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

and disappointment. And hardly /
the panic over but a fierce discussion
ariyes as to the cause Of its coming
With various motives, editors am
public speakers rush to the front II
fasten upon something or someone
the responsibility for what has hap
pened. IL Is entirely natural that il
The condition OF mind in which thu
suffering business men are left BY IN,
great strain and trial. such sugges.
lions should receive marked attention
and that the more definitely the per,
s0nulity of the s%capegoat can be nKed
the more pleasure il gives the victim,
Of the catastrophe.
This mental attitude Of the bust.
ness community which / have de-
scribed as likely 10 be found after
every financial panic Is clearly pres.
ent today. The economic and political
history OF the last four years gives Il
especial Importance because II offers
to certain elements in the business and
political community an oNceptiOnaI
opportunity Let me invite your at
t%ention 10 that history. II Is that oi
q giant struggle between the nation
and certain powerful combinations In
the financial world. These combina-
tons FOR lack Of a better name arc
called trusts. They engage In diff
terent lines Of manufacture and pro-
duction md bv assembling large
amounts Of capital into one mass In a
particular line Of business. managed
by artful AVID akilfuily devised. but H.
legal methods ~ duress, 10 exclude
competition md monoDoilze the trade.
rhey became the dictators 10 great
railroads, however powerful. and by
threatening a Nithdraw wal of patron
age. secured unlawful and discrimin-
ating rebates. greatly increasing their
profits and still more completely sup
pressing competition. Managed with
conspicuous business ability, these
trusts went into legitimate foreign
trade and largely increased our coun-
try's exports The profits which they
released enabled them 10 "a IN
other enterprises carried on b. legiti-
mate methods unSl the hold which
they acquired Ia the business com
munity gave them a position Of van
u seemed hopeless "a combat.
The basis Of their original success and
the maintenance of their power was
the violation Of the Sherman anti
trust law and the Interstate com
law and for a time both laws
were but dead laws upon The statute
books of the United states. The pun
pose or he administration Of Mr..
Roosevelt was 10 make those men,
however powerful and wealthy. Ia
ifFf ifihA III ~ VIZ were IlNliE litlilEH
ana must he obeyed. II was not pro-
posed that the legitimate enterprises
were carried on with the capiial |
81 those men should be destroyed. II
not proposed that he foreign
which Injured to the benefit OF
ne whole country should DC struck
foWn; but II was determined hat
who were making tie statutes
dead letter should be subject TO re-
by Injunction processes and
punishment by indictment-not as q
natter or revenge, not 10 crafty the
Nercfsc of power. but to eradicate
lawlessness from our bus
ness system. In this struggle the adj
Illustration has been greatly aided !
y h popular sympathy awakened J
y revelations as 10 breaches OF the
sderal laws and the startling dis ,
losures before the interstate com !
iefce commission as To mistuanHge- Il
Of the informal affairs OF =
Ieat railway companies. by the dis- p
osure az 10 the enormous mount OF a
bates extorted from the railroad n
'tnpanies bV these trusts; and by the 1
'nscientious stock jobbing and over ?
sue OF bonds and stocks shown to !,
ave occurred TN the management of :,
me OF our great corporations. H.
lheie was a moral awakening !.
nong the people. and the hands or !,
g administration were held up IN y
e work which u was doing. ON the y
hef hand, the men and tho inter- -
Is which were the subject Of attack y
not idle. They had their parti- u
hs-gutltN ~ Innocent. Thp guilty. ~
course, wished 10 defeat the admin "
ration by any means. sThe innocent ]
ere those who HAD betomo involved q
~ the u magnates In lagitira., ]
lsincss transactions and 10 whom u
o. UufIIfnnA nT Tho. .4..4A4.a..a IA
emed n general opposition TO the "a
lpia business community. ca
one OF the great manifestations. a.
~ oi the monuments tn this moral r1
ogress WAS the passage OF The rail-
rate bin II met the Imposition p,
many OF the railroads. not because ~
were in sympathy With Inc ~,
ists, for | think they. in many re- ~,
.c's, had been more sinned aEllust a.
an SHINING, but because they resort ~,
- that close control, that friRld
pc vision, which the public demand 7"
m view OF the possibilities which ;"
: disclosure as 90 their past trans Y.
ions revealed. The hight made hy ,Eu
p administration a been "A nate, N
n And now. after "a victory IN
= been won, after there has been in
iduced into the hearts of an men ll'
q especially of these leaders. theoe co
Isl managers and d1ancial oppou- am
b OF the administration. the fear lni
TIE laW-the panic On. The DO
- magnates, solidly intrenched m
ones who suffer the most of re IL "2 : de
NJ men who have had no such law
81 tfulifu' method of makfnc sNl
o y the great body Of business NOR ca
= wS"e edrncrs This rs the feature thl
the panic that aruuscs ono's deeu- OF
ffmpathy aud regrot by