The Mt. Sterling advocate. (Mt. Sterling, Ky.) 1890-current, 1907-12-04
!. ..SIDENT' MESSAGE

The president In his message to con,
sress says:
No nation has greater resources than
cars. and I think u can be truthfully
said that the citixehs OF no nation pos.
ssss groatsr 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 il the case for PEG
pie to hoar3 money Instead Of keeping
It In sound banks, for it y such hoard
ing that ~ the Immediate occasion OF
money tr1nssncy. Moreover as a
rule, the business Of our people u con-
da4A with honesty and probity. and
~ applies Alike to farms and fac
y -, to railroads aod banks, to all
IA legitimate commercial enterprises.
In any large body Of men, however,
there are certain ~ Be some who are
dishonest and r the conditions are
such that these men prosper or commit
their misdeeda with IMMUNITY their
example 10 very evil thing for the
community. Where these men are
business men Of sres. sagacity and %
temperament both unscrupuloas and
reckless, ana wheEe the conditions are
such that they act without supervision
or control and at first without effective
CHECK froln public opinion, they delude
many Innocent people into making In
vestments or embarking ia kinds OF
business that are really unsound. When
the misdeeds Of these successfully dis
honest lpen are discovered, suffering
comes not only upon them, but upon
the innocent whom they have misled.
1t is painful awakening, whenever II
occurs. and naturally when it does oc-
cur those who suffer are apt 10 forget
that the longer 1t was deferred the
to punish the guilty It u both wise and
proper TO endeavor % far as possible
to minimize the distress OF those who
have been nisled by the guilty. Yet it
Is not possible to refrain because OF
such distress from striving to put an
end to the nisdeeds that are the ulti-
mate causes Of the suffering and. as a
means to this end, where possible to
punish those responsible for them
There may be honest differences Of
opinion ~ to many governmental poll
pies, but surely there can be no such
differences AZ to the need OF unffinch
ing perseverance In the war against
kuccessful dishonesty.
Interstate Con,.nsres.
/ No small part Of the trouble that we
,ave comes from carrying to an ex-
rene the national virtue of self reli-
ance, Of independence in initiative
nd action. It is wise to conserve this
irtue and to provide for its fullest
4 Ierciss compatible with seeing that
iberty does not become a liberty to
grong others. Unfortunately this Is
be kind OF liberty that the lack Of all
Elective regulation inevitably breeds.
the founders of the constitution pro-
,ided that the national government
lhould have complete and sole control
IL Interstate commerce. There was
ben practically no interstate business
lave such is was conducted BIZ water,
nd this tho national government Al
nee proceeded to regulate in thorough
Ding and effective fashion. Conditions
ave DOW so wholly changed that the
Interstate eommeYee by water is lnsig
Ilncant compared with the amount
hat roes by land, and almost all big
tisiness concerns are now Engaged IN
! Interstate com meree. As result il can
IL but partially and imperfectiy con-
f,lled or regulated by the action OF
ny one OF the several states, such ac-
on Inevitably tending TO be either
20 drastic or else too lax and In either
.se ineffective for purposes Of Justice.
inly the national government can In
i.oroughgoi fashion exercise the
seded control This does not mean
lat there should be any extension of
deral authority. for such authority
ready exists under the constitution
aInplest and most far reaching form,
~ IL OoCS LuN0u knAk ttiCfU Sdpbid ~
extension Of federal activity. This
not advocating GENERALIZATION. IL In
erely looking facts in the face and
slizing that Capitalization In business
o already come and cannot be avoid
or undons and that the public at
zee can only protect itself from GER
In evil effects OF this business cen
Aviation by providing better methods
r the exercise Of control through the
thprtty already centralized in the
txnAl government By the eonstitu-
ftsa4 There muAt b. no halt IN
healthy constructive course OF ac-
u which this nation has elected TO
rs4,e and has steadily pursued Dur
the last six years. as shown both
the legislation Of the congress and
, administration q the law by uhs
paptnsat OF tnseScs.
National Lies~ss Fer Railroads.
ehs most vital nseA = IN CONNECTION
th the railroads. ~ b those, ii my
lgnent. thsss should NV be either
national ineaepoFa tioa act or law
snstng railway eompaaiss TO engage
interstate commerce upon certain