The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1907-04-24
PRESIDENT ROOSEVELT'S
VIEWS ON THE RAILROADS
Says He Will Not Deyiate From
Course He is Pursuing.
HAS NO PLAN FOR VALUATION

Statement From White House-OId
Stock is Sales.--future Overcap-
~itaIization is Opposed, But Pres
clt Water Not Squeezed Out.
Washington, D. C.-President
Roosevelt has at last made his long
expected statement in response to ap-
peals to speak "a ~reassuring word"
in the hope that it will put an end
to the prevailing uncertainty in fnan-
cial and railway affairs which many
people declare to be due to radical
legislation enaHed and proposed by
the national Government and indi-
vidual States. In a measure the
statement is to the effect that the
President sees no necessity at this
time to make any public declaration
as to his future course for the eason
that he adheres to all that he has
said in the past and Is more firmly
than ever convinced that these beliefs
are wise and that the policy I recon-
mended in my messages at the open
ing of each of the last regular ses-
sions of Congress must be carried
out"
The statement, if it may properly
be called that, was in the form Of a
letter which the President wrote and
mailed to the president of the Him
Dis Manufacturers Association, who
headed a delegation of. that associa-
lion which called on Mr.. Roosevelt
and requested him to make q speech
IN Springfield, H., that would ex-
plain his future attitude toward rail-
roads and other corporate interests.
The letter contained a de%clination of
the associations invitation to visit
Springfield, the reaso given being
chat the President could not make
any speech that would contain any
thing new as to his policies. With
the letter the President sent copies
Of his speeches and his messages to
Congress, the passages in these ex-
pressing his we'll known views in re-
gard to Government supervision OF
railways and interstate corporations
being marked. The passages so des-
lgnated are intended to convey that
the President adheres to what is con-
tanned in them as strongly as he did
when these statements were written
or spoken.
The President has received a great
number of requests for a statement
by him or a speech to be made by
him in connection with the railway
situation. He has given these re-
quests the utmost weight and most
careful consideration. After fully
looking into the matter the President
informed his advisers that he had
come to the conclusion that there
was nothing which he had to say at
this moment on the railway situa-
ton; that he did not deem it either
wise or proper to say anything with a
view to any immediate situation in
Wall Street, and that as he should
only give expression to the definite
and settled policy to be carried out
wholly without regard to the exigen-
cies of the moment, and as his views
on the policy in question were al
ready a matter Of record, it did not
seem necessary at this time to repeat
them.
To the different men, friendly and
%unfriendly, who have visited him or
written to him. he has answered YER
bally or in writing that his words
and acts spoke for themselves and
needed no explanation whatever and
that he should not in his future
course deviate one hands breath
from the course he has pursued in
the past and is now pursuing.
The statement was made from an
authoritative source that "even a
most cursory examination Of what
the President has repeatedly said IN
speech and in message will show the
utter nonsense of supposing the Gov
eminent has the slightest intention
to take any action which would in
validate the safety and stability OF
the railway securities now issued,
the whole legislative programme OF
the President having been pro-
claimed again and again as one. to
insure the future against the mis-
takes and delinquencies of the past.
The President holds that every eX-
ecutive action taken under his admin
istration whether by the Department
of Justice or by the Interstate Com
merce Commission, has furnished its
own ample Justification"
It was pointed out in administra-
tive circles that the President has
made no references in his speeches
or messages to the question of the
physical valuation or railroads. His
position on this question, it 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 North
ern Pacific and the Great Northern,
already have submitted figures as to
their physical.valuation..
1t can be stated on authority that
the President again will ask Con-
gress, at its next session, for power
to deal with the question of over
capitalization of railroads. A SIM
liar request was made at the last ses.
sion, but favorable action was not
taken upon it.
In his letter to Mr.. Smith, the
President inclosed copies of the
speech he made at Raleigh, N. c.,
October 10, 1905, and the one he de-
livered before a delegation OF rail-
way employees in this city on Novem-
Der IA, 1905, together with his last