Daily Arizona silver belt., 1907-08-22

practically every wheel in the country will cease to go round Manufacturing establishments will be closed. Railroad trains will be brought to standstill, mining will be suspended, banking houses will close their doors, and the recess as in the panic of 1873. Fully l5,O00000 persons, the breadwinners of l5,000,000 families, will be thrown out of employment. It is believed that many of the rich men of the country have gathered their available funds together and have prepared to leave the country.
 Not even in the darkest days of the Civil war was there crisis such as that which confronts President Roosevelt to- night. Only a miracle can save the country. There seems to be no other way of escape. Attacked on one side by despotic trades unions demanding higher and still higher wages, and on the other by a nearly unanimous hostile public opinion demanding lower and still lower rates and prices, capital has
 
 it will now withdraw completely from all enterprise.
 The question is, can the president work the miracleG
 All last night and today there arrived in Washington from every part of the country the most powerful representa-. tives of capital.
 At 9 o'clock a procession of motor ears and carriages began moving toward the White House, and then what the correspondents had all along suspected appeared certain, that a conference had been arranged with the president.
 Your correspondent was able to ob tain an accurate summary of what took place. After President Roosevelt had welcomed the representatives and asked them to state their business, Judge Gary stepped forward and said that he was fully authorized to speak not only for the iron and steel trade, but for all of the 2l6,000 manufacturing establish ments in the United States, represent ing an invested capital of $l2,000, ,000, 900. He declared that the manufae- turers had reached the limit of endur- ancc.
 It was the unanimous agreement of the manufacturers that the time had ar rived for shutdown. Therefore they proposed to close all their factories, even though this threw millions of peo pie out of work, and await develop ments, whatever they might be.
 Mr. Baer arose and said that he rep resented the railroads. So far as labor was concerned, their condition was ex- actly the same as that described by Judge Gary, but in addition the rail roads were confronted by stone wall of adverse state legislation and execu tive action. They were between the two fires of an angry public demanding lower rates, and of organized labor in sisting upon higher wages. MT. Baer told the president that the railroads would run just the trains needed for the mails but would reduce their forces of employees to one-fourth of the present number.
 Mir. Mellen of the New Haven desired to say that this move had no bearing upon politics and was intended as no attack upon the president who had been fully justified in enforcing law and in establishing publicity and federal reg ulation. The question now, however, was not that of reform of abuses, but the right of capital to a living wage. The people in some parts of the country had worked themselves into frenzy of anger from which there could be no recovery apparently except through the freezing process of complete suspen- sion of business.
 "This, then, is a strike of capital, " demanded the president.
 "No, a lockout, /" retorted Mir. Baer. "Capital has been locked out by labor and politicians.
 "Call it a strike of capital if you will.D said Jacob II. Schiff, 'and desire to say that l represent in part the banking capital of the country. /"
 MT. Schiff said in substance that the available floating capital of the world would never think of entering into new enterprises or of supporting old ones as long as it lad become impossible to finance the demands of labor and as long as there wWj a doubt as to how this country, in spite of its constitutional guarantees, proposed to deal with prop erty right,y. You can finance enterprise, Mr. Schif said, but cannot finance con fiseatioE, and that is what the increas- ino demands of labor and the consumer accounted to. Mir. Schiff announced that tbe bankers would withhold from all investments in private or public secur- ities until conditions radically changed.
 "Gentlemen, cried the president, Hthis is worse than treason. It IS in- human. You dare not face the fury or an outraged people. Do you know that you are going to turn millions out Of employment. to take the bread out of tho months of women and children, par alyze industry, produce desolation worse than that left by an invading army? Do you know that starvation, riot, bloodshed, revolution, worse than that of the French, will follow your actY l will call out the army and navy, II necessary, to prevent you.
 "What can you expect from undesir-