The herald and news. [volume] (Newberry S.C.) 1903-1937, 1907-04-02
OUR WASHINGTON LETTER.
President Roosevelt Badly Scared
He Realizes His Policy is Run
ming, Amuck Business Inter-
/, s., . =. eSts.

realizes that the reckless policy Of
running amuck among the business
interests Of this country which he
inaugurated has gotten beyond his
control and is going too far, and that
it threatens to bring on a financial
panic and period Of disastrous bust
ness depression. The extent of his
alarm is shown by the frantic eff
forts made by Secretary Of the Treas
ury Cortelyou to save The money
market from complete demoraliza-
tion. These efforts have apparently
resulted in staving off, for O. time, at
least, the danger Of an acute panic
and in arTesting the depreciation of
corporate securities, as represented
by sales on the New York Stock ex-
change.
The real danger of the situation
lies in the fact that the trouble is
not confined to Wall street. If it
were the people who have no money
invested i'll the securities Of corpora
tlons which are listed on the stock
exchanges might look on with COM
parative equanimity. The truth is
that the trouble lies much deeper and
that confidence in the continuation
OIL American business prosperity has
been rudcly shaken The relations be-
tween all branches Of industry in the
modern industrial world are so init
mate that the cripplng of any one
important Industry is soon felt by all
the others. Especially is this true
when the industry crippled is that
OF transportation, upon the efficiency
OF which the prosperity of every bust
ness must depend.
1t can not be denied that the policy
which Mr.. Roosevelt inaugurated
threatens to cripple very seriously
the transportation interests of the
United States. AS result of the
Legislative policies in some of the
States based on his anti-railroad
propaganda and of the vague threats
as to his future recommendations
FOR further national legislation, it
has become almost impossible for
railway corporation to obtain addi-
tional capital on any terms just at the
time when the expenditure of hun
dreds of millions of dollars is impera-
lively required to increase railway
facilities to an extent sufficient to
enable the roads to handle the in
creasing traffic of tt le country. Re-
ports from many sections show that
important railway systems have been
compelled to abandon, for the pres
ent, at least, many Of their most ex-
tensive plans for improvement that
would involve the distribution among
working men and sellers of material
OF many millions of dollars. The
iron and steel industry is beginning
already to feel the effects of decreas-
ell orders from railways, and there is
fNanger that the depression will
speedily extend to other lines Of
business.
The situation is such as to afford
very substantial basis for fear that
the Roosevelt administration may be
remembered as one which began in a
period Of universal prosperity when
there was not cloud on the business
horizon and which ended in gloom
and general business depression. The
fear that this may be true is not con-
fined to politicians but is shared by
many of thc conservative business
men of the country. One of the il
lustrations of this was the recent ac-
ton of the chamber of commerce Of
the city of Chattanooga, Tenn, in
adopting resolutions urging conser-
vativc legislative action. After re-
fcrring to the disposition Of. the leg !
islaturcs of several states "to add to
the wholesome legislation Of the ma
tional congress state laws which are,
in our Judgment, unfair and unjust
to the railroads, which have been
such important factors in the up
building Of our country, and espcc-
tally Of the Southern statcs,' the
resolutions express the opinion that
such legislation is the outgrowth of
a mistaken and misguided public sen
tmcnt. The resolutions say furth-
er, "that we deplore such a public
sentiment and such unjust and UNI
fam legislation aimed at the rail
roads, cSDecially OF the SOuth. and