The Washington herald., 1907-03-21
ONE MAGNATE TALKS
|. N. Seligman Speaks Freely
After Seeing President.
STATES ACTION DEPRECATED
Banker Says Roosevelt Regrets
Hammering of Various LegisIa-
tures-Executive Taking Notes.
Representative Campbell, of Kan
sas, wouId AnnihiIate Wall street.

Isaac n. seligman. the New York
banker. visited the White House at the
Presidents request yesterday, and talked
with the President about railroad prob
lens and the financial situation.
Mr. Seligman seemed much pleased with
the interview. After leaving the White
House he spoke in terms Of approval Of
the Presidents attitude toward the COM
mon carriers, and in warm praise Of what
the Secretary of the Treasury has done
recently TO relieve the financial situation.
THE President is willing to meet the
railroad men half way" said the banker.
'He does net see what he can do 10 re-
assure the railroad world, as has been
suggested, for he stands simply for the
enforcement Of the laws He says that no
carrier who observes the law has any
thing 10 fear from him"
All the leading railroad men and fnan-
ciers who have talked with the Presi-
dent since the visit OF J. Pierpont Nor
gan to Washington last week, have been
adjured by President Roosevelt not to
talk; bur Mr.. seligman evidently did not
receive any advice or request to that ef-
feet, for he spoke freely and clearly Of
the Presidents attitude as expressed TO
him.
1t became better understood yesterday
that President Roosevelt deprecates the
action of State legislatures in enacting
indiscriminate legislation aimed at the
railroads, and that. broadly speaking. he
would have the power Of regulation ex-
ercised by the Federal government and
not by the States He at least hinted at
this In his conversation with the New
York banker.
Not Responsible for state Laws.
''The President says he is not responsl-
ble' said Mr.. Seiigman, for the action
Of State legislatures that have been ham
mering the railroads, and he regrets that
this should be so. Mr. Roosevelt has re-
ceised many suggestions from railroad
presidents, but he does not see how ne
can act on them, for there is no unan-
unity among them.
Mr. Seligman said he did not ask the
President 20 authorize any further meas
ures for the relief OF the money market
for he did not think they were necessary.
The conditions are now improved, he
said, 'the action of the Secretary Of the
Treasury last week was most excellent
II is possible that the next in the series
OF White House conferences with fnan-
ciers and captains of industry viii be
with Jacob II. Schiff. of New York. IL
was said yesterday that Mr.. Schin was
on the way home from the South. and
that be might stop here for a talk with
the President.
President Roosevelt has formed the
habit Of taking notes in his own hand
writing whenever his visitors have any
advice or suggestions to give him rela,-
ing 20 transportation problems. He writes
them on a pad Of paper, tears the paper
of sheet by sheet. and puts the notes
away for future reference These random
notes and the mass of letters which the
President is receiving represent every
shade Of opinion. from the views Of the
most conservative railroad men to those
Of men who. like Representative Camp
bell. OF Kansas, who called on the Presi-
dent yesterday. have schemes for putting
Wall street out of business. The great
majority of letters which the President
receives commend his actions. past and
prospective. but others criticise him with
great freedom.
Representative CHmpbeIrS view.
The tentative proposition Of Representa-
tive Campbell as expressed by himself
after leaving the Presidents Office. is as
follows:
Whether or not the commerce clause
Of the Constitution goes far enough to
prohibit gambling in the production and
transportation of the country I do not
know. but it is worth thinking over. The
whole thing is a great gambling scheme
from beginning to end. No actual stock
/ is delivered in the majority OF the trans
actions on the exchange. and do not be-
lieve il Is proper that the values Of stocks
and bonds should be played with by gam
blers"
Interstate Commerce Commissioners
Clements was another White House Wis
itor yesterday. Without crediting the
President with any belief that the control
Of railroads can be vested exclusively in
! the Federal government except by volun-
tary inaction on the part of the State leg
isiatures, Mr. Clements said:
However desirable il might be 70 turn
over to the Federal government the power
exclusively to handle the railroads. do