Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1907-12-31

an argument for giving up the moral
victory which has been won. Appa-
rentlv. they would take a ~retrograde
step back TO the conditions which ex-
listed five or six. yes ten years ago.
when unhampered by state law, these
trusts were building these buiwarks
! behind which they are now lighting.
They rely upon the soreness and the
mental strain and suffering through
| which all the honest business men of
the community ave to pass as q gol-
den opportunity for driving home
their attacks upon the administration
and for paralyzing the onward move
ment toward the supremacy of he
law.
Z have set forth what ! believe to
be the real explanation Of the panic.
Let US examine the specifications Of
our opponents now. made TO show
that the administration Is responsible.
In the first place 1t Is said that the
policy Of the administration has been
directed for the last -four years
against organized capital ana that it
has thereby frightened investors. !
DENY it. The course of the admins
~tration has been directed against such
organized capital as was violating the
statute Of the United States-and no
others. II had every consideration
and desire to assist organized capital
which WAS engaged in legitimate bust
ness IL Is true that the execution Of
the policy Of The administration has
involved the bringing To light Of pub
lie criticism ibe violation Of the law by
influential and powerful corporations,
and their prosecution. Through the
investigation Of national ana state
tribunals there have been reyea1ed as
/ have already said. breaches of trust.
.nf.t4IF fahIHng tN4V InaFVn IF aTnfKE and {
acknowledgement In some Of u largest
corporations. They have properly
been severely condemned by all includ-
the president. knowledge of these
things doubtless affected our credit in
Europe and FASTENED the panic, but
those who were morally responsible
for such q result are the guilty man
ayers, hot hose Who In h course Of
their official GIty have made known
10 the business world, the facts and
on them.
IT Is said that he administration
has arraigned the whole business COM
nunity as dishonest. 1 deny IT. The
president has condemned the law
breakers. He has convinced those
Who have unlawfully accumulated
power ana capital that they
IRE not Immune. lie has put the fear :
the law I'm their hearts. They
AVE httn acute tVbllEN 10 dAttiiBA W .
,rOtect themselves by giving the I'M
,ression that his action has been al q
ected against the whole business COM |
munity. 1t Is true that the business J
lon Of our country as a whole are $
onest and their methods are sound. G
he president has not said otherwise,
indeed It is chiefly in the interess OF r
ne great body Of honest business men q
nat he has made his fight for lawful
methods. a
Again. It Is said The ate bin for :.
hich the administration is response .
h. caused the panic. Could anything :.
p more absurd? The object Of tho =
tie bill was merely to bring the >
Iilroads under closer supervision Of q
tribunal which could act O com -
of individuals suffering from -
Injustice. The immediate ef- y
ct Of its passage was the voluntary :,
duction of rates. subsequently :,
normal circumstances, justify -
z il, the rates OF the railways gem
ally were increased. The contin- 9
of the abuses of the railway -
anagement were made by the rate
n much more difficult, but the rate
II has not had the slightest elfagt
ION the legitimate business earnings
the railways. The utter hOHou- n
.ss I'm the cry that he ate bin r1Ieed pa
e panic. ia seen la the fact chat 81
ose Vito nSW Vnnuiret To advance Sl
IL proposition have boon COR noFr u'
u year contendinp that ne rate 81
was a humbup and 70 frrpd bo- g
Il had no effect whatever-b be 10
II had given promise OF a rec A.
elton Of rates and no reduction Of m
los followed. te
Then state legislation against rail- y
ads was pointed to as "A cause for
rinkaFe, in the value of the stocks
Il for the panic. Mr.. Roosevelt
4 the national administration are -
responsible for this. II was oc- W
iloncd by the same revelations 'of a
'lcssness and discrimination in ca
lway management that made the
.cral rate bill a necessity. II the
te measures awe been too drastic
cause OF the injustice Is not with ~
national government. MS
Instead of making "a panic. the ma "
lal policy ending the lawlcssness of "a
porations In interstate commerce "a
I taking away their power Of issu- rio
without supervision, stocks and r.,
IDS, VIII produce q change I'm their -
nagemcnt and remove one fruitful ii.
.se for the loss of public conh eis,
20"
The business men In the past have d
tpathizcd with the EFFORT to eradi- =,
p from the business situation of -
country the influence and control
those who have achieved success -
Illegal methods. g. all this to be ~.
nged BY the pauic2 shall We dis III
s the prosecutions for Violations Of ",
antitrust law shall we permit ON
encourage rebates and discriminl-
= by railWuNsr Is this the condo I'D
Of sanity 10 which We are invited ~
shall we Join lu and sheer
he tight 81 the administration FOR u
estN and legality In business as on
.hful attempt az an alleged m, M ISL
Of our business system Sol
panic. however severe. can make OH
ng right No nan who sincerely Ntt
ives the administration right On its
{ measures Co punish violations of
can now be- turned from thu \,
support of that policy today
believe myself To- be as couserva- ,,es
as any one within this company ms
lieVe ! know personal liberty. acro
right OF personal property b. the hay,
ose oi an our 'ttolts m the de- tWce
imcnt OF mankind and that any duce
Wa our social and political ord
ma which imgairs the right OF pri- bega
property aud materially diminish max
a. motive Tor the accumulation ~ ance
hy The Individual is "a blow at Taste
whole civilization. Bur no one tn
been an observer ~ the tered
.tIon of the exercise 81 the right Jams
and tho accumulation Il move
al and its use IN business by the two
"a th" combination oil
n hy the combination OF ndiVid-