Evening star., 1907-08-20
RICH MAL{FACT0RS
WILL NOT ESCAPE
THE PEN|TENT|ARY
Continued from First Page)

vast fortunes. chiefly corporate. which
are used. as under modern conditions
they almost invariably are. in interstate
business" State action he declared, could
not produce Wholesome results" and he
advocated national incorporation for cor
porationS engaged in interstate commerce.
avowfng that the most pressing need was
for more complete control by the red
eral government over the roalroadS un-
der the interstate commerce clause. and.
if necessary. under the post road clause
of the Constitution. sHe spoke OF both
the interstate commerce law and tie anti
closed the necessity of Improvement or
modification. He went at length INTO
the difficulties Of copvicting individuals
for violations of business regulation en-
actments compared with the relative ease
of procuring verdicts against corpora
tions, but asserted that the admln!stra-
tion proposed to punish rich men wher-
ever prosecutions looked promising. He
added that No individual, no corpora
ton, obeying the law has anything to
fear from this administra ton" The Presi-
dent also took occasion to advocate once
more a national employers liability law
of Increased extent and StrinSency
Rich Malefactors.
The reference to the stock market was
the most sensational feature Of the speech.
In this connection he said:
During the present trouble with the
stock market 1 have, of course. received
countless requests and suggestions. public
and private. that l should say or do some
thing to ease the situation. There is q
world wide financial disturbance. 1t is felt
in the bourses of Paris and Berlin. and
British consols are lower. while prices OF
railway securities have also deprecated.
"On the New York Stock Exchange the
disturbance has been particularly severe.
most of it, believe. to be due to matters
not particularly confined to the United
States. and matters wholly unconnected
with any governmental action. but 1t may
we'll be that the determination OF the gov
ernment. in which, gentlemen, 1t will not
waver. to punish certain malefactorS OF
great wealth, has been responsible for
something of the troubles. at least to the
bine to bring about as much financial
stress as they possibly can in order to dis
credit the policy of the government. and
thereby to secure a reversal of that pol
their own evil doing.
That they have misled many good peo-
pie into believing that there should be such
reversal of policy Is possible. If so l am
sorry. but 1t will not alter my attitude.
Once for all. let me say that as far as,I am
concerned. and for the eighteen months of
my administration that remain, there will
be no change in the policy we have stead
lily pursued, no let-up in the effort to secure
the honest observance Of the law. for / re-
gard this contest as one to determine who
shall rule this government-the people
through their governmental agents. or a
few ruthless and determined men whose
wealth makes them particularly formidable
because they hide behind the breastworks
Of corporate organization.
Will Be No Deviation.
Il wish there to be no mistake on this
point. 1t is idle to ask me not to prosecute
criminals. rich or poor But desire no less
emphatically to have 1t understood that we
have undertaken and will undertake no ac-
ton of a indicative type, and above all no
action which shall inflict great unmerited
suffering upon the innocent stockholders
and upon the public as a whole. Our pur-
pose is to act with the minimum of harsh
ness compatible with obtaining our ends
In the man of great wealth who has earned
his wealth honestly and used it wisely. we
recognize a good citizen worthy of all
praise and respect
Business can only be done under mod
ern conditions through corporations. and
our purpose Is to heartily favor the corpo-
rdtions that do well. The administration ap-
preciateS that liberal but honest profit for
legitimate promoters and generous divi-
dends for capital employed either in found
ing or continuing an honest business ven
ture are the factors necessary for success
ful corporate activity, and therefore for
generally prosperous business conditions.
All these are compatible with fair deal
ing as between man and man, and rigid
ooeoieice 10 tHe law. Our ann Is 10 neip
every honest man. every honest corpora
ton. and our policy means in it's ultimate
analysis healthy and prosperous expan-
sion of business activities of honest busi-
ness men and honest corporations
= James Bryce. British ambassador, follow
ed the President with an address. as did also
Senator Henry Cabot Lodge and Represent
ative William c. Lowering.
Following the speechmaking the process
sion formed again and proceeded to the
Town Hall for lunch.
The President and his party will be es-
corted to the pier at 3:45 o'clock and the
May1ower will start for Oyster Bay at
O'Clock.
CThe full text of the Presidents speech
will be found on another page of The Starr