The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1907-12-07
PRESIDENTS ESSACE

XxSHo says.
No nation has greater resources than
ours. and l think Il can be truthfuily
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 PEG
pie to hoard money instead OF keeping
II In sound banks, for Il 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 probity. and
this applies alike to farms and fac
tories. 10 railroads and banks. TO all
our legitimate commercial enterprises
In ans large body OF men. however,
there are certain TO DO some who are
dishonest, and II the conditions are
such that these men prosper or commit
their misdeeds with impunity their
example Is q very evil thing for the
community. Where these men are
business men OF grea. sagacity and %
temperament both INSCRIPTIONS and
reckless, AMI where the conditions are
such that they act without supervision
OF control and at first without effective
check from public opinion, they delude
many innocent people into making I'm
10, 4 Ia. an. LII MI NJ
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.
1t Is painful awakening, whenever II
occurs, and naturally when II does oc-
cur those who suffer are apt TO 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 endeavor so far as possible
10 minimize the distress OF those who
have been misled by the guilty. Yet II
is not possible TO refrain because OF
such distress from striving 10 put an
end 10 the mlsdeeds that are the ulti-
mate causes OF the suffering and, as a
means 10 this end, where possible TO
punish those responsible for them.
There may be honest differences OF
opinion as to many governmental poll
differences as to the need OF 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-
IRENE the national virtue OF self reli-
ance, OF independence In initiative
and action. IL is wise to conserve this
virtue and 20 provide for its fullest
exercise compatible with seeing that
liberty does not become n liberty 10
wrong others. Unfortunately this is
the kind OF liberty that the lack Of all
effective regulation inevitably breeds.
The founders OF the constitution pro
yided that the national government
should have complete and sole control
OF interstate commerce There was
then practically no interstate business
and this the national government NJ
once proceeded 10 regulate I'm thorough
going and effective fashion. Conditions
have now so wholly changed that the
interstate commerce by water Is inslg
ni1cant compared with the amount
that goes by land. and almost all big
business concerns arc 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 &C
tion 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 IN
thoroughgo<ng 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 be
an extension OF federal activity. This
il not advocating Capitalization. II Is
merely looking facts In the face and
realizing that Capitalization In business
has already come and cannot be avoid.
ed or undone and that the public at
large can only protect itself from GER
tain evil effects OF this business cen
tralization by providing better methods
for the exercise OF control through the
authority already centralized In the
national government by the constltu.
tion itself. There must be no halt I'm
the healthy constructive course OF ac-
tion 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 For Railroads.
The most vital need In In connection
with the railroads. AS TO these. In my
judgment. there should now be either
n national incorporation act or a Law
licensing railway companies TO engage
In Interstate commerce upon certain
conditions. The law should be so
framed az 10 give TO the interstate
commerce commission power to pass
upon the future issue OF securities,
whllo ample means should be provided