New-York tribune., 1907-08-20


!uulclaI interference and, ii then sup
posed. within the federal power.
DOES NOT FAVOR SUCH LEGISLATION
NOW.
do not favor federal legislation now to reduce
such fortunes either by a constitutional amend
nent to permit an income tax or by a gradu-
ated inheritance tax, but whenever the govern
nlent revenues need an increase or reimbursement
should strongly favor the imposition of a
graduated inheritance tax, and. if necessary for
the revenues. a change in the Constitution
thorlZlng a federal income tax with all the Incl
dental influence of both measures TO lessen the
motive for accumulation.
The suppression of Inonopolies and the aboli-
ton OF secret rebates and discriminating privi-
leSes by the railroads. will lessen the possibility
of such enormous accumulations as those which
have already taken place. The evils of too great
concentration of money or of any kind of prop
erty in a few hands 10 be best remedied by
ton and not by measures having immediate
and radical effect that are apt TO involve IN
furious consequences TO the general business
community.
CONCURS IN PRESIDENTS POLICIES.
have thus reviewed at great length what
have properly come to be known as President
RoOsevelt's policies. and have discussed them
with what hope you will think is entire
dor have attempted to point out two
instances in which 1 would qualify details of
future policies which he has sketched but with
these minor exceptions as to method I am glad
10 express my complete. thorough and sincere
sympathy with and admiration for the great
conserving and conservative movement which
he has with wonderful success initiated and
carried so far against bitter opposition. TO
edy the evils of our prosperity and preserve 10
the institutions we have inherited from
fathers.
CHARGE OF SOCIALISM ABSURD.
Critics of President Roosevelt denounce his
policies as socialistic and likely impair the
institution of private property. The institution
OF private property next to that of civil
liberty is the most important factor in all that
is good in modern society. II is Indispensable
TO iEdividualism, and is of the two chief
means by which raised himself from low
estate. 10 that of the beasts OF the field. to
his present condition But if the people not
convinced that II is possible TO eradicate the
evils and abuses arising from the unsCrupuious
Of wealth and corporate combination under
the system Of private property the movement
toward its abolition and the adoption OF social
ism in some form Will gain great strength
President Roosevelt would stop this movement
by demonstration that ii is possible under the
system Of private property by efhcient govern
ment regulation, supervision and prosecution 10
social unrest He knows Whal Iutlle remedy
socialism will prove 10 be. Socialism looks 10 a
dead level of life. TO absence Of all motive Ter
material progress 10 q stagnation in everything.
, II involves a lack of individual freedom and
quires official tyranny 10 carry out its syS-
TEN that finds no counterpart IN modern gov
ernment. II offers no real remedy for the evils
that appear from time to time as the accompanl-
Tlent OF progress. And yet President
Roosevelt knows, and every one must realize
the plausible force with which sociahstic doc
trfnes can be pressed upon a discontented peo-
Ile who see real wrongs in the body poiltlc ana
FRAMED TO DEFEAT SOCIALISM
For this reason he takes the most conserva-
tive course in insisting on adopting measures
entirely consistent with the principles OF pri-
vate property in order TO stamp out the eviiS
which have attended its abuse There IS noth-
proposes What Is there in the tenet OF private
. property that prevents close government regu-
lation Of the exercise Of a public franchlse IKE
of interstate railways, or The enactment OF
criminal laws civil procedure 10 restrain til,
evils which result from the improper use OF
. the right Of property IN combinations OF tttt'I-
. -al 20 suppress competition and 10 monopohz5
trade or the adjustment OF tax laws OF ia"S
OF descent in such a way to reduce the notlFo
fer accurnu!gtinc fortunes so great that the
power they give :heir individual owners Is
, politically dangerous?
ROADS RESPONSIBLE FOR LAWS
The critics have referred TO are in the habit
Of charging TO Mr Roosevelt reSpohs5DltN,y ~ t toa
all the recent state legislation looking 10 tHe
restraint Of corporations and especially Tor thiI
, which cuts down the passenger rates On s''lS
railways. This Is most unjust loT "ieNier Su1iI
legislation is proper or oppressive the impetus
that carried il into law was given not bE NJ
Roosevelt but by the evils that he has peeh at
ternDting 10 remedy within the federal JurlS-
diction. If the state measures are UNJUST 10 inc
property rights Of the railways. ihey may pe
corrected in the courts. II theS are uh-
wise they will react against the communities
in which they operate by making the service
; poorer and in other ways and the reaction VIII
lead to their repeal The railways can pI1ii!I 40
one but themselves If the revelation OF thelr
fragrant violations Of law and OF Ineg IA ~ I
administration of public trust have Iea 70 go a.t
o11thurst of popular Indignation and nave
brought on temporary excess.
STOCK. SLUMP NOT DUE TO POLICY.
! Again. every time that there is fall in the
nrices Of stocks in Wall street, those VINO are are
ini7,rOrsI- affected condemn the freSiueHt Viii
f-raat bitterness as responsible for their losses
! Just at present there has been a very serious serious
/ derression in the values Of TnarketabIe secui,
.ine and il is said that the Presidents attitude
toward corporations has been tae c1uSg M oL - 80,
Cucb critics fail 20 observe that there mas Dtch
J q similar decrease In the marketabie Na!ut
not only OF railway stocks but oI goI linn , ~
consols abroad, and that there Is q AtlIi4e
! IN the markets of the world. But more thar
+his II the prosecution of dishonesty ana mes
,,rac+icas like the giving and taxing OF FeDaleS
I'd tho destruction Of competition by nohop-
! DIV Sc 70 injure the market for stocks on me
stock Exchange. then this Is burden tIisl sS IS
be borne and must he chiIrgeu. ~ frca ~ ~ The
! of the nation. whose duty II IS 10 ENFORCE @ ur7
| ~ b,,+ 10 the violators Of the law whose Put
s,tt of criminal methods has been so Succes- -
/ ond FAR reaching to make their lIoSe' 4'Ipi1
q -o-ia,,s threat against the stability OF tI:e
| r,arl-et II is not true that the President -
erpa eed in a raid against all cofpofa'lo -
! &c not true that he proposes 70 TIP ~ PNo -.
| Transactions when by reason OF the LIJuii9S 40
| innocent purchasers such course W2eu "a u9
more injustice than good. his otny IpooS f,,15as+
! sworn duty is to prosecute Win lIt -
- the corpOratiOns and ind1Vlduai9 whose
/ Aaorant violations OF the laws MAKE II -, -
cary to do So in order that coiIpitse iIpe,7 ,,.itb
,,1ay, F,a effected in business liethouS Win
/ aS1act 70 the evils which have described
Do0SFvFI,1"s AND BRYAN'S THEORIES
,,...o .ar,. critics like 10 say that Mr.. Roose-
,,It has s.orf- -Rrvaned" Nr Bryan in MS pollcle9
and Mr BRYAN has lent color 10 inns say Iils ps
the claim that he was their orlglha! IN.
NJ one who has given the slightest attehtIOh -
| ~ a,t,tu1a Of Mr. Roosevelt and Mr. I5fFHh
rnon the social and political questions OF @ IiIS
G5ay can for moment miss the raoIcai uliiei
between the two