Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1907-08-22

shall rule this government: the peo'
pie. THROUGH their governmental
agents. ~ = few ruthless and deter
mined men whose wealth makes them
particularly formidable because the,
are behind breastworks Of corporation
organization. / wish there would be
no mistake on this point IL is idle 70
ask me not 10 prosecute the criminal,
rich or poor. but desire no less I'm
phatically to have Il understood that
we have undertaken and viii under
take no action Of vindictive type, and
above all no action which shall inflict
great or unmerited suffering upon in
%nocent stockholders and upon the pub
lie as O whole. our purpose II 10 act
with the minimum OF harshness com
patible with obtaining our ends. In
the man OF great wealth who has
earned his wealth honestly and used Il
wisely We recognize a good citizen,
worthy OF all praise and respect. Bus
mess can only be done under modern.
conditions through corporations, and
our purpo Is heartily to favor or
porations that do well. The admin
i~stratlon appreciates that liberal but
honest profit for legitimate promoters
and generous dividends for capital
employed enher In founding or o
tinning honest ventures are factors
necessary for successful corporate ac-
tivlty and therefore for general pros
porous business conditions. All these
are compatible with fair dealings as
between man and man and rigid obe-
dience TO law.
our aim IS 10 help every honest
corporation. and our policy means In
it's ultimate analysis. the prosperous
expansion Of the business activities Of
honest business men and honest cor
p%orations."
The foregoing extract. which ex-
presses very fairly and very fully the
whole tenure Of the speech. shows.
unless we are to take Il as merely
'hot air." that there Is to be no
change In the governments policy to-
ward the l~aw-breakers. nles indeed.
II be 10 make that policy a little more
rigid. on the other hand. It has been
currently reported for some time past
that the great monied interests of the
country were looking forward very
hopefully TO the P~royincetown speech,
in the belief that 1t would foreshadow
a very considerable II not radical
change in the attitude Of the admins
tration toward what Mr.. Roosevelt
calls predatory wealth" But the
speech as delivered shows that all
such hopes have been absolutely vain.
because IL stntes Ia the plainest terms
the language affords that there Is to
be no letting up. but that the same
policy Is TO be pursued to the end
with even greater energy. and to leave
possible room for doubt upon this
point the statement is repeated with
emphasis. what the effect
will be upon the financial affairs OF
the country, It Is. of course. impossi-
to know AT this writing. but It Is
that the money centers win be
disappointed.
The following reference 10 this mat
ter, which we find In an editorial In
the Washington star Of last Friday.
viii give a good idea OF how an~xiously
Wall street was looking forward to a
down on the part Of the pres
ident:
wall street Is anxiously awaiting
the event, in the hope that the presi-
dent will have something Of a reas-
character to say regarding the
OF the government 10 the
possibly In outline OF a modi-
fled policy OF regulation and prosecu-
ton Indeed, upon rumors that ex-
tracts from the speech had Leak
out In advance and that they show
ed a more lenlent attitude on the part
OF the president. the street yesterday
measureably while In the
throes Of a heavy slump. and the day
closed with a recovery OF prices to
practically the closing point ot the
day before
Whether the president intends To
speak comfortingly or not. this cpl
sode is significant 1t suggests how
anxious are the great financial inter
ests for a sign OF relenting. for n to-
ken OF an executive appreciation Of
the narrowness of the margin that
remains between security and
panic.
Judging from comments by leading
bankers recently. e Is not difficult to
understand what Il is that the CON
servative financial interests hope that
the president viii say They are not (
disposed ia question The righteousness
of the prosecutions entered upon by
the government To enforce the laws
They admit that there has been loose.
and dangerous fnancieriug in
certain quarters in the past, ANA that
the tendency toward giant corpora
has been carried TO an extreme.
But. they declare. what the country
needs chiefly today Is not punishment
for past offenses. but measures Go pre-
future wrongdoing Checks. not
they say. are required
I'm short, a remedy is needed fur
The MS from which the country has
suffered for several years some oi
The causes OF these afnlctlons are I
,ter-capitalization. under-capitaliza-
lion. Insufficient currency aud fla [.