The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-07-23
THE CAUSE OF THE DECLINE.
Are Capital, Industry and Enterprise SUI
ferang From tho Roosevelt Policy


To THE EDITOR OF The SUN--Sir' There
il much discussion as to the cause of the
heavy and almost continuous decline in
stock market values which has been going
on for six months past.
Various theories have been advanced,
but TO my mind not one of them fills tho
bill. Capital liz dethroneless king. Not
heartless, cruel, wicked ruler but kingly
king. Should this king ever be dethroned
then indeed would chaos reign throughout
the Industrial. commercial and political
world of America. Now American capital
has met with new foe in the unfriendly
attitude Of the Roosevelt Administration.
Under every Administration heretofore,
corporate interests had reasons for believing
the strong arm Of the law might be invoked
against red-handed rioters and minions Of
mobocracy. Capital also believed il was
secure In it's right to develop the industries
and natural resources of our country, to
form railway and industrial combinations
in order to effect certain economies and to
establish greater net earning power, thereby
creating greater demand for labor az in
creased rates Of pay.
Up TO and including the autumn Of 1902
capital was busy making prosperity, and all
went well This happy situation would
have continued had not unfriendly inter
ference by the Government with the rights
of capital and business interviewed to check
all progress, so that capital was forced to
take holiday and await developments.
Here, then, to my mind, is the chief cause
OF this unparalleled shrinkage in the market
value OF American Investments fertile
field transformed into a barren plain,
Because certain Socialistic and Popuistic
writers and political speakers advocated
and proclaimed the necessity Of "outlawing
the trusts. the machinery of the Legisla
tive, Executive, and even the Judiciary
branches Of the Government was set in
motion, and an excuse was found in the
form of a defective fifteen year-old statute,
known as the Sherman Antitrust law.
upon which to base an attack The Gov
eminent sailed in" Then what fall was
there. my countrymen, then you and !
and all of us fell down." while strenuous
politics flourshed over us.
| don't blame capital one bit for getting
its back up. 1t is high time that Congress
should be taught to egisate for business
men and business interests, and not so
much for vote-getting purposes. President
Roosevelt possesses many admirable quail
ties, tut he has made one grievous mistake.
Perhaps he will discover it in time-it is not
vet too late. He should learn now that
capital, corporate interests and business
concerns, as well as walking delegates and
ward heelers, control votes. If the Presi-
dent does not discover his error and change
his attitude and express the change in ac-
tions rather than words. I predict that he
will have to struggle very hard to get the
nomination year hence, and il he does get
it he will not be likely to have walk-over
at the polls.
This is business mems country. Let
us have business mems Congress- and let
the President call it together as quickly as
possible to enact currency reform measure
and TO modify existing ANTITRUST laws,
to meet the present day needs and require
ments, in order that confidence may again be
restored and prosperity again be with lls.
SPRINGFIELD Mass, July 20. j. B. S.