The Topeka state journal., 1907-12-31

defenders of the trusts and others in
nocent but mistaken, now rush for
ward to place the blame of the pres
ent condition upon the administration.
They seek to use the panic as an argu-
ment for giving up the moral victory
which has been won. Apparently, they
would take retrograde step back to
the conditions which existed five and
six and ten years ago, when unham-
pered by state law these trusts were
building the financial bulwarks be-
hi hind which they are now fighting
They rely upon the res ources and the
mental strain and suffering through
which all the honest business men of
the community have had to pass as a
golden opportunity for driving home
their attacks upon the administration
: and for paralyzing the onward move
ment toward the supremacy of the
law.
Administration Not at Fault.
I have set forth what I believe to
be the real explanation of the panic.
Let us examine the specifications OF
our opponents now. made to show thai
the administration is responsible. III
the first place it is said that the policy
of the administration has been direct
ed for the last four years against or
ganized capital, and that it has there
by frightened investors. I deny it..
The course of the administration has
been directed against such organized
capital as was violating the statutes
of the United States-and no others.
1t had every consideration and desire
to assist organized capital which was
engaged in legitimate business 1t is
true that the execution of the policy
of the administration has involved the
bringing to the light of public criti-
cism the violation of the law by IN
and their prosecution. Through the
investigation of national and state
tribunals there have been revealed. as
have already said, breaches of trust,
-n' 'smanagement in some of our larg-
est corporations. They have properly
been severely condemned by all, in
cluding the president
knowledge of these things doubt
less affected our credit in Europe and
fastened the panic; but those who are
responsible for such a result
are the guilty managers, not those
duty. have made known to the busi-
ness world the facts and commented
on them.
1t is said that the administration has
arraigned the whole business commun-
ity as dishonest. I deny it.
The president has condemned the
aw-breakers. He has convinced those
who have unlawfully accumulated
enormous powers and capital that they
are not immune. He has put the fear
Of the law in their hearts. They have |
been active enough to attempt to pro- |
-ect themselves by giving the impress |
sion that his action has been directed |
against the whole business community |
1t is true that the business men of our |
as whole, are honest and |
heir methods are sound. The president |
has never said otherwise. Indeed, it is |
chiefly in the interest of the great body |
If honest business men that he has |
made his fight for lawful business
Methods.
Has Not Affected Earnings.
Again. it is said that the rate bill
or which the administration is re-
ponsible, caused the present panic.
Gould anything be more absurd? The
,bject of the rate bill was merely to
,ring the railroads under closer super
'ision of a tribunal which could not
Ipon complaint of individuals suffering
rom their injustice. The immediate
fleet of it's passage was the voluntary
eduction of rates. Subsequently under
FORMAL circumstances, justifying it, the
ates of the railways generally were in
reased. The continuance of the abuses
" the rate bil TrnuchS more difficult;
ut the rate bal has not had the slight
st effect upon the legitimate business
arnings of the railways. The utter
in the cry that the rate bill
aused the panic is seen in the fact
his proposition have been for more
han a year contending that the rate
i'll was a humbugS and a fraud because
had no effect whatever, because it
ad given promise of reduction of
ates, and no reduction of rates fol-
)wed. '- L
Then state legislation against rail- I
pads is pointed to as a cause for
hrinkage in the value of the stocks
nd for the panic. Mr.. Roosevelt and :
lie national administration are not re-
oonsible for this 1t was occasioned s