The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-08-18
Heated Tenn in wan Street.

President Roosevelt and Secretary Taft.
within the next two or three days, viii
address the American people upon the
political questions now uppermost in the
public mind Mr. Taft, in his Columbus
speech. promises 10 define his political be-
Hefs at some length, while the President,
doubtless. will take occasion TO reaffirm
the essential features OF his economic
policy in his Provincetown address
These two forthcoming utterances have
been the cause of much perturbation IN
Wall street, where frantic endeavors
have been made. with more or less sue
cess. to obtain some inkling OF their pur-
port Earlier rumors were that the Pres
ident and his Secretary of War would an
nounce a changed attitude toward the
corporations. but this pleasant informa-
ton has now been replaced by a pessi-
mIstic belief that no 'Teassuring word
will come from either, and Wall street
has braced itself for another drubbing
We are at a loss 10 understand why
anybody, in or out Of Wall street should
look for a "reassuring word" from the
President or some member Of the Cabinet
every time that panicky feeling takes
possession of the stock exchange Most
OF the hysteria which seems to prevail
in the financial district is due TO gross
.misconception or downright perversion Of
the administration policy respecting cor
porations. The essential conservatism Of
that policy appears TO be almost wholly
ecogniZed. That its ultimate cOnse-
quence will be TO place all forms OF cor
pOrate securities on a soVnder and more
stable foundation is ignored. Exploration
Of the dark places Of corporate finance is
deplored as tending to unsettle stock val
ues, and attempts TO lift corporate man
agement TO higher plane Of probity and
public usefulness are regarded as uniusti-
fable interference with the rights Of CAPT
tai. Such being the common though by
no means universal misconception of Mr.
Roosevelt's policies, why should he be
expected TO rescue hysterical nnanciers
from the troubles into which they
have precipitated themselves largely
through the spread of false and exag-
gerated representations Of the intent and
effect Of those policies? Mr. Roosevelt Is
not bent on the destruction Of national
commerce and industry. which. in point
OF fact, have been growing and thriving
amidst the calamity wailing of metro
p0litan fnanciers. The common sense of
the country simply refuses to see in our
Astounding harvests, busy factories, over
worked railroads, and well-employed labor
any evidence that there is a Roosevelt
panic impending. People are not so
easily scared nowadays by a slump in
Wall street that may be repaired in a few
days or a few weeks by bull campaign.
There is a silly disposition in some Guar
tiers 10 manufacture terrible DOGGY out
Of Mr. Roosevelt and everything he saws
and does. A word or a phrase is erected
into a disruption Of the whole industrial
fabric. a suggestion distorted into an ac-
complished fact; possible Interpretation
or the Constitution construed into an
actual amendment Of that fundamental
instrument Mr.. Bonaparte is now vic
tim Of the same methods OF misconstruc-
ton. He has been admonished bv the
metropolitan press to pick and choose his
language. TO omit smiles and shrugs and
Bonapartian wit, lest stocks should fan
OF a point or two because his manner of
saying the law will be enforced" is
somewhat too caustic Silence, and
mighty little of that" as the Irishman
said. would seem TO be the Wall street
idea Of official propriety Well. the 81
lence is going to be broken on Monday.
and again on Tuesday; and our guess IS
Wall street will discover that the Attor-
ney General has been singing in tune with
the RooseveItian chorus.