The Washington herald., 1907-08-22
Mr. Roosevelt.s speeeh as Amended.


President Roosevelts Provincetown ad-
dress was altered in several respects
after the printed copies had been dis
tributed to the press. One OF the notable
changes was the entire elimination Of the
paragraph which committed the admins
tration to the receivership plan Of disci-
plining unlawful trusts. That paragraph
was as follows;
"Our aim to Try TO do something effective.
Having this in view the Department Of Justice has
recently taken sters 70 see if il is not possible IN
certain contingencies and for certain purposes 70
pat the trusts that are guilty of wronsdoing in the
hands Of receivers The purpose Of the sdninistra-
ti is 70 stamp out the evil; that we shall seek 70
find the most effective device for this purpose and
that we shall then use II, whether the device can
be -ound in existing law must be supplied by
legislation"
This declaration, had il been made,
would have been regarded by Wall street
as fun of menace; its excision is inter
preted as indicating that the President
has no desire, in the present condition OF
affairs in the financial world, 10 threaten
the business community with novel and
untried measures Of warfare against cor
porations. His purpose is to adhere 20
the line of attack already marked out.
and It was made plain enough in his ad-
dress that there would be no change in
that policy. Yet no action Of a merely
vindictive character will be undertaken.
nor any action which would affect ed
versely the interests Of the investing
public.
In place Of the omitted recelvership
paragraph Mr.. Roosevelt interpoiated
some remarks on the present troubles In
the stock market, which he admits may
be traceable in part 10 governmental ac-
ton. He conceives, however, that some
of the trouble may be attributed to a con-
spiracy on the part Of certain malefac-
tors Of great wealth" 20 bring about
financial stress In order TO discredit the
policy Of the government and thereby Sc
cure a reversal This theory Is not wholly
convincing, though 1t accords with pro
vincial and widely accepted view that
Wall street Is able TO retaliate with a
panic whenever its peculiar interests and
enterprises are interfered with BY govern
mental action. But this much is true,
that Wall street. by Industrious dissent
nation of the idea that the Rooseveltian
policies threaten the stability Of all Sc
curities and even the substantial pros
perity Of the nation. has done much to
unsettle the minds Of investors. n as
much ability were devoted 10 the spread
Of correct notions of the real purpose and
effect OF the Presidents course as is oc-
cupied in misrepresentation Of II and IN
hysterical and pessimistic predictions as
10 the business future, there would be a
great deal less Of that panicky feeling in
the financial district, The plea so often
heard for more sanity in Presidential out
givings might very well be accompanied
with a Ike plea for more sanity OF
thought and action among our financial
hotspurs.
There IS no more ground for the as
sumption that Mr.. Roosevelt is engaged
IN a deliberate campaign for the wreckage
Of national prosperity than there is for
the belief that rich men are consplring to
bring about a financial panic What is
needed all around is a saner and less
prejudiced approach OF the great problem
Of conforming our industrial and CONNER
cial operations to the newer ideals Of JUS
tice and public service Possibly as much
instruction Is needed in this matter in
the regions OF high finance as in the
realms OF craftsmanship.