Daily press. [volume] (Newport News, Va.) 1896-current, 1907-11-02
President Roosevelt Believed 10
Have Fought Enemies With De.
pasIts In j. S. Treasury.
the PEOPLE PAY FOR II ALL
Battle Between Administration Forces
and It's opp7ncnts in Wall Street
Has Shaken the country-Rooscvclt
Needed Every Cent He Could Com.
mand to Fight the Crisis.


WASHINGTON Nov l-TXperts In
panics disagree as to whore rcspons.
ibiliiy rests for tho furry In finance.
1t Is certainly not due to n lack of
nintcrial wealth in the country Pros
perity. rs the term may he applied TO
productivcness, Is present In this cuun.
try and has been for some time but Il
is a penniless prosperity for those who
have money tied up in securities
which may not be negotiated or In
banks or trust companies whose doors
are closed Tho paradox OF prosperity
and pcnnilessnoss chamctorlscs this
extraordinary situation and may BE- q
key TO lis cause.
1t is pointed out in the nature of n
charge that certain masters OF finance
have engaged In questionable transac.
tions of great magnitude and that
their exposure has excited the sus.
picion OF the public and resulted in n
general loss OF confidence
Tho counter charge TO this rs that
President Roosevelt. by his street cor.
ncr CRY of Catch thief" has aroused
tlr suspicion Of every man against
lcvory other whom he does not know
TO he honest; that by this nolicy OF
reform by megaphone statesmanshh
the public mind has been thrown into
a state OF disorder, and that pnblit
confidence has been shaken even IN
the face Of wonderful material pros
lperity.
Danger of Megaphone Methods.
An analysis of the situation indi
Gates that both of these charges arc
true ana that the responsibility rests
not only upon those guilty of wronr
doing, but upon the method adopted
IN the fight innugurated against wrcmr
dong. II n policeman arrests n pick
pocket in a crowd IL creates little ex.
,citcmcnt and restores rather than de
,stroys confidence; but II the cry OF
Catch thief is raised without indi.
eating who the thief Is the crowd be
lcomes suspicious each of tho Other
and the only man who knows who the
inner really Is, Is the thief himself
VINO may quietly withdraw and thus
escape suspicion or arrest.
flhancinl conditions in Wall street
since Mr.. Roosevelt made his proclaim
lation OF my policies" and an cxamln
alton OF the fluctuations in volume az
money deposited by the United states
rcasnry in banks to meet financial
lstringency indicates how. where and
why the battle is raging.
The challenge was sent out nv AR
sevelt and the struggle has beer
Ia wall street fight, with certain great
financial influences Oh one side and
Mr.. Roosevelt On the other. each us
ing the same sort OF weaponc ond
each adopting the accepted Wall stree,
/ method of piling up dollars on on,
SIDE against dollars on the other Nj.
Roosevelt has gone into the fight inst
as any stock gambler might do III
mas measured up his resources aeains,
Tue resources TO be affected bv hi.
ATTACKS upon his enemies, perhans II
some cases the enemies of Tho NH
ne and has been both bull ana bca,
IN the market.
Roosevelt in the Fioht.
ne mas hammered nj public conf
uence until distrust reached n crisis
point. and has then thrown in III,
rnblic moneys 10 save the Situate,
ana prevent pnnic. The battle bo
tween him and "the interests" 10 ~
Ictly similar To that between two
STOCK gamblers on opposite sides. Gael
lt"fo"ihg IN or Withdrawing his mon
icy rs the strategy of the situntioi
might suggest. the one having IN,
longest purse being confident of hi.
unity TO win the fight. Certain MOI
were to lie squeezed out: certain ono.
10 be Disciplined certain conditions /,
DC changed: certain other condition,
10 ba established and Mr.. Rooseyel
mas counted on the resources Of IN,
, hitcd States Treasury 10 enable hin
10 accomplish this without brinein,
on such panic as would dIscredi
hi administration. -
INC squeezing ont process of COZ.
pprations OF certain class mas bccl
applied by MI Roosevelt in the promo
ton OF his policies. and the issue In
VOWED between him and wall Stree
arc primarily almost personal in chor
lacter in that they involve dislike 70
venso and ambition The same moth
lcds and The same principles are in
VOWED whether the battle of dollar,
IS Tor profits TO be mado on fiuc.llatinf
margins. for control of n railroad sv,t
tenn Or ether corporation or for con
itrol Of n nation.
MI. Roosevelt has staked his a,nhi
t,oh primarily against cupidity. but ir
the light has involvrd nm tho ,,, .