The daily morning journal and courier., 1907-04-02
PRESIDENT WILL NOT SPEAK
WILL ISSUE NO SPECIAL STATE MENT REGARDING RAILROADS.

Declines Invitation to Deliver Address
 at Springfield, IlI.-Declares His Acts
 Need No ExplanatiOn-Future Course
 Will be in Line With That He is Now
 Pursuing-Has No Intention of Talk
 ing Any Action That Would Invali-
 date Safety of Railroad Securities
 Now Issued--COngress to be Re-
 quested to Deal With Question of
 er-CapitaIization.
 Washington, April 1.-President Roosevelt has decided not to accept the invitation of the Illinois Manufac- turers' association to deliver a speech at Springfield, H., on the railroad situ- ation. He addressed letter yesterday to C. E. Smith, president of the asso- citation, stating that it would be impos- sible for him to accept their invitation, extended last week, because he did not feel that he had anything to say at this time in a special address on this spec ial subject.
 The President has received a great number of requests for a statement by him, or a speech to be made by him in connection with the railway situation. He has given these requests the utmost weight and most careful consideration. After fully looking into the matter the President informed his advisers that he had come to the conclusion that there was nothing now which he had to say at this moment on the railway sit uation; that he did not deem it either wise or proper to say anything with a view to any immediate situation in Wall street, and that, as he should only give expression to the definite and settled policy to be carried out who'll ly without regard to the exigencies of the moment, and, as his views on the policy in question were already mat ter of record. 1t did not seem necessary at this lime to repeat them.
 To the different men, friendly and unfriendly, who have visited him or written to him, he has answered yer bally or in writing that his words and acts spoke for themselves, and needed no explanations whatever and that he should not in his future course deyiate one hands breadth from the course he has pursued in the past and was now pursuing.
 The statement was made from an au- thoritative source to-day that "even a most cursory examination of what the President has repeatedly said in speech and in message will show the utter nonsense of supposing the government has the slightest intention to take any action which would invalidate the safety and stability of the railway se- curities now issued, the whole legisla- tive programme of the President hav- ing been proclaimed again and again as one to insure the future against the mistakes and delinquencies of the past" The President holds that every executive action taken under his A1- ministration, whether by the Depart ment of justice or by the Interstate Commerce Commission has furnished it's own ample Justification
 RAILWAY VALUATIONS AND
 OVER CAPITALIZATION. It was pointed out to-day in admin istrative circles that the President has made no references in his speeches or messages to the question of the physl- cal valuation of railroads. His propo- sition on this question, it was said, is that the roads themselves will work out this problem as an item of book keeping, and reference was made to the fact that two roads, the Northern Pacific and the Great Northern, al- ready have submitted figures as to their physical valuation.
 It can be stated on authority that the President again will ask Congress, at it's next session, for power to deal with the question of er-capitalization of railroads. A similar request was made at the last session, but favorable ac- ton was not taken upon it.
 In his letter to MT. Smith the Presi- dent enclosed copies of the speech he made at Raleigh, N. C., october l9 1905, and the one he delivered before delegation of railway employees in this city, on November IA, 1905, together with his last message to Congress at the beginning of the first and second sessions of the last Congress. The President concludes his letter to MT. Smith as follows:
 "You will see in the two speeches and inc two messages that 1 have said I gJan