, 1907-10-03
PRESIDENT APPROVES
LAKE PLANS
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iContlnued from page IL
ting the chance OF being blackmailed--
an attitude rendered familiar in the
past by those corporations which had
thriven under certain corrupt n law.
less city governments.
Problem of the Railroads.
The first need is to exercise this
federal control in thoroughgoing and
efficient fashion over the railroads,
which, because of their peculiar posi-
ton, cffer the most immediate and ur
gent problem. The american people
abhor d vacuum and is determined
that this control shall be exercised
somewhat; it Is most unwise Tor the
railroads not 10 recognize this and to
submit to IL Us the FIRST requisite. OF
exercised in some such fashion as it
is now exercised over national banks,
there will be 10 falling off in business
prosperity. On the contrary, the
chances for the average man to do bet
ter will be increased.
opportunity IcSScliHS.
Undoubtedly there Will be much less
opportunity than at present for Il ve.y
few individuals not of the most scrupu,
lous type to mass great fortunes by
specializing i'll the manipulating Sc
c%urlties which are issued without any
kind of control or supervision. But
there will be plenty OF room left tor
ample legitimate reward for business
genius, while the chance for the man
who is not a business genius, but who
is a good, thrifty, hard-working citizen,
will be better.
A Beneficial Effect.
/ do not believe that our efforts will
have anything but a beneficial effec,
upon the permanent prosperity of the
country; and, as a matter of fact, ever
as regards any temporary effect,
think that any trouble is due funda.
mentally not to the fact that the ma
tional authorities have discovered anu
corrected certain abuses, but to the
feat that those abuses were there to
be discovered. l think that the excel
lent people who have complained ii
our policy as hurting business have
shown much the same spirit as the
child who regards the dentist and not
the liberated tooth as the real source
of his O
Ultimate Benefit 10 Business.
| am al certain as l can be of any
thing that the course we are pursuing
will ultimately help business; for the
corrupt man of business is as great q
foe to this country as the corrupt poll.
eminence of intamy. Against both II
is necessary to war; and if, %unfortu-
nately in either type OF warfare, a few
innocent people are hurt, the respon.
sibility lies not with us, but with those
who have misled them to their hurt.
Meeting New Conditions.
This is a rapidly growing nation,
on a new continent, and in an era OF
new, complex, and ey%er-shifting condi-
lions. Often it is necessary to devise
new methods of meeting these new con
ditions. We must regard the past, but
We must not regard only the past. We
must also think of the future; and
while we must learn by experience, we
can not afford to pay heed merely to
the teachings of experience.
Charming on the Union.
The great preacher Claiming in
his essay on THE Union spoke with
fine insight on this very point. In
commenting on the New England
statesman, Cabot, whom he greatly
admired, he said that nevertheless "he
had too much of the wisdom of expe'
%rience: he wanted whac may be calle1
the wisdom of hope" He then contin-
ued in words which ave a peculiar
fitness for the conditions of today:
Fitting Present Conditions.
1--WE a%pprehend that it is possible
to make experience too much our