The sun., 1907-12-10
EATNTS DEFENDING ROOSEVELT
FRANK b. KELLOGG COLLAPSES
ar MINNESOTA DINNER.

Is Carried out. but RooOVors FrSm Attack
That Was Only Temporary Ills recent
.'sDeculstlVc ExpansIon' Theory Of the
Panic FalAs 90 Provoke Applause.
Frank B. Kellogg. the Deputy United States
Attorney General representing the Govern
me mt In tho suit to dissolve the Standard Oil
Company, tainted in the midst Of defence
OF the Roosevelt Administration at the
Minnesota SOoiety's dinner at the Waldorf
Astoria last night and had to be carried
out Of the room by four Of the guests. He
received immediate attention from the
hotel physician and quarter Of an hour
aRterward had recovered sufficiently 10 ex-
plain that his RaintinR wns only a flt OF
giddiness induced by acute indigestion.
The trouble. he said was OF a temporary
nature and not at all serious.
Mr.. Kellogg's defence Of the President
was received in absolute silence.
an this country" he said. "there is a
certain little district or province called Wall
Street--why, I don't know. for the wall
has never been any insurmountable bar
rier to the lamb that wished 20 vault It.
Illustrating the attitude which the denizens
of this little district have taken toward
the late panic and its causes, am moved
70 tell the story of the argument of Wall
Street man and a language refOrmer
over the words catastrophe aud ca
lamity' The refOrmer insisted that they
were synonymous and wanted to cut one
or the other out Of the language. The
Wall Street man couldn't see IL and offered
this Illustration by way Of rebuttal:
Suppose tho President Of tire United
States stood ON cliR and fell over; that's
catastrophe. Suppose somebody rescued
him; that's a calamity
And that's the Wall Street view OF ROOse-
welt and of the genesis of the recent panic
But want to say that this country is
prosperous"
Here MIR. Kellogg became pale and
swayed upon his feet. but continued speak
ing. although his sentences rambled.
The indications" he continued. ARE
that il is not the fault Of any policies of
this Administration that We are not pros
porous to-day. The cause of this panic
is not in the laws. We have in the last
twenty years expanded beyond our dreams
or expectations. In the growth of the
West it has resulted that We have come TO
believe that there is no end to our expsn-
sion.
when we come 20 the sober second
| Thought, when we stop and remember
that securities worth a few years ago hut
SlSO have grown to $500 or $500. We realize
that Il is not laws but speculative ex-
pansion beyond what had been dreamed
OF that was tho cause OF the stop IN tho
progress Of settling down to a reasonable
and sound hasia.
At the eonclueion OF this sentence Mr..
Kellogg paused arNlull moment. then con-
tinued, though obviously with an effort:
"In the administration OF Roosevelt We
have had some things TO critiCise.7
Finding himself unable TO go on Mr..
Kellogg said;
Pardon me. gentlemen, I am not very
we'll wasn't feeling well when came
| here" and sat down. He slid out of his
seat and would have struck the floor had
he not been caught by friends. two OF whom
were Timothy Byrnes. vice-president Of
| the New Haven road, and A. r. Stickney.
president OF tho Great Western.
After Mr.. KellOgg's departure President
| Stickney gave his ideas on the panic. He
had a good deal to say about 1cunningly
worted editorials" sgainst the Admins
tratiou which he thought had been dis
seminating a subconscious feeling Of unrest
among the country bankers In illustration
Of this feeling of uneasiness he told of
one little country banker in Minnesota
who never needed more than 5000 or
| 81 900 currency to do business WITH but
/ who got more and more panicky till he
had drawn down his balances to the extent
OF 1000. This he kept in a little tin box
| Of safe with dog and man to watch
it. sir. aud now I'm safe"
This sort of panic" concluded President
! Stickney, won't be remedied by issuing
emergency currency. H. will only be re-
duoed by form Of banking that will prevent
| currency from becoming ologged when at
the extremities OF the circulating system"
This was received with great applause.
Vice President Byrnes Of the New Haven
! road said: "My business In now on the de-
| Rsusive. Once IL used To be respectable to
| be- in the railroad business, but not now
In tho midst Of all this anti-oorporation
Juror, however, the sanity Of the people in
tho Northwest stands unquestioned.
-NO one is In danger OF confiscation by
legislation there A frank, manly state
ment from any railroad president will
always secure protection and justice. at
least in Minnesota. And 90 far as our own
little corner OF tho country goes I must say
that there is no disposition on the part Of
the local Legislatures to be unfair 20 the
railroad companies. ISome one: You
mean the railroad company TGreat
laughter,l
"Well," went on Mr.. Byrnes lightly,
nobody seems 10 make any objections st
that" Mr.. Byrnes thought that the great
danger TO rsilroadine to-day arises from