The Savannah morning news., 1904-02-03
THE WHITE HOUSE AND WALL
STREET

Attorney General Knox is quick to
| deny that the Foraker bill. which
amends the Sherman antitrust law,
taking. as it were, the fangs out of
that law, has the approval of the ad-
ministration. The pith of the amend
ment is in the following paragraph:
That nothing in the act to regulate
| commerce approved Feb. 4, 1887, or in
| the act to protect trade and commerce
! against unlawful restraints and mo-
/ nopolies, approved July 2, 1890 or in
| any act amendatory of either of said
acts, shall hereafter apply to foreign
| commerce or shall prohibit any act or
| any contract in restrain of trade or
| commerce among the several states,
Provided that such restrain be rea-
sonable or shall hereafter authorize
| Imprisonment or forfeiture of property
as punishment for any violation of
such acts, except for perjury or con-
| tempt of court.
Mr.. Knox, in his interview said that
it was proposed to offer this amend
ment just a year ago to some one of
the appropriation bills, and that the
matter was submitted to him by the
President for an opinion. He told the
President that the effect of it, if it
became a law, would be to take the
life out of the antitrust laws. 1t
seems that the proposed amendment
was then dropped.
But why is it introduced at this
time? Senator Foraker is quoted as
saying that he did not speak with the
President concerning it, and the in
ference from what he is alleged to
have said is that the President knew
nothing about his purpose to introduce
it, in fact. knew nothing about It
whatever. 1t is a fact, however, that
Senator Foraker is the manager in
Ohio of the Presidents campaign for
the presidential nomination. 1t is be-
lieved also that he is one of the Pres
ident's principal advisers in matters
relating to his campaign for the NOM
ination. In the Washington dispatches
the statement has been made several
times within the last few days that re-
Gently Senator Foraker has had sew
eral lengthy conferences with the
President. Is it, or is it not, fact,
that the effect of the Presidents course
In regard to the Sherman antitrust law
on his candidacy for the nomination
was one of the subjects of their con-
ferences? If it was, isn't it reasonable
to suppose that they discussed this
amendment? Would Senator Foraker
have introduced measure so vitality
affecting the administration, and par
ticularly the Presidents chances for
the presidential nomination of his
party, without consulting him in re-
gard to it? II doesn't seem reasona-
BILE that he would.
But why should the President be
anxious to have such a measure intro
duced. and, that too, by one of his
chief supporters? The reason is that
there is a. great deal of talk in favor
of nominating Senator Hanna. This
talk of Mr.. Hanna is inspired by Wall
street, and by capitalists and trust
magnates in all parts of the country.
There is grave apprehensions as to
what may follow if the decision in the
Northern Securities case should be
against the Northern Securities Com
pany. The action of the President in
inaugurating the suit against that
company angered Wall street and the
trusts magnates. If it should appear
that the administration was in favor
of preventing further prosecutions of
trusts that have violated the anti
L. gfr ,frrI,f with Arox
it's hostility to the President, and, in
stead of opposing him, turn around
and support him, not only for the
nomination, but also for President, if
nominated.
Mr.. James Stillman, president of the
National City Bank of New York, and
one of the foremost financiers of the
country, a man who is interested with
the Rockefellers and others in many
of the trusts, visited the President last
week. Immediately after his departure
the Foraker bill amending the anti
trust laws was introduced.
Doesn't all this look as if the Pres
ident had some knowledge that the
Foraker bill was going 10 De miro
duced? And some of the Republican
papers are now saying that wall
street will be for Roosevelt" Wouldn't
it be a good plan for Washington
newspaper correspondents to so in
terview the President as they inter-
viewed the Attorney General respect
ing the Foraker bill? If the Presi-
dent has made peace with Wall street,
as his newspaper organs seem to be-
lieve, it is not improbable that he has
promised to sign the Foraker bill if
it should be sent to him for his sigma
ture. Clearly there is ground for
thinking the Foraker bill is politics of
the most practical kind.
WILLIAM a.. WHITNEY