
any one of the several states. such ac-
tion inevitably tending to be either
too drastic or else too lax and I'm either
case ineffective fpr purposes of Justice.
Only the national government can in
thoroughgolng 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 Il does mean that there should be
Jan extension Of federal activity. This
is not advocating Capitalization. IL is
merely looking facts in the face and
realizing that Capitalization In business
has already come and cannot be avoid
ed or undone aud that the public at
large can only protect itself from GER
tain evin effects of this business cen
tralzation by providing better methods
for the exercise OF control through the
authority already centralized I'm the
national government by the constitu-
tion itself. There must he no bait I'm
the healthy constructive course Of ac-
tior which this nation has elected TO
pursue and has steadily pursued dur
Ing the last six years. rs shown both
I'm the legislation OF the congress and
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
national incorporation act or law
licensing railway compaAies TO engage
IN interstate commerce upon certain
conditions. The law should be so
framed as TO give TO the interstate
commerce commission power to pass
upon the future issue Of securities
while ample means should be provided
70 enable the commission whenever I'm
its Judgment Il is necessary TO make a
physical valuation OF any railroad. AS
! stated I'm my message to the congress
a year ago, railroads should be given
power to enter into agreements sub
ject to these agreements being made
public In minute detail and to the con-
sent Of the interststs commerce com
mission being npt obtained Until