The Morris County chronicle. [volume] (Morristown, N.J.) 1877-1915, 1907-08-27
PRESIDENT DEFIANT
viii Not Waiver, He Says, In Wa
on Rich MaIefactorS.
UNMovED BY STOCK SLUMP
Thinks 1t Was Engineered by Certain
Interests to Discredit the Admnistra-
tons PoIicy-DecIares He Is Fight
ing For the Peoples Rights.


at the laying of the cornerstone of the
Pilgrims monument. asserted witt
emphasis that lie would not waver in
his determination ito punish certain
malefactors of great wealth.
"Once for all, let me say that, as far
as l am concerned and for the eight
cen months of my administration that
remains. there will be no change in the
policy we have steadily pursued de-
elared President Roosevelt, mo let up
in the effort to secure the honest OBJ
servance of the law, for / regard this
contest as one to determine who shall
rule this government-the people
through their governmental agents or
a few ruthless and determined men
whose wealth makes TIC-Ii particular
ly formidable because they hide be-
hind the breastwork of corporate or
ganization."
n Stand Pat"
This utterance was almost savage in
its deliberateness and was emphasized,
period by period, with a blow with his
clinched fist on the pine board which
served as desk. Leaning forward
and turning from side to side so that
his words could he heard and their full
significance appreciated, he exclaimed:
81 want to say as to desirable and I'M
desirable citizens that the same re
mains true as when the words were
spoken; stand pat"
Referring to conditions in Wall street
he said:
During the present trouble with the
stock market, l have of course, re-
ceived countless requests and sugges-
tions, public and private, that
should say or do something to ease
the situation. There is a worldwide
financial disturbance 1t is felt in the
bourses of Paris and Berlin, and Brit
ish consols are lower, while prices of
railway securities have also depreci-
ated"
BIames Wall Street.
"On the New York stock exchange
the disturbance has been particularly
severe. Most of it | believe to be due
to matters not particularly confined
to the United States and to matters
wholly unconnected with any govern
mental action, but it may well be that
the determination of the government.
in which gentlemen, it will not WAIVER,
to punish certain malefactors of great
wealth, has been responsible for some
thing of the troubles, at least to the
extent of having caused these men to
combine to bring about as much finan.
cial stress as they possibly can in
order to discredit the policy of the
government and thereby secure re-
yersal of that policy so that they may
enjoy the fruits of their own evil
doing. That they have misled many
good people into believing that there
should be such reversal of policy is
possible.
''If so am sorry, but it will not alter
my attitude.
Il wish there to be no mistake on
this point. 1t is idle to ask me not to
prosecute criminals, rich or poor.
No Action of Vindictive Type.
"But desire no less emphatically to
have it understood that we have un.
dertaken and will undertake no action
of a yindictive type and above all no
action which shall inflict great or I'm.
merited suffering upon the innocent
stockholders and upon the public as a
whole.
''Our purpose is to act with the mini
mum of harshness compatible with OBJ
tanning our ends. In the man of great
wealth who has earned his wealth
honestly and used it wisely we recog.
nize good citizen worthy of all praise
and respect.
Business can only be done under
modern conditions through corpora
lions, and our purpose is to heartily
favor the corporations that do well.
'"rhe administration appreciates that
liberal but honest profit for legitimate
promoters and generous dividends fol
capital employed either in founding or
continuing an honest business venture
are the factors necessary for success
full corporate activity and therefore for
generally prosperous business condi-
lions.
"All these are compatible with fair
dealing as between man and man and
Ai6AA VbSNbtuNS ~ TIE law. OUr ann
is to help every honest man, every
honest corporation, and our policy
means in its ultimate analysis a
healthy and prosperous expansion Of
business activities, of honest business
men and honest corporations.
To Proceed criminally.
MANY men of large wealth have
been. guilty of conduct which from the
moral standpoint is criminal and their
inisdeeds are to a peculiar degree rep
rehensible because those committing
them have no excuse of want, of pow
erty, of weakness and ignorance to
offer as partial atonement When in
addition to moral responsibility these
men have legal responsibility which
can be proved so as to impress a judge
and jury then the department will
strain every nerve to reach them Grim.
inally.
"Where this is impossible then it will
take whatever action will be most eff
fective under the actual conditions
.'In the last six years we have shown
that there is no individual and no cor,
poration so powerful that he or il
stands above the possibility of punish
ment under the law"
Fleet Sails For Pacific Dec. IS.
Washington, Aug. 2T.-Acting Secre-