The Brattleboro reformer. (Brattleboro, Vt.) 1907-1912, 1907-11-08
ROOSEVELT NOT TO BLAME.
Some Of the Financial Trickery With
Which He Has Not Been Connected.

Which He Has Not Been Cohhectea'
Writing as a business man who never
bought share OF stock | did not pay
for nor sold a share Of stock that l did
not deliver" d. A. Reynolds, president
Of the Great Eastern Telephone Co.,
takes exception TO The Worlds editorial
statement that last weeks disturbance
was mot a business panic, but Wall
street panic,
MIR. Reynolds blames the president;
10 the more charitable the underlying
cause of the condition is found in pa.
ternalism that chastises prosperity anu
regards success as repmhenslble' lhe
cry of oyer.capitalization has given way
TO the fear of undercapitalization, and
il has become an imperial crime to en-
gage in business that can possibly earn
more than per cent, The reinyestment
of earnings, such as has characterized
the management of the express compa.
nies. some railroads and the Standard
Oil. has become an objectionable SIN
which demagogue and his satellites are
bound to regard with imperial displeas,
ure regardless of the devastation spread
among the millions OF stockholders whose
earnings form the major portion oil eV-
cry great enterprise
There is scarcely a prominent railroad
or industrial that has not felt the chas'
Using hand of the administration, when
is about as well qualified for directing
commercial enterprises as clown IN
opea-both resulting in tragedy
This is highly popular opinion M
New York financial circles, but 1t VIII
hardly stand analysis. Without doubt
Mr.. Rooseyelts persistent clamor ior
al at1at unnTpbpn.
sion, while his vehement and passionate
speeches exerted q contracting influence
upon credit; but il is a common Ameri'
can failing to blame all financial disturb.
ances upon the president OF the United
States or the party in power,
Jackson is still held responsible Tor
the panic of 1887 although the states
that chartered wildcat banks and the
persons that carried speculation to the
point of insanity are absolved from
blame. Men of seeming intelligence Sc
riously declared that the panic OF 1873
was due to the inherent wickedness OF
Grants administration, while the re-
sponsibility for the financial depression
OF lS93,9i was freely laid upon the
broad shoulders of Grover Cleveland.
Men who now curse Roosevelt and praise
Cleveland were then cursing Cleveland
and praising Harrison.
When everything has been said That
can lie said against the folly and FOOLISH
ness of some of the president speeches,
certain cold, hard facts remain which
the most incorporate critic OF the ad'
ministration cannot ignore.
II was not Theodore Roosevelt who
tried to finance the United Copper pool
with other peoples money, but the
Heinzes.
1t was not Theodore Roosevelt but
Heinze, Moore and Thomas whom an
honest and indignant Clearing House
committee had to scourge from the
banking business.
1t was not Theodore Roosevelt but g,
T. Barney who plunged the knicker-
booker Trust company into reckless
real-estate operations.
1t was not Theodore Roosevelt but l..
II. Thomas whom Mr.. Fleming forced to
return to the Proyident Life Assurance
society the money of the policy holders
which had been deposited in Thomas 5
banks for use in wildcat speculation
1t was not Theodore Roosevelt but
Thomas +. Ryan and associates who, by
a combination OF stockJobbmg ana
grand larceny, wrecked the most proht'
able street-railway system IN the word
1t was not Theodore Roosevelt but h.
III. Hartman who looted the Alton.
1t was not Theodore Roosevelt who
was responsible for a system OF lnsur,
ance corruption whose exposure shocked
the whole civilized world, but men VINO
have never spent an hour IN Il cell Us
punishment for their otfenses.
II is not Theodore Roosevelt who
l. fpr
misdemeanors, yet it is Theodore Roose'
Welt who has been dealing in ghttering
peneralities about corporation abuses
when he should have been prosecuting
individual offenders for violations OF the
law. This is a responsibility which the
governor of New York shares to a Ger
tain extent with the president. Both
have devoted to speech-maiing time that
could have been far more prohtaoiy
spent in taking care that the laws are
faithfully executed" 1t must be re-
membered that this so-caled panic was
precpitated not by the failure OF a SIN
gle fduciary institution but SIMPLY by
hardly half a dozen men who controlled
a few banks and trust companies.
Perhaps there will be a change for the
better after this object-lesson and In the
future we shall have more government
by law and less government by denuncla'
ton. ..
In any event let us view the situation
sanely. On the whole, New York has
paid a very small price indeed for the
legal immunity granted to insurance cor
rnptionists who robbed policy-holders, to
predatory financiers who looted great
corporations and to tinhorn gamblers
who bought banks and used the assets
TO rig the stock market. There Is no
other country in the world where so
little disaster would have followed such
lax and cratic enforcement OF the Grim
inal law. -, no
No greater proof could be found OF the
marvellous prosperity of the American
people than the manner in which last
weeks financial crisis was faced ana
checked. There could be no more, con
v;ncing evidence of the solidity and sta
bilitv of New York's banking, and imam
cial institutions There could be no
more eloquent appeal to popular conn
dence and no stronger argument Tor the
complete restoration of credlt.-New
York World.
AN AID TO GOOD CITIZENSHIP.