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United States Department of State / Papers relating to the foreign relations of the United States with the annual message of the president transmitted to Congress December 3, 1907. (In two parts)

Roosevelt, Theodore
Message of the president, annual,   pp. VII-LXX PDF (23.8 MB)

Page VII

To the Senate and House of Representatives: 
 No nation has greater resources than ours, and I think it can be truthfully
said that the citizens of no nation possess greater energy and industrial
ability. 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
people to hoard money instead of keeping it in sound banks; for it is such
hoarding that is the immediate occasion of money stringency. Moreover, as
a rule, the business of our people is conducted with honesty and probity,
and this applies alike to farms and factories, 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 if 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 unscrupulous 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 investments
or embarking in kinds of business that are really unsound. When the misdeeds
of these successfully dishonest men are discovered, suffering comes not only
upon them, but upon the innocent men whom they have misled. It is a painful
awakening, whenever it occurs; and, naturally, when it does occur those who
suffer are apt to forget that the longer it was deferred the more painful
it 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

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