Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1907-12-04
BOARDING OF MONEY PRONOUNCED
LITTLE SHORT OF CRIMINAL FOLLY
Vast Resources of Country, Unparalleled Energy and
Almost Universal Honesty of People Pointed Out
as Showing Unlklihood of Permanent Disaster
Due to Manipulation of Business by a Few I'm
scrupulous and Reckless Financiers.

TO the senate and house Of represent
atives:
No nation has greater resources
thai ours. and | think 1t can be truth
fully said that the citizens of no nation
possess greater energy and industrial
ability. In no nation are the funda-
mental business conditions sOunde
than ours at this very moment; and
it is foolish, when such is the case,
for people to hoard money instead OF
keeping II i'm sound banks; for IL IL
such boarding hat is the immediate
occasion of money stringency. More
over. as a rule, the business of our
people is conducted with honesty and
probity. and this applies alike to farms
and factories. to railroads II banks,
To all our legitimate commercial enter
prises.
In any large body OF men. however,
there are certain to be some who are
dishonest, and II the conditions are
such that these men prosper or com
nit their misdeeds with impunity,
their example Is a very evil thing Tor
the community. Where these men are
business men of great sagacity ~ OF
temperament both INSCRIPTIONS ana
reckless. and where the conditions are
such that they act without supervi-
EAhl VI VI anu CT 90 AAAAF1 80
fective check from public opinion.
they delude many innocent people into
making investments or embarking I'm
kinds OF business hat are really un-
sound. When the misdeeds Of these
successfully dishonest men are diseoN-
cred, suffering comes not only upon
them. but upon the innocent men
whom they have misled. 1t is a pain
full awakening, whenever It occurs
- - ~ - 10 4AAH aaafuH
those who suffer are apt TO forget that
the longer il was deferred the more
painful II would be. In the effort TO
punish the guilty it is both wise and
proper to endeavor so far as possible
to minimize the distress of those who
have been misled by the guilty. Yet 1t
is not possible to refrain ecause OF
such distress from striving TO u an
end to the misdeeds 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 De honest differences OF
opinion as to many government poil-
cies, but surely there can be no such
differences as to the need of unfiinch-
ing perseverance in the was against
successful dishonesty.
In my message to the congress ~
December 5. 1905 I said:
III the folly of man mars the 3 n
cral w%ell-being. then those who 70
innocent Of the folly Will have u"
pay part Of the penalty incurred ny
those who are guilty Of the folly
\ panic brought on by the speculative
folly OF part of the business commu-
nifty would hurt the whole business
but such stoppage Of wei
fare. though il might be severe, would
not be lasting. In the long run. the
one vital factor in the permanent pros
perity Of h country Is the high indl-
Nidual character OF the average Amerl-
can worker. the average American CT
tizen. no matter whether MS
work be mental OF manual, whether
he be a farmer or wage-worker, a
business man or a professional man
I'm our Industrial and social system
the interests of all men are so closely
intertwined that in the immense ma
iority Of cases a straight-dealing man.
who by his efficiency. by his ingenuity
and industry. benefits himself. must
also benefit Others. Normally. the
man Of great productive capacity who
becomes rich by guiding the labor OF
many men does 50 by enabling them
10 produce more than they could pro-
duce without his guidance; and both
he and they share In the Denei't,
which comes also to the public AT
large. The superficial fact that the
sharing may be unequal must never
blind Us to the underlying fact ihat
there il thi sharing. and that the
benefit comes in some degree To each
man concerned. Normally, the wage
worker. the man Of small means. ana
the average consumer. as well as the
average producer. are all alike helped
by making conditions such thar the
man Of exceptional business
ability receives an exceptional reward
for his ability. Something can ne
done by legislation 10 help the gen
eral prosperity: but no such help OF a
permanently beneficial character can
be given to the less able and less lot-
tunate save as the results Of a policy
which shall inure 20 the advantage
81 all industrious and efficient people
who act decentiy. and this Is only an
other way Of saying that any benefi
which comes 10 the less able and less
fortunate must OF necessity come even
more TO the more able and more
fortunate brother Co strike at
the conditions under which they have
both. though unequally. prospered,
the result will assuredly be that while
damage may come to b one struck
al. IL Will VISIT with an even heavier
load the one who strikes the blow
Taken As a whole. we must al go up
OF go down together.
Yet. while not merely admitting