The sun., 1907-11-09

why PINln BuSlneas R,pn RelReve she PreDi-
Aeat Hs LaFgelR ResDOnalhle.

To TME EDITOR OF THE SUN-Sir: II a
policeman In an attempt 70 stop an Sscap-
ing criminal emptied his revolver reok
leasly. with the result that innocent citizens
were hit. how long would he be allowed
to remain ON the ROrceP The man who
set flrs 20 his house to get rid OF a plague
Of rats would hardly be considered a safe
person 20 put In authority. What we
plain business men complain Of In PTesi-
dent Roosevelt is not his aims. nor even
his motives. though there is some reason
70 suspect the presence Of demagOgy,
selT-seelxing and vindictiveness among
tho ingredients. but his methods. There
never was a period of enormous industrial
development. such as We have had In The
last ten years. which did not bring In It's
train evils that had To be eradicated, male
factors who had 70 be punished.
To quote Only-a late Instance: The
South African mining boom In England
was characterized by hotafipns Of hugely
inflated values. compared With which
Harriman's Alton deal was Insignificant:
and by swindling promotions. backed up
by the regulations Of men high in public
and political life. to which even our recent
disclosures afford no parallel. The British
Government acted quietly bat effectively.
EVildoers such az Whitaker Wright were
prosecuted and punished. and laws were
passed to prevent the public from being
Aeeced by similar methods in the future.
The officers Of the British Government
did not 20 about the country breathing
fire and slaughter. attacking whole classes
for the guilt Of few. ranting against and
threatening swollen fortunes. destroying
confidence both at home and abroad In the
business methods Of the country enforcing
suddenly and spectacularly with DraConic
severity laws which had become obsolete
by the very fact of their extreme and In
discriminating rigOr. thus throwing the
business Of the country into confusion
and undermining values In England they
did start Investigations, but these were con-
Quoted soberly and impartially. not auto
cratically, spectaculaTiy and inquisitO orally
with the aid Of prejndiced and unfair ex-
aminers and partisan lawyers eager to create
sensations.
reaction from our abOunding pros
perity had been due for several years
Trade and credit had become Overex-
tended; therefore q setback was inevitable
II had become evident at the beginning of
the year that the business OF the country
was facing delicate and difficult situation
and that II any additional strain was put
upon IL a severe crisis must snsue. Mr.
Roosevelt was warned Of this again and
again; he utterly disregarded these ad-
mOnitions; he had not the faintest ooncep-
tion to what degree credit and confidence
are the liHeblood Of business and of what
delicate and sensitive substance they are
made. He went ahead bIindly. wildly.
ignOrantIy and obstinately. believing him
self. as he always does. Omniscient and
infallible. We have all seen the result:
no malefactOr of great wealth is in Jail.
but many thousands OF innocent citizens
have lost their all: panic and ruin stride
through the land: the fair fame Of our busi-
ness community has received a blow from
which it will take many years to recover;
the European investment market is closed
to US, and enterprise halts. Worst Of all.
the empty dinner pail" may soon be known
again to our wOrkmen.
For several years now President Roose-
welt has systematically undermined conf
dence and harassed the nerves of business
men. with the result that when a couple Of
weeks ago the business community vas ex-
posed to the sudden shock OF the Kniclxer-
booker Trust COmpany's failure there was
no reserve power Of confidence. no strength
OF resistance left. The year 1897 was bound
to bring a business reaction. That the
natural setback has deRenerated into a
panic is due TO some extent to the disclosures
OF misdeeds in high places. which cannot be
too strongly condemned; far more it is due
TO the action OF President Roosevelt.
II. c. WALTER.
NEW YORK, November 8.
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