New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-08-21
NO CATSE FOR ALARM.

We took occasion recently TO say that IN our
opinion every act of President RooseVeL III
relation to the enforcement of the laws aHet1
sing COMBINATIONS and the Industrial life of the
NATION has contemplated the bringing about OF
conditions under which property would be more
secure enterprise better rewarded ana pros
..neritv more widely difused and more perma-
''nent" The Presidents speech yesterday al
Provincetown. Mass, shows that this is IS al
WAYS his urinary aim in seeking 70 apply the
laws framed TO protect the public against abuses
IN the management of great corporations. IL
has been assumed In certain quarters that the
administration had put the punishment OF Oh
tenders against the interstate commerce iaW'
the Sherman antitrust law and the Elklns ah'l-
rebate law above every other public considera-
ton and would bend all its energies TO secure
convictions for past offences, no matter Wh't
the Incidental effect might be on the properties
illegally managed and on the innocent hoIderS
of securities This assumption Of a vindictive
and destructive purpose on the administration
mart has never been justified and ii is less than
eyer unsuitable in view Of the plain assurances
of the Presidents latest speech. 1t is one thlng
TO seek to apply the laws so that eVlldoers may
be punished and investors enlightened Us 10 lHo
breaches Of law and trust committed Dy uh-
scrupulous corporation managers. 1t IS quite
another to apply the laws with severity when
would penalize the innocent for the sins OF the
guilty and iniict loss and suffering on thou-
sands whose only shOrtcoming was that they
had allowed their confidence TO be abused by
those 10 whom they had intrusted corporate 2u-
thority. For the active agents IN wrongdolng
no clemency need be urged But the passive
holders Of corporation stocks have an equitable
claim TO consideration, and the President freely
recognizes that claim when he says:
desire no less enphatically to have il under
stood that we have undertaken and Will UNDER
take no action Of a vindictive type, and ABOVE
all no action which shall inflict great or unrner-
tied suffering upon the innocent stockhoIderS
and upon the public as a whole. Our purpose
is TO act with the minimum Of harshness COM
patible with obtaining our ends
This is a counsel Of wisdom and moderation
The movement to reform corporation methods
and enforce higher moral standards in business
which President Roosevelt has directed with
such striking success is in its essence con-
srructiye and not destructive. 1t aims at
greater security for the investor and greater
good to the public. It is idealistic. not cynical
or revengeful. 1t would not do a great wrong
to correct another great wrong. To punish the
offending heads of corporations 1t would not
crush those corporations and ruin the value of
their investments. No unoffending corporation
or corporation manager has the slightest rea-
son for dreading the hostile interference OF
the government in its concerns, and no innocent
holder of corporation securities need fear that
he will ever be treated by the administration
or its agents with harshness or injustice. The
Roosevelt policy carried to its conclusion can
ONLY mean stable values and the healthy and
prosperous expansion of business activities Of
honest business men and honest corporations"