Albuquerque morning journal., 1907-08-22

est observance of the law. for I regard
this contest as one to determine who
shall rule this government: the peo-
pie, THROUGH their governmental
agents, or few ruthless and deter
mined men whose wealth makes them
particularly formidable because they
are behind brcastwOrks OF corporation
organization. | wish there would be
no mistake on this point 1t is idle to
rich or poor, but l desire no less en-
phatically TO have it understood that
we have undertaken and will under
take no action of vindictive type, and
above all no action which shall inflict
great or unmerited suffering upon in
nocent stockholders and upon the pub
lie as whole. Our purpose is to act
| with the minimum of harshness COM
patible 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. Bus
mess can only be done under modern
conditions through corporations, and
our purpose is heartily to favor cor
porations that do well. The admin
istration appreciates that liberal but
honest profit for legitimate promoters
and generous dividends for capital
employed either in founding or con-
necessary for successful corporate ac-
tivity and therefore for general pros
porous business conditions. All these
Fare compatible with fair dealings as
between man and man and rigid obe-
dience to law.
our aim is to help every honest
corporation, and our policy means in
its ultimate analysis, the prosperous
expansion of the business activities of
honest business men and honest cor
porations."
The foregoing extract. which ex-
presses very fairly and very fully the
whole tenure of the speech, shows
unless we are to take it as merely
"hot air" that there is to be no
change in the governments policy to-
ward the law-breakers, unless indeed,
1t be to make that policy little more
rigid. on the other hand, it has been
currently reported for some time past
that the great monled interests of the
country were looking forward very
hopefully to the Provncetown speech,
in the belief that 1t would foreshadow
a very considerable If not radical
change in the attitude of the admins
tration toward what Mr.. Roosevelt
calls predatory wealth." But the
speech as delivered shows that all
such hopes have been absolutely vain,
because it states in the plainest terms
the language affords that there is to
be no letting up, but that the same
policy IS to be pursued to the end
with even greater energy, and to leave
no possible room for doubt upon this
point the statement is repeated with
increased emphasis. What the effect
will be upon the financial affairs Of
the country, it Is, of course, impossi-
bic to know at this writing, but it Is
clear that the money centers will be
sorely disappointed.
The following reference to this mat
ter which we find In an editorial in
the Washington Star of last Friday,
viii give a good idea of how anxiously
Wall street was looking forward to a
letting down on the part OF the pres
ident:
Wall street Is anxiously awaiting
the event. in the hope that the presi-
dent will have something of reas-
suring character to say regarding the
relations OF the government to the
trusts possibly In outline of a modi-
fled policy of regulation and prosecu-
tion. Indeed. upon rumors that ex-
tracts from the speech had leak
ed out In advance and that they show
ed a more lenient attitude on the part
OF the president. the street yesterday
rallied measureabIy while In the
throes of a heavy slump. and the day
closed with a recovery Of prices to
practically the closing point Of the
day before.
Whether the president intends to
speak comfortingly or not, this epi-
sode is significant. 1t suggests how
anxious are the great financial inter-
ests for a sign Of relcnting, for to-
ken Of an executive appreciation of
the narrowness of the margin that
now remains between security and
panic.
Judging from comments by leading
bankers recently. It Is not difficult to
understand what It is that the con-
scrvatve financial interests hope that
the president will say They are not
disposed to question the righteousness
OF the prosecutions entered upon by
the government 10 enforce the laws.
They admit that there has been loose.
lawlcss and dangerous financiering in
certain quarters In the past, and that
the tendency toward giant corpora
tlons has been carried to an extreme.
But, they declare. what the country
needs chiefly today is not punishment
for past offenses. but measures to pre-
vent future wrongdolng. Checks. not
stripes, they say, are required.
In short. remedy is needed for
the ills from which the country has
suffered for several years. some OF