This is a stupendous record of achievement. As a people we are rather fond of criticising ourselves, and sometimes with very great justice; but even the most pessimistic critic should sometimes think of what is to our credit. Among our assets of the past ten years will be placed the extraordinary ability, integrity, and success with which we have handled all the problems inherited as the result of the Spanish War; the way we have handled ourselves in the Philippines, in Cuba, in Porto Rico, in San Domingo, and in Panama. The cruise of the battle fleet around the world was a striking proof that we had made good with the navy; and what we have done at Panama represents the accomplishment of one of the great feats of the ages. It is a feat which reflects the highest honor upon our country; and our gratitude is due to every man who has taken an honorable part in any capacity in bringing it about.

The same qualities that have enabled Americans to conquer the wilderness, and to attempt tasks like the building of the Panama Canal and the sending of the battle fleet around the world, need to be applied now to our future problems; and these qualities, which include the power of self-government, together with the power of joining with others for mutual help, and, what is especially important, the feeling of comradeship, need to be applied in particular to that foremost of National problems, the problem of the preservation of our National resources.

The question has two sides. In the first place, the actual destruction, or, if this is not possible, at any rate the needless waste, of the natural resources must be stopped. In the second place, so far as possible, these resources must be kept for the use of the whole people, and not handed over for exploitation to single individuals or groups of individuals.

The first point I shall not here discuss at length. It is rapidly becoming a well-settled policy of this people that we of the present generation hold the land in part as trustees for the next generation, and not exclusively for our own selfish enjoyment. Just as the farmer is a good citizen if he leaves his farm improved and not impaired to his children, and a bad citizen if he cares nothing for his children and skins the land and destroys its value in his own selfish interest; so the Nation behaves well if it treats the soil and the water and the forests as assets which it must turn over to the next generation increased and not impaired in value, and behaves badly if it leaves the land poorer to those who come after us. No farm should be so used that the soil is permitted to depreciate in value; no forest so used as permanently to impair its productivity.

The second part of the question relates to preserving and using our natural resources in the interest of the public as a whole. We do not intend to discourage individual excellence by improperly diminishing the reward for that individual excellence; on the contrary, our desire is to see that the fullest reward is given to the men of exceptional abilities, up to the point when the abilities are used to the detriment of the people as a whole. We favor the sheep man who feeds his sheep on his own range in such manner that the range increases instead of diminishes in value; and we are against the big man who does not live in the country at all, but who sends migratory bands of sheep with a few hired shepherds to wander over it, destroying pasturage and forests, and seriously impairing the value of the country for actual settlers. We are for the liberty of the individual up to, but not beyond, the point where it becomes inconsistent with the welfare of the community as a whole.

Now, to preserve the general welfare, to see to it that the rights of the public are protected, and the liberty of the individual secured and encouraged as long as consistent with this welfare, and curbed when it becomes inconsistent therewith, it is necessary to invoke the aid of the Government. There are points in which this governmental aid can best be rendered by the States; that is, where the exercise of States’ rights helps to secure popular rights, and as to these I believe in States’ rights. But there are large classes of cases where only the authority of the National Government will secure the rights of the people, and where this is the case I am a convinced and a thoroughgoing believer in the rights of the National Government. Big business, for instance, is no longer an affair of any one State; big business has become nationalized; and the only effective way of controlling and directing it, and preventing abuses in connection with it, is by having the people nationalize this control in order to prevent their being exploited by the individuals who have nationalized the business. All commerce on a scale sufficiently large to warrant any control over it by Government is nowadays inter-State or foreign commerce; and until this fact is heartily acknowledged, in particular by both courts and legislative bodies, National and State alike, the interest of the people will suffer.

Take the question of the control of the water power sites. The enormous importance of water power sites to the future industrial development of this country has only been realized within a very few years. Unfortunately, the realization has come too late as regards many of the power sites, but many yet remain with which our hands are free to deal. We should make it our duty to see that hereafter the power sites are kept under the control of the general Government for the use of the people as a whole. The fee should remain with the people as a whole, while the use is leased on terms which will secure an ample reward to the lessees, which will encourage the development and use of the water power, but which will not create a permanent monopoly or permit the development to be anti-social, to be in any respect hostile to the public good.

In this country, nowadays, capital has a National and not a State use. The great corporations which are managed and largely owned in the older States are those which are most in evidence in developing and using the mines and water powers and forests of the new Territories and new States, from Alaska to Arizona. I have been genuinely amused during the past two months at having arguments presented to me on behalf of certain rich men from New York and Ohio, for instance, as to why Colorado and other Rocky Mountain States should manage their own water power sites. Now I am sure that those men, according to their lights, are good citizens; but, naturally enough, their special interest obscures their sense of the public need; and as their object is to escape efficient control, they clamor to be put under the State instead of under the Nation. If we are foolish enough to grant their requests, we shall have ourselves to blame when we wake up to find that we have permitted another privilege to intrench itself, and another portion of what should be kept for the public good to be turned over to individuals for purposes of private enrichment.

Our people have for many years proceeded upon the assumption that the Nation controls the public land. The coal should be kept for the people, and those who mine it should pay part of the profit back to the people.

Remember also that many of the men who protest loudly against effective National action would be the first to turn round and protest against the State action if such action in its turn became effective, and would then unhesitatingly invoke the law to show that the State had no Constitutional power to act. I am a strong believer in efficient National action; and if there is one thing which I abhor more than another, it is the creation by legislative, by executive, or by judicial action of a neutral ground in which neither the State nor the Nation has power, and which can serve as a place of refuge for the lawless man, and especially for the lawless man of great wealth, who can hire the best legal counsel to advise him how to keep his abiding-place equally distant from the uncertain frontier of both State and National power.