Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1907-09-18
New York FinancIir Says At
tack on Roosevelt BY Corpo-
rations is Without T lleason
ADDRESS BEFORE sAnxens
Discussing "The situati1 y c'ew'
Comes to Defense of President
Talks of Good and Bad : prporatio"'
and Why People Jump lat conclu-
sions.

Louisville, n.y. sept. 10 he ~
teenth annual convention of the Ken
lucky Bankers Association, in session
Clews, of New York. The address was
a discussion of the present financial
and business situation of the country
and Europe, and in the course OF his
speech Mr.. Clews made a strong de-
Tense of President Roosevelt and his
attitude towards the corporations. He
said In part:
THE popular feeling against very
rich men, who have acquired their
wealth thru the trusts and railways, Is
not prejudice against property but
against the supposed ways and means
by which their large fortunes were ac-
CURED. The impression is with many
that those means were dishonest, and
that their rapacious grasping Tor
riches involved corruption in corporate
management. and, in general teatn-
ering of their own nests at the expense
OF the people, or at best other people.
To see them Haunting what they con-
slider their ill-gotten gains exasper-
ates many, and spreads discomfort and
unrest amorg the millions. Envy and
malice are easily cultivated.
1T is an inequality Of wealth that
they resent, because they believe 1t to
have been created by rebatins, STOCK
watering, inside speculation, and Tricks
and devices by which they got other
peoples money unjustly, and various
illegal and fraudulent practices ana
abuses of corporate power. Inc ex-
posures made from time to time tend
ed 20 confirm the people In this I'M
preston and prejudice, and President
Roosevelt was only responding to their
call when he urged the prosecution OF
the corporations known to have been
among the most fragrant vioiators OF
the anti-rebate law.
"These violators were not the cor
porations, which we all know nave no
souls, but their officers, yet the offlcers
have gone thus far unwhipped or JUS
tice. much to the disgust Of the masses
of the people. But in future this de-
feet should be remedied, and rich ana
poor among, the Individual violators
of the law should be prosecuted Grim
inalIv and upon conviction sent to jail
like any other criminals. ! can I'M
derstand how many men, VINO as PR
vate individuals would have avoided
criminal or wrongful acts, had no
scr,,ples about violating laws IN their
capacity. This, however, IS
an indefensable plea. They showed
moral laxity which has been exposed
and branded as a crime, and instead
of 1t let us hope they have now sense
Of corporate responsibility and non
esty. as a result of these government
prosecutions, and the knowledge that
in future such violations of law can
hardly be repeated with impunltv.
They will certainly find that honesty
is the best policy.
"rhe cry against Mr.. Roosevelt has
been so indiscriminate that 1t Woula
often be amusing but for its serious
aspect. If g. corporation, firm or indl-
vidual fails in business nowadays Mr..
Roosevelt Is blamed If man makes
a bad Investment in anything, or If
his creditors press him for payment,
or his creditors are slow to pay, or go
into bankruptcy, lie DidiiiSo A"A. Aeo
Welt. while the vast host of large ana
small investors in stocks and bonds
all over the country are almost OF one
mind in blaming Mr.. Roosevelt for the
depreciation in the market value OF
their stocks; and bonds.
II should not be surprised II very
soon the ladies who have lost at the
fashionable game Of bridge will blame
Mr., Roosevelt for their losses. Every
one. nowadays dumps his misfortunes
upon Roosevelt and attributes the
cause to him. recently heard of
man who lad been doing thriving
business on Long Island shore catching
cells and selling them in the New York
market Lately the eels have stopped
going into his pots to be caught, SO re
is now going about bowling against
for running his business.
That is no more ridiculous than many
other things for which he is blamed
without having had anything to DO
with them. In thus complaining they
overlook the long train of causes and
events that led up to this years dis
turbances In Wall Street.
1.-THE public must have scapegoat IN
times Of excitement and discomfort,
aid many of our wealthy people
held the president re-
sponsible for the disturbances and I'M
settlement we have witnessed, and
their own losses and disappointments.