Los Angeles herald., 1907-04-02
PRESIDENT SAYS
RAILROADS CAN
Be REGULATED
Declares He Will Not
Alter Methods
Nations Chief Executive Thinks Prob-
lem Will Be Solved in satisfac-
tory Manner-"some Conn
blnatlons Necessary"
Rv AssocIated press.

BY Associated Press.
WASHINGTON, April 1.-President
Roosevelt has decided not to accept
the Invitation of the Illinois Manufac-
turers' association to deliver a speech
at Springfield, ILL.,, on the railroad
situation. He addressed letter yes
terday to c. II. Smith, president of
the association, stating that it would
be impossible for him to accept the in
vitation extended last week, because
he did not feel that he had anything
to say at this time in special ad-
dress on this special subject.
The president has received a great
number of requests for statement by
him or a speech to be made by him in
connection with the railway situation.
He has given these requests the ut
most weight and most careful consld-
GRAFTON. After fully looking into the
matter the president informed his ad-
visers that he had come to the conclu-
sion that there was nothing now fur
ther that he had to say at this moment
on the railway situation; that he did
not deem it either wise or proper to
say anything with a view to any i'm
mediate situation in Wall street and
that as he could only give expression
to the definite and settled policy to be
carried out wholly without regard to
the exigencies of the moment and his
views on the question were already
matter of record, it did not seem
necessary at this time to repeat them.
viii Not Change Policy
To different men, friendly and un-
friendly, who have visited him or writ
IL u. 40
or in writing that his words and acts
spoke for themselves and needed no
explanations whatever, and that he
would not, in his future course, deviate
one hairs breadth from the course he
has pursued in the past and was now
pursuing
The statement was made from an
authoritative source today that even
most cursory examination of what the
president has repeatedly said in
speeches and in message will show the
utter nonsense of supposing the gov
ernment has the slightest intention to
take any action which would invali-
date the safety and stability of the
railroad securities now issued.
The whole legislative program of the
president as proclaimed again and
again, is one to insure the future
against the mistakes and delinquencies
of the past. The president holds that
every executive action taken under his
administration whether by the depart
ment of justice or by the interstate
commerce commission has furnished
its own ample justification.
Must Solve Problem Alone
1t was pointed out today in admin
istrative circles that the president has
made no reference in his speeches or
messages to the question of physical
valuation of railroads. His position, it
was said. is that the roads themselves
will work out this problem as an item
of bookkeeping and reference was
made to the fact that two roads, the
Northern Pacific and the Great North
ern, have already submitted figures as
to their physical valuation.
1t can be stated on authority that
the president will again ask congress
at its next session for power to deal
with the question of overcapitaliza-
tion of railroads. A similar request
was made at the last session, but
favorable action was not taken
upon 1t.
In his letter to Mr. Smith the presi-
dent enclosed copies of the speech he
made at Raleigh, n. c., October 4, 1905,
and the one he delivered before a dele
cation of railway employees in this city
November IA, 1905, together with his
last message to congress at the begin
ming of the first and second sessions of
the last congress. The president con-
cludes his letter 10 Mr.. Smith as fol-
lows:
Has Nothing More to Say
You will see in the two speeches
and the two messages that have said
about all that / would say If l spoke
now. AS / said to your body the other
day, have already expressed again
and again my carefully thought-out
beliefs. I am more firmly than ever
convinced that these beliefs are wise
and that the policy I recommended in
my message at the opening of each OF
the last regular sessions of congress
must be carried out.
Just at the moment I do not see
that l have much to add to what
have already said and think that what
has occurred since l wrote the two
messages in question merely illustrates
in striking fashion the desirability OF
the course / therein outlined"
These portions of his speeches and
messages which the president marked
are as follows: In his address al
Raleigh the president said:
II do not believe In government owner
ship of anything which can, with pro.
priety, be left in private hands and il
particular l should most strenuouslS
object to government ownership Of rail
roads. But l believe with equal firm
ness that it is out of the question fol
the government not to exercise a su
pervisory and regulatory right over tn,
railroad; for it is vital to the we'll beinl
Of the public that they shall be man