The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1907-08-17

executive action. They were between
the two fires Of an angry public de-
manding lower rates and OF organized
labor insisting upon higher wages.
Mr.. Baer told the president that the
railroads would run just the trains
needed for the mails, but would re-
duce their force of employees to one
fourth the present number. OF course
with the factories closed there would
be such a reduction in traffic as no
longer to require so many trains as
formerly.
Mr.. President" Mr.. Baer is report
ed to have said, running railroad
has come to be what Sherman said
war was. The insatiate demands of a
hysterical public and lower prices for
transportation, the equally insatiate
demands of organized labor for high
er wages and shorter hours, the I'M
position of fines running into the mil
lions for violation of laws which were
supposed to be obsolete, the appoint
ment of receivers for several of the
leading railroad and Industrial proper
ties with threats of more receiverships
to follow, the passing of anti-ratlroad
legislation, federal, state and municip-
al, until it seems as If the people were
intent upon lynching capital; all these,
Mr. President, have produced a chaos
and confusion which are beyond the
power of capital to cure. The conf
dence of the investors has been cruci-
fed. New money is not to be had.
We cannot help ourselves. We must
stop"
The president grew purple in the
face, and was about to explode in a
passionate outburst when Mr.. Mellen
of the New Haven FASTENED to speak,
He reminded the president of his
strong friendship and desired to say
that this move had no bearing upon
politics and was intended as no attack
upon the president who had been fully
justified in enforcing law and in es-
tablishing publicity and federal regu-
lstion. These reforms were not in
vclved in the present dispute They
would no doubt in the end work for
lasting good The question now, how
ever, was not that Of reform Of abuses,
but the right Of capital to a living
wage. The people in some parts Of
the country had worked themselves in
to frenzy Of anger from which there
could be no recovery apparently, ex-
oept through the freezing process Of a
complete suspension of business.
This, them is strike Of capital"'
demanded the president.
'No, a lock out" retorted Mr.. Baer.
Capital has been locked out by labor
and politicians"
call 1t strike of capital if you
will" said Jacob H. Schiff, land l de-
sire to say that I represent in part the
banking capital of the country"
Mr. Schiff was somewhat difficult to
follow by reason of his excited man
ner, but he said in substance, that the
available floating capital Of the world
would never think OF entering into new
enterprises or Of supporting old ones
as long as 1t had become impossible
to finance the demands Of labor and
as long as there was a doubt as to
Row this country, in spite Of it's con-
stitutional guarantees, proposed to deal
with property rights. You can finance
enterprise, Mr.. Schiff said, but cannot
finance confiscation, and that is what
the increasing demands of labor and
the consumer amounted to- You may
speak of tainted money and there may
be such, but now the question was that
of tainted labor. Mr.. schiff announced
that the bankers would withhold from
all investments in private or public Sc
curities until conditions radically
changed, and he turned to Mr.. Morgan.
\ Mr.. Stillman and Mr.. Baker to con-
firm his statement. They bowed their
heads in assent.
Gentlemen" cried the President,
springing to his feet and bringing his
clenched fist on his desk, "this is worse
than treason. 1t is monstrous 1t is
inhuman, that you should do this thing.
You dare not face the fury OF an out
ragged people. Do you realize what you
propose? Do you know that You are
going to turn millions of people out of
employment, that you are going to take
the bread out of the mouths OF women
and children, that you are going to
paralyze the industry of the country,
that you are going to produce desola-
ton worse than that left by an in>
vading army marching with blazing
torches and levylng tribute? Do you
know that starvation, riot, bloodshed
revolution, worse than that of the
French. will follow your act? oh! 1t is
wicked, foul, infamous. | win not lei
you do it, viii call out the army and
navy If necessary to prevent you"
what can you expect from undesir-
able citizens" exclaimed f. H. Harri-
man, with swapping sarcasm.
Il thank you for reminding me OF
THAT phrase" retorted the president
confronting Mr.. Hartman in his most
strenuous manner you smart be-
cause I classed you with Haywood un-
der that term. Do you know of any
other man in the country courageous
enough to make a characterization
embodying so large truth? Undesir-
liable citizens? Yes, in the fullest mean
ling of the word. You come to me
with complaints against organized Ia
Dor. Who taught labor to organize
You gentlemen by your organization
of capital. You say that labor is ar.
lrogant? Admitted; but who taught 4
arrogance? You gentlemen by you
arrogance of capital. You say that +
is coniscating your profits, For how
many years, gentlemen, has capita
been confscating labor's wage? You
say that it is making impossible de
mands; admitted, but for how lonl
! | dil ,.n11 i,,nnnsa inn nnssihla conditions