The Birmingham age-herald., 1907-04-02
Expressed Carefully Thought Out Beliefs The President
 Declines Invitation
NOTHING ID SAY ON THE
 WALL STREET SITUATION
"What Has Occurred Since l Wrote Messages Illustrates DesirabiIity of course"-Marks Portions
 of Speeches and Messages.

Washington, April 1.-President Roose- welt has decided not to accept the invi- tation of the Illinois Manufacturers as- sociation to deliver a speech at Spring field, ILL, on the railroad situation. He addressed a letter yesterday to C. II. Smith, president of the association, stat ing it would be impossible for him to ac- cept their invitation, extended last week, because he did not feel that he had any thing to say at this time in a special ad- dress on this special subject.
 The President has received a great number of requests for a statement by him. or a speech to be made by him in connection with the railway situation. He has given these requests the utmost weight and most careful consideration After fully looking into the matter the President informed his advisers that he had come to the definite conclusion that there was nothing now which he had to say at this moment on the railway sit utaion; that he did not deem it either wise or proper to say anything with a view to any immediate situation in Wall street and that as he should only give expression to the definite and settled pol icy to be carried out, wholly without re- gard to the exgencies of the moment and as his views the policy in ques- ton were already a matter of record, it did not seem necessary at this time to repeat them.
 Stands Pat.
 To the differeDt men, friendly and un- friendly, who have visited him or written to him, he has answered verbally or in writing that bis words and acts spoke for themselves and needed no explana tions whatever, and that he should not in his future course deyiate one hairs breadth from the course he has pursued in the past and was now pursuing
 The statement wRs made from @e Ii authoritative source today that .'even a most eursory examination of what the President has repeatedly said in speeches and messages will show the utter non sense of supposing the government has the slightest intention to take any action which would invalidate the safety and stability of the railway securities now issued, the whole legislative programme of the President having been proclaimed again and again as one to insure the fu- ture against the mistakes and delinquent eies of the past. The President holds that every executive action taken under his administration. whether by the de- partment of justice by the interstate commerce commission, has furnished it's own ample justification
 1t was pointed out today in admins trative circles that the President has made no references in his speeches or messages to the question of the physical valuation of railroads. His position on this question 1t was said is that the roads themselves will work out this problem as an item of bookkeeping and reference was made to the fact that two roads. the Northern Pacific and the Great Northern already have submitted figures as to their physical valuation.
 If can be stated on authority that the President again will ask Congress at it's next session for power to deal with the question of over-capitalization of rail- roads. A similar request was made at the last session, but favorable action was not taken upon it.
 In his letter to MT. Smith. the s'resident enclosed copies of the speech" he made at Raleigh, N. C., October 19, 1905 and the one he delivered before a deIega ton of railway employees in this city on No- vember II. 1905, together with his last messages to Congress at the beginning of the first and second sessions of the last Congress. The President concluds his letter to MT. Smith as follows:
 You will see in the two speeches and the two messages that I have said about all that I would say if I spoke now As l said to your body the other day, I have already expressed again and again my carefully thought-out beliefs I am more firmly than ever convinced that these be- liefs are wise and that the policies re- commended in my message at the open- Ing of each of the last regular sessions of Congress must be carried out Just at the moment I do not see that I have much to add to what I have already said and think that what has occurred since l wrote the two messages in question merely illustrates in striking fashion the desirability of the course I therein out lined.'