New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-04-02
PRESIDENT UNCHANGED
NO NEW VIEW1S TO TELL.
Declines Illinois InUitation-Refers
to Previous Utterances.
IRON The Tribune R1r.au. ]


situation. but in so doing he has taken advan-
tage Of the opportunity afforded by his letter
OF declinatiOn to set forth his attitude toward
the great common carriers. He does this by
quoting at length certain parts of previous
speeches and messages which he deems essen
tial to a clear understanding of his position.
The notable features of the Presidents policy
as thus reiterated are: C) That he has pur-
pose of taking any steps which would invali-
GATE the safety and stability of existing rail-
way securities, and %. that he purposes again
to ask Congress for legislation giving to the
federal government supervision over future
stock and bond issues
The President adds in substance that he has
no new policy affecting the railways, and does
not now. or in the immediate future. expect to
enunciate any. His letter may be accepted as
the entire gospel of his policy. in so far as it
arects the railways. Incidentally it may be
remarked that the President would not deem IL
proper Tor him to make any statement for the
purpose of affecting the stock market Infor-
nation received by the administration since Sec
retary Cortelyou took his last step to relieve
the money stringency, however, is to the effect
that the present financial situation is salts
factory.
MANY REQUESTS FOR STATEMENT.
The President has received a great number Of
requests for statement by him. or a speech 10
be made by him in connection with the railway
situation He has given these requests the ut
most weight and most careful consideration.
After fully looking into the subject the Presi-
dent informed his advisers that he had decided
that there was nothing new which he had to
say at this moment on the railway situation:
and that. as he should only give expression
to the definite and settled policy to be car
ried out wholly without regard to the exigencies
NJ he
in question were already a matter of record. 1T
did not seem necessary at this time to repeat
them.
To the different men. friendly and unfrendly,
who have visited him or written 10 him. he has
answered verbally or in writing that his words
and acts spoke for themselves, and needed no
explanations whatever. and that he should not
in future deviate hands breadth from the
course he had pursued in the past and was now
pursuing
The statement was made from an authoritative
source to-day that even a most cursory exam
ination OF what the President has repeatedly
said in speech and In message will show the ut
ter nonsense of supposiug the government has
the slightest intention to take any action which
would invalidate the safety and stability OF the
railway securities issued. the whole legis-
lative programmes OF the President having been
proclaimed again and again one to insure
cles OF the past" The President holds that every
executive action taken under his administra-
tion whether by the Department of Justice or
by the Interstate Commerce Commission. has
furnished It's own ample justification.
NO REFERENCE TO VALUATION.
It was pointed out to-day in administrative
circles that the President has made no refer
ences in his speeches or messages 10 the ques-
tion OF the physical valuation of railroads. His
position on this question IL was said is that
the roads themselves will work out this problem
as an item of bookkeeping. and reference was
made to the fact that two roads. the Northern
Pacific and the Great Northern. already have
submitted figures as to their physical valuation
II his letter to Mr.. Smith the President In
closed copies of the speech he made at Raleigh.
n C.. October 10. 1908. and the one he deliv-
cred before a delegation of railway employees in
this city on November Il. 1905. together with
his messages to Congress at the beginning
of the first and second sessions of the last Con-
gress The President closes his letter 10 Mr..
Smith as follows
You will see in the two speeches and the two
messages that l have said about all that I
would say if I spoke now. AS said to your
body the other day, l have already expressed
again and again my carefully thought out be-
Iiefs. l am more firmly than convinced that
these beliefs are wise and that the policy I rec
commended in my message at the opening of
each of the last regular sessions of Congress
must be carried out. just at the moment / do
not see that have much to add to what have
already said. and think that what has occurred
since / wrote the two messages in question
merely illustrates in striking fashion the desr-
ability of the course therein outlined.
THE SPEECH AT RALEIGH
The portions of his speech and messages
which the president marked follow. In his ad-
dress at Raleigh the President said:
do not believe in government ownership of
anything which can with prOpriety be left in
private hands, and in particular I should most
railroads But / believe with equal irmness
that IL is out of the question for the government
not to exercise a supervisory and regulatory
right over the railroads.: FOR 10 is vital to the we'll
being of the public that they should be man.
aged in spirit of fairness and Justice toward
all the public. Actual experience has shown
that it is not possible to leave the railroads
controlled. Such system, or rather such a
lack of system Is fertile in abuses of every
kind and puts premium upon INSCRIPTIONS
and ruthless cunning in railroad management:
for there are some big shippers and some rail-
road managers who are always willing to take
unfair advantage of their weaker competitors
and they thereby force other big shippers and
big railroad who would like TO do decentlV
penalty of being left behind in the race for sue
cess. Government supervision is needed quite
as much in the interest OF the big shipper and
of the railroad man who wants TO do right az in
the interest of the small shipper and the con-
sumner.
WANTS REAL CONTROL
Experience has shown that the present laws
are defective and need amendment The effort
TO prohibit all restraint OF competition whether
reasonable or unreasonable, is unwise. What we
need is TO have some administrative body with
ample power 20 forbid combination that Is hurt
full the public and 10 prevent fayoritIsm 70