The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1907-08-20

The cheap promises of destruction of
the rich and powerful for the bene-
fit Of the poor and powerless. have
been the stock inexhaustible in the
presidents quest of questionable pop
ularity. And 10 these people the New
York Journal in the powerful cpl
grammatic sentences of its editorial
of Thursday on The Bear and The
Flies" shows in paragraphs blazing
with forcefuI conviction, how destruc
tion has been wrought by the presi-
dent destruction which will in the
end affect balefully the home of every
worker in the country.
A History of Disaster.
The plain facts are these:
Mr. Roosevelt is possessed with a
passionate mania for popularity and
publicity.
What money is to the CRATER. this
is to him.
Fed 1t TO what should have
been satiation. by the enormous popu-
| in the disease Of gluttony, he has only
been inhamed with further desire.
Long ago he cunningly concluded
that the hatred of the masses for the
rich was the most promising field in
which to grow a poisonous product,
which once tasted, would rouse en-
thusiasm for him to an enormous de-
gree
He began his attacks upon the cor
porations ostensibly for their regula
ton really for their destruction, as
a sacrifice to the people.
The attacks at first did little harm
but won unlimited admiration from
the people.
Persisted in, they began to affect the
faith of the foreigners in our great
business organizations.
The foreigners believed Mr. Roose-
Welt to be honest Never before had
.he ruler of a Great Nation assailcd
murderously its richest sources of
wealth and employment.
They became convinced that our
whole business structure must be cor
rupt.
The attacks continued and the fear
grew.
Soon all foreign participation in our
underwrltings and investments was
cut off.
Then followed fear among our own
investors.
The panic of March was the result
Meantime influenced and made
veIt's increasing popularity, other pol
iticians, large and small, began vio-
lently to follow in his footsteps.
The drastic legislation of the States
was the result until the hold-ups and
considerations of Trusts and Railroads
were threatened and State and FEEDER
al Courts FLASHED to the verge of con-
fict.
Notwithstanding all the trouble owl
denced. Mr.. Roosevelt persisted
Enormous penalties inflicted for
technical errors, and foolish threaten
ing atterances by inouclated Cabinet
members continued to brighten capital.
The Roosevelt Slump" of last week
was the next result.
From the beginning the Government
left no method unused to create the
| impression that all successful cor
porations were dishonesty managed
and the men in charge of them liars
and criminals.
The prices of securities have broken
disastrous1y twice in five months, de-
! scending as though there were no bot
| tom
Millions Of dollars in value have
been wiped out, rich and poor investors
alike suffering
That prosperity can survive condi-
/ lions like this seems foolish to ex-
pect The great throbbing life of
business has been stabbed in the vi
tails. Can the other parts survive?
A reassuring statement from the
president, that oft-eXpected will of
the wisp of Wall Street, can have lit
tie weight now; the varying character
of his utterances in the past have been
of such contradictory nature that
what he might say again would be
| Intellectual.
1t is the uncertainty of what is to
4 come next from an administration in
fected with decisions and warped by
political considerations, the problemat-
ical ability of the Federal Government
to now control the destructive and an
archistic forces it has set loose, thai
makes the outlook gloomy.
1t is time for business men to unite
in conference and action to force
common sense at the White House.
The Money Problem.
The coming Of the fall demands fol-
money and the probability that this
will endanger. as 1t has already begun
to do. the much extended credit of TIL,
business world, adds no inconsiderable
factor of anxiety.
The raising of the Bank of Eng
land rate from 4 per cent to Az pei
cent is substantial notice that no re
lief may be looked for from Europe
We have the solid comfort of tn,
Cortelyou millions. which there is
every reason to believe will be handled
with judicious effectiveness.
The City Bond Sale.
The city has had another bond sale
| with the unsatisfactory and disturb
ing results of the previous one. and is
now trading out leftover holdings il
though they were chattels, to hungry
contractors, who are turning them int
cash, allowing large bites to the brok
ers. with the result that the Who'll,
$500, 100000 New York City bonds out
standing have dropped in market valu,
from to 81 points. This kind o
thing is what happens when politicians