The Manchester journal. [volume] (Manchester, Vt.) 1861-current, 1907-12-05
PRESIDENT SMESSACE


W ration Lss greater resources than
ours. and tlinl Il eas b traihfuiiy
sasd that the cstlssps Of 20 nation pos
ssss greater ensrgy and Industrial sell'
ify In 90 nation av the Fundamental
business conditions so1Ddsf than 10
ours at tits rery moment and !, ~
fool.sh whsn such IL TIE case for PEG
pie 10 hoard money Instead u keeping
II IN sound tanks, fof n 10 such board
log that 10 the immedisi. occasion Of
money st1Exency Moreover. as q
rule, the business Of our people Is COZ
Quoted With honesty and pToblty. and
this applies alike 10 farms aud fac
iori~s, 10 railroads aud banks, TO all
our legitimate commercial enterprises
In any large body OF men. however.
tkers srv certain 10 b~ some who are
dishooest. aud II the conditions are
such that .h~s~ men prosper or corsmit
their misjeeds With IMMUNITY their
example "a yer, evil thing for the
community. Where these men are
business uen Of gres' sagacIty and %
temperament bo.h INSCRIPTIONS aud
reckless. sn, where the conditions are
such that they act without supervision
or control aud az FIRST without effective
check from public opinion, they delude
many innocent people into making In
vestments OF embsrking 10 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.
II Is a painful awakening, whenever II
occurs. and naturally when II does oc.
cur those who suffer are apt 20 forget
that the longer II was deferred the
more painful II would be- In the effort
to punish the guilty II Is both wise and
proper to endeayor 30 far as possible
10 minimize the distress OF those who
have been misled by the guilty. Yet 1t
ID 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 a. to many governmental poll
Giles, but surely there can be no such
differences as 10 the need OF un6inch-
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 seG reli-
snce. Of Independence In Initiative
and action. II Is wise to conserve this
virtue and TO provide for IL 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 oil
Elective 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 10 thorough
going aud effective fashion. Conditions
have now 20 wholly changed that the
Interstate commerce by water is insig'
nincant compared with the amount
that goes by land, and almost all big
business concerns are now engaged Ia
interstate commerce As result II can
b. but partially and imperfectly con
trolled or regulated by the action VI
any one Of the several states, such &C.
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 Ia
thoroughgoing 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 II does mean that there should he
IN extension OF federal activity. This
u not advocating Capitalization. IL Is
merely looking facts In the face and
realizing that GENERALIZATION In business
has already come and cannot he avoid
I'd or undone and that the public at
large can only protect Itself from GER
tain evil effects Of this business cen
tr,liEation by providing better methods
for the exercise OF control through the
authority already centralized In the
national government by the constitp-
ton itself. There must be no bait In
the healthy constructive course Of &C.
ton which this nation has elected to
pursue and has steadily pursued dur
ing the last six years. as shown both
IN the legislation Of the congress and
the administration OF the law by the
department Of justice.
National License FER Rsiiresds.
The most vital need Is In connection
with the railroads. As TO these, In my
judgment. there should now be either
q national Incorporation act or law
licensing railway companies 10 engage
In interstate commerce upon certain
conditions. The law should be 20
framed a. TO give 10 the Interstate