The Marion daily mirror. (Marion, Ohio) 1892-1912, 1907-03-30

deposition. 1t Is not the opposition
Iof men nor magnates, plutocrats
nor politicians, but that battling in
tangible thing cai,ed public credit,
(which is suddenly disturbed, ner-
'vous, almost hysterical. Fear OF
Ihard times. as the closing feature OF
Ibis administration, has chilled his
enthusiasm for further pressing
his railroad reform propaganda at
this time.
The beginnings of credit contrac-
ton and business depression are
right now in evidence. That does
not mean that Wall street is suffer-
ing, but that industry in Cleveland
and Chicago and Kansas City is al
ready feeling a preliminary tight
ening hich may spread to Lorain
land Painesville and Akron next
week. or even tomorrow. Friends of
the president pointed out to him
the first storm signal in the recent
brief Wall street panic.
| Since that he has been hearing
from the little fellows, the middle
men from all parts Of the country.
He is frankly worried and determ-
ined to avert a further development
of these conditions If the remedy
lies in his power. His secretary
lof the treasury, Mr.. Cortelyou, had
hardly completed his declaration
that he would reverse Mr.. Shaw's
policy of assisting tight money mar
kets, when he hastily turned to
shovel over $S0,000,00O from the
treasury vaults into the banks with
IN three weeks. He just as quickly
reversed his order that only gov
ernment bonds would be accepted
from government depositaries.
The president has hustled special
representatives to Chicago In an ef
fort to prevent the threatened big
strike on western railroads. He is
still considering advisability OF de-
livering a speech i'm the nea: future
to allay. il he can, any public dis
trust. He Is also considering
great moderation of his program for
further railroad legislation at the
next session of congress. II Is now
unlikely that he will close his all
|ministration with campaign to
squeeze water out of existing rail
road stocks. He may still ask for
legislation to restrict future water
Ing, but it Is within the possibilities
that congress will be told to confinc
It's work next winter TO hurried
passage of the appropriation bills
and effecting a speedy adjournment.
The president is insisting that he
shall not be represented as surrend.
erng his reform program. He has
no intention. OF quitting public life
when he quits the presidency. He
hopes. as senator from New York.
to find himself cooperating with
Taft. or another Republican pres
ident after his own heart. in carry
Ing on the work he has started. But
this VIII require that he not only
retain his great popularity and the
public confidence, but that nothing
shall occur to discredt his reform
legislation already enacted.
But here are few possible con-
sequences OF such depression as he
Is growing to fear the country faces:
a reaction against such laws as the
rate bill and the efforts OF this ad-
ministration to bring big corpora
tions to book within the law, set
back for further work along this
same line, depriving the Republican
party In 1908 of its famous pros
perity" issue which has carried II
triumphantly through the three
campaigns the obstruction Of Roos-
evelt's own persoanl popularity with
the masses, If their wages are re-
duced or men are discharged In large
numbers; the killing of the public
confidence expressed IN the cry for
Roosevelt and everything Roosevelt
wants"
AS one step toward moderation
Senator La Toilette, whose plan IL Is
to fix the physical valuation of rail-
roads, Is TO be pushed aside next
winter and Dolliver will be allowed
to introduce any administration rail
road legislation that is brought for
ward. Dolliyer had the rate bill in
charge, and he is a champion of re.
form, tut Dolliver Is rather more
os conservative since ne has been
reelected for six years. Delivers
proposition Is not to attempt squecz-
Ing water out Of existing securities,
but TO accept their present CONNER
cial valuation and to attempt to re-
strict or moderate future over-cap.
italization.
or course La Toilette will try to
insist on his propaganda. but the
senate Republicans can be counted
upon not to go step further than
they are required to do. LaFollette
will be cold shouldered over into
the Democratic side of the chamber
and his propaganda with him. I'm
Gle Joe" Cannon can be depended
upon to suppress any excess radio
|alism that shows itself In the house,
The railroads want the president to
20 further. They ask OF him a
public declaration that he will not
favor physical valuation and
|squecxing Of stock values; that he