Staunton spectator and vindicator. [volume] (Staunton, Va.) 1896-1916, 1902-07-18
WASHINGTON LETTER.
tFrom our Regular Correspondent

| fTom our feR ulaT correspondent
Washington, July 14.-"Sooner or
later financial revulsion is bound to
come When the revul
sion comes, the democrats will be re-
| instated X" This pre-
dictlon was made to your correspond
emit by Senator Vest in an interview
forwarded to you on July 18th, and the
results OF that interview have been
far-reaching. The truth of the
prophecy made deep impression on
the republican leaders and has given
/ rise to the widely advertised intention
OF the President and his advisors to
Introduce an antitrust law during the
short session of Congress. While
every effort has been made to make
political capital out of thai intention.
1t Is rapidly coming out that the ex-
tent OF Mr.. Roosevelt's purpose in
selecting Representative Llttlefield to
draft SO. called ''anti -trust'' law. con.
slsts merely in a prospective effort to
secure publicity as preventive of the
present tendency to water trust stock,
1t is held by capitalists that this over
capitalization of stock Is fraught with
danger to the prosperity of the country.
as any sudden financial scare might in
immense blocks of stock, which are
not representative of legitimate assets,
being thrown on the market, with the
certainty OF a disastrous panic as the
result. Therefore Mr., Roosevelt.
while attempting to mislead the coun.
try with the hope OF genuine anti trnst
legislation, will endeavOr to secure a
law which will meet with the support
OF the capitalists and many OF the
trusts themselves.
what can be accomplished by more
publicity can be judged by the exam
pie OF the Steel Trust which has volun.
tarily made It's affairs public, and
which unblushingly points to aQpre.
gate profits of 1854, 900, 900 during the
past six months. According to Repre-
sentative Babcock, chairman of the
Republican Congressional Campaign
Committee, the Steel Trust is now tak-
ing out OF the pockets of the people Of
the United States from $40, 600. 600 to
$50 ,OOO, 600 more than 1t ls entitled to
annually, and it does this by virtue of
Tue monopoly secured to it by the tariff
OF TO per cent. on Its products; but, it
is announced, Mr.. Roosevelt does not
anticipate ''injuring the trusts by any
ASNuOoAOh Va tAC OclI1A DuU Will SIM
ply advocate legislation which viii in
sure publicity of their affairs.
No better opportunity was ever af-
forded the President to demonstrate
his fairmindedness and Consistency
than is presented by the case of Sena-
tor Bailey, Of Texas. and Judge Pen
field, solicitor general OF the State De.
partment. 1t will be remembered that
a case in which the Texas senator is
interested was discussed with copsid-
cradle ascerblty by Mr.. Bailey and mn.
Beveridge, of Indiana, during the clos. |
ing hours OF the session and resulted |
In an unfortunate personal encounter
between the two, after. the Senate had |
adjourned for the day. Subsequently
Judge Penfeld, In whose defense Sena-
tor Beveridge had engaged, made pub.
lie statement of his view of the con
5roversy. While the Judge was doubt
less within bis rights in making public
lis side of the case, his statement was
married by the most Incorporate Ian.
yuage. After saying that Senator
6alley had stated on the floor of the Is
senate What was sin substance and