The San Francisco call., 1905-06-22

, less and frank way in which you and you
alone came forward and in the interest OF
the Government and the public gave legal
evidence Of the facts which every one in
interest privately admitted to exist, but which
the Interstate Commerce Commission had pre-
viously been unable legally to establish. 1t
was primarily due to this testimony OF yours
that we were able to put 50 early an effective
existed. You rendered a great public service
by your testimony. You enabled the Govern
ment to accomplish in the interest OF the
public that which it could not otherwise nave
accomplished and you showed yourself to be
more than any other railroad man with whom
l came in contact jealous in your endedvor
to see that the law should no longer remain
dead letter but that all the railroads alike
shSuid be REQUIRED to t9 obey IT, IN this matter
attracted my particular attention 1t showed
you to be in Judgment man whose word
could be trusted absolutely and whose desire
to do full justice and to have it done could
likewise be trusted. When a vacancy occurred
in the Navy Department 1 made up my mind
that wished you in my Cabinet where, permit
me to reterate, you have shown yourself to be
one of the most faithful and devoted public
fortune to be connected. You came in at my
urgent request and in spite Of your natural
reluctance to accept the very heavy financial
loss which taking the position OF Secretary OF
the Navy necessarily involved.
BOON TO THE EQUITABLE.
I certainly would not shield you because you
are in my Cabinet. but equally certain L shall
not sanction attack upon you which
WOuiQ not cream Oh SdncIlOuluS II you HdQ not
become a member of my Cabinet Since
accepted your resignation member Of my
Cabinet you have undertaken perhaps the
greatest and most important work now open to
any business man in assuming control Of the
Equitable Life Assurance Society. You do
not need to be told again of the confidence
thateI have in you and my belief in your alb
soute sincerity of purpose and your unfiinch-
ing courage.
consented to take control OF the society that
there will be a clean management, a control
really and honestly in the interest of the
policy holders and which will make i'm
possible the crooked and Objectionable practices
that have hitherto prevailed in the society.
Ex-President Cleveland in consenting to act
society and to use the visiting power of such
stock In the selection of directors. concludes
his letter by saying: I'VE shall be safer IL
we regain our old habit OF looking at the ap-
preparation to personal uses of property and
interests held in trust in the same light as
other forms of stealing.
In other words, you and Mr.. Cleveland in
tend to see that the affairs of the society are
managed not merely with the honesty requi-
site TO keep clear Of criminal proceedings, but
with the fine sense of honor which recognizes
in the trustees and that Is what the
man responsible for the management Of
adays, the duty of managing his business
affairs with high sense OF obligation, not
only to the stockholders and the policy holders
themselves. but also to the general public. Mr.
Cleveland has especially stipulated that he is
to be absolutely free and undisturbed in the
that you are to be absolutely free and unds-
turbed in the exercise of your Judgment. 1
have faith in your will to do right and also
In the judgment which will enable you to do
right. As understand 1t. the majority of the
stock is TO be put in the hands OF board of
trustees. Of which Mr.. Cleveland has accepted
the chairmanship and they will have absolute
control. subject to the majority of the d.
rectors to exercise their own Judgment with
out control. Your own policy will be, know,
to give the policy holders a square deal and to
clean house thoroughly. You would not take
sucn s.oa posltion II you did not have perfectly
Tree hand and If you were not unhampered by
commitments to anybody. s'l-
CONTROL of INSURANCE..
do not congratulate you on entering this
work. for do not wish to congratulate any
aa awss unt na pSts hs f. but rather
to express to you not only my belief If, you
and in your success, but my strong feeling
portant public duties that can befali any man
The scandal. which has been so deplorabIe for
yond the society itself Not only. is it la
mentable to think of the condition of hun
Wo Ssye Of people an the
shaken In the provision in which they have
made for their families and for their old age
oy putting their earnings of years in this So
ciety. but the loss of confidence thereby Gre
ated affects the whole insurance business of
the country and weakens that great tendency
for the promotion of thrift and providence.
Your success In your new position will mean
not only great achievement for you. but
business conditions, they are to-day the
head of one of the great Insurance societies
should be regarded as just as emphatically
public servant as If he were occupying any
office through the direct vote of the people
He should be held to the strict account
ability II he goes wrong and he is entitled to
the same praise IL by doing his duty fear
lessly. honestly and intelligentily he in
creases the stability of the business world
raises its moral tone and puts a premium
upon those habits of savings which are so es-
sential to the welfare of the people as body.
ldentically, 1t seems to me. that what has
occurred furnishes another argument for eff
fective supervision by the National Govern
ment, II such supervision of the National Gov
ernment can be obtained over all those great
insurance corporations which do an interstate
business. With earnest good wishes, faithfully
yours, THEODORE ROOSEVELT