The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-04-01
Declines tc Make an Address to
Manufacturera' Association.
FAVORs SQUARE DEAL.
Would Not Take Action Which
Would Invalidate Securities.
Does Not Exactly Favor Govern
ment Ownership.
Wants a Conservative Commits
sion With Strong Power.

Washington, April President
Roosevelt, in declining the invitation
of the Illinois Manufacturers associa-
tion to make an address at Springfield
next week on the railway and financial
= situation, writes a letter to H. Smith,
president of the association. explain
3 ing such an address from him at this
time would be useless. as his position
was well understood and he stands by
all his previously expressed views
- From an authoritative source it is
learned that the president has not the
slightest intention of taking any ac-
ricn which would invalidate railroad
securities. The president holds, on the
other hand, that every executive action
OF his administration regarding the
railways has furnished its own ample
justification. Neither has the president,
II is pointed out, made any reference
to the physical valuation of railways.
holding the roads apable of working
out that problem for themselves. At
tention is called to the fact that the
Northern Pacific and Great Northern
roads have already submitted figures
regarding such valuation. 1t is also
we'll understood that the president will
again ask congress for power to deal
with overca pita liza ton of roads which
request was denied at the late session.
The president. in his letter to Mr..
Smith. outlines at length his position
Oil lIG IdilNdS ana HndHclal question
by means of copiOus extracts from a
speech he delivered at Raleigh, N. c..
October 19 1905: another from a
speech delivered in Washington, No
vember IA, 1905, and from his late
message to congress His position since
the time of his addresses and mes
sages, the president declares has been
amply justified by the course of events
Its wisdom is obvious. ne adds and
there is no occasion or reason for am
plifcation at present.
Quoting from his aRleigh address
the president calls attention to his be
lief that the government should own
nothing which can properly be left in
private hands. but that such reguIa-
tions should be exercised against the
railroads as to insure their operation
in spirit of fairness to all concerned |
Whatever power the government !
wields must be with wisdom, caution
and self-restraint Railways, he de-
ciared. must be protected from any
public elamor, no matter how violent
when the roads were in the right.
Referring to his Washington address
not as whole too high. but that the
evils that exist are due to unjust dis
.crimination and this should be pre-
vented bv law
Fress the president outlines again his |
wellknown views. favoring effective |
gover0n1 ent supervision over cornorate |
orga nizatiOns. holding anv effort to |
less and vicious. He also iustifies the |
new interstate commerce law.
The Letter in Detail.
The statement was made from an
authoritative source today that ''even
a most cursory examination of what
the president has repeatedly said in
speech and in message will show the I
utter nonsense of supposing the gov
ernment has the slightest intention to /
take any action which would invali- J
date the safety and stability of the !
railway securities now issued. the !
whole legislative programme of the
president having. been proclaimed /
again and again as one to insure the /
future against the mistakes and de- /
1inquencies of the past. The president !
halds that every executive action /
taken under his administration. /
whether by the department of justice /
or by the interstate commerce COM
mission it has furnished its own ample |
justification.
It was pointed out today in admin /
fstrative circles that the president has !
made no reference in his speeches or
icaI valuation of railroads This posi-
ton, il was said is that the railroads
themselves will work out this problem
as an item of bookkeeping and refer
ence was made to the fact that two
roads, the Northern Pacific and the
Great Northern, have already submit
ted figures as to their physical valua-
ton.
Oyercapitalization Problem.
1t can be stated on authority that
the president again will ask congress
at its next session for power to deal
with the question of apitalization
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 19,
1905, and the one he delivered before
a delegation of railway employees in
this city on November IA. 1905. to-
8ether with his last message to con-
gress. The president concludes his
letter to Mr.. smith as follows:
You will see in the two speeches
and the two messages that 1 have said
about all that I would say if I spoke
now. AS 1 said to your body the other
day 1 have already expressed again
and again my carefully thought out be-
liefs. I am more firmly than ever
convinced that these beliefs are wise
and that the policy recommended in
my message at the opening of each of
must be carried out Just at the mo-
ment I do not see that 1 have much to
ado to what have already said and
think that what has occurred since
wrote the two messages in question
merely illustrates in striking fashion
the desira bility of the course therein
outlined"
The portions of his speeches and
messages which the president marked
are as follows:
Must Supervise Roads. Il
At Raleigh the president said: "I