Middlebury register. (Middlebury, Vt.) 1886-1937, 1907-12-06
MESSAGE OF
THE PRESIDENT

The president in his message to con-
gress says:
No nation has greater resources than
ours, and ] think ii can he truthfully
said that the citizens Of no nation pos
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 to hoard money instead of keeping
II in sound banks, for it is such hoard
ing that is the immediate occasion Of
money stringency. Moreover, as a
rule, the business Of our people is con-
Quoted with honesty and probty, 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 il the conditions are
such that these men prosper or commit
their misdeeds with impunity 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 in
vestmeDts or embarking in kinds Of
business that are really unsound.
When the misdeeds OF these success
fully dishonest men are discovered, suf
fering comes not only upon them, but
upon the innocent whom they have
misled.
There may be honest differences Of
opinion as to many governm entail poll
cies, but surely there can be NO such
differences as to the need of unflinch-
ing perseverance in the war against
successful dishonesty.
Interstate Commerce
The founders Of the constitution pro-
vided that the national government
should have complete and sole control Of
interstate commerce. The interstate
commerce by water is insignificant
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 controlled or
regulated by the action Of any one Of
the several states. Only the national
government can in thoroughgoing
fashion exercise the needed control.
There must be no halt in the healthy
constructive course Of action which this
nation has elected to pursue and has
steadily pursued during the last six
years, as shown both in the legislation
of the congress and the administration
of the law by the department Of JUS
tce.
The most vital need is in connection
with the railroads. AS to these, in my
national incorporation act or law
licensing railway companies to engage
in interstate commerce upon certain
conditions. Until the national govern
ment assumes proper control Of inter
state commerce in the exercise of the
authority it already possesses it will be
impossible either TO give to or to get
from the railroads full justice.
The Antitrust Law
from the railroads full justice. The
railroads and all other great corpora
tons will do well to recognize that this
control must come. The only question
Is as to what governmental body can
most wisely exercise il.
Moreover, in my judgment. there
should be additional legislation look ing
to the proper control of the great bust
ness concerns engaged in interstate
business, this control to be exercised
for their own benefit and prosperity nc
less than for the protection of inves
tors and of the general public. Modern
industrial conditions are such that com
bination is not only necessary, but in
evitable. Corporation and labor union
alike have come to stay. Each if prop
erly managed is source Of good anC
not evil. Whenever in either there Is
evil 1t should be promptly held to &C
count, but il should receive hearty en-,
enlargement so long as it is properly
managed.
The antitrust law should not be re-
pealed, but il should be made botl
more efficient and more in harmony
with actual conditions 1t should MOI
prohibit combinations that do no injus
tice to the public, still less those the
existence Of which is on the whole OF
benefit to the public. But even II thi:
feature OF the law were abolished Their,
would remain as an equally objection
able feature the difficulty and delay
now incident to its enforcement Tn,