Los Angeles herald., 1908-03-22

OF the president and the committees.
Business Men Worried
'Mr President. the organizations we
represent have a membership of $500
business men, corporations, firms and
individuals engaged in developments of
the agricultural resources and the man.
ufacturing, commercial and financial
interests OF the middle west. In the
pursuit of our various lines of business
we come in contact with almost every
portion of the country, but especially
Of the Mississippi valley.
I'VE never were in a more prosper
Gus condition than prior to the panic
of last fall. Our labor was employed.
cur capital profitably invested. In a
short period these conditions have
changed Certain lines of business are
almost stagnant, brought about by the
fear of the people as to the stability OF
scme of our institutions. Money has
Leen boarded instead of flowing into
the ordinary channels of investment,
securities and the various commercial
interests. Two primary causes are re-
sronsible for this condition of affairs.
First, the gross violation of the law
by certain corporations and grating by
some public officials, and
Second, d deficient currency system,
wholly incapable of responding to
needs of commerce when fear and un-
certainty are engendered in the minds
of the masses.
1.-THE starting of this period of un-
rest and distrust was the exposure
brought about by the insurance In
vestigation in New York. where it was
shown that the trustees of corporations
acting for millions of our people, and
representing in assets more than a
thousand millions of dollars, had in
some instances used the assets of the
corporations in direct violation of law.
Following this came the great calamity
at San Francisco. almost destroying
the sixth great city of the nation, en-
failing a loss of several hundred mil
lion dollars, impoverishing the citi-
zens as we'll as the insurance COM
panies.
Grating in San Francisco
"Then upon the heels of this disas-
ter, we ind the public officials of that
city charged with the violation of al
most every trust, while the people were
battling for existence. We also had
the grating and bribery that was un-
oarthed in at least three other import
ant cities. and finally came the expos
lire of high finance manipulations of
the assets of the great railroads, fol-
lowed by the conviction of their Of
ficials, and also of large industrial cor
rations. for utter disregard of the
laws of the nation and the state,
When these things are considered, no
one can express surprise If the con-
f7dence of the people should be shaken.
"To YOU Mr. President, we accord
the credit due for compelling respect
for the law by the great and the small
alike.
I'VE believe that your work toward
higher morality will be remembered as
a milestone not only in the develop
ment of the countrys morals but as a
milestone in the progress of the world
I'VE believe the business integrity OF
the average merchant in this country
| is of a higher standard than in any
other we therefore appreciate and COM
mend all the more your fearless activity
which has resulted in raising the stand
ard and we realize that no greater
service has ever been rendered oul
country.
mo great good has ever been accom-
plished without some suffering in con-
sequence, but we now urge you to
consider with extreme patience the
unusual conditions that prevail, and
while abandoning no expressed princi-
ple to adjust your executive actions to
the requirements of this period of busi-
ness timidity.
we ask you. Mr.. President to indi-
cate to the congress the corrective
measures you deem it necessary to take
We believe that the first step TOWARD
resumption of normal business condi-
tions can be taken by the congress il
response to explicit recommendation
by the executive"
A subcommittee consisting of Messrs
Hall Wacker. Smith and Topping called
on the president at the executive Office
this morning. and they were Informed
by the president that he would prob
ably communicate to congress mex
week explicit recommendations con
cernng the legislation needed.
The president Senator Aldrich ant
Representative Payne of New York
Dalzell of Pennsylvania, and Hepburn
of Iowa participated in the conference
today. The chief subject considered
was tariff revision, but there will b
other conferences at which other ques
! tions will be taken up in detail.
To Revise Tariff
An agreement was reached betweel
! the president and the leaders of th
house and senate in favor of a declara
! tion for tariff revision at special ses
sion, to be held after March 4, 1909. I
was decided that the best manner il
1
| to have Investigations conducted b,
the ways and means committee of thu
| house and the finance committee of thu
senate These Investigations will no
in the form of hearings, but experts vii
he called in to assist the committees
in preparing data. The plan is opposed
to the appointment Of a tariff commits
sion, such as is proposed in the BeVer
idge and La Toilette bills.
The amendments suggested TO th'
Sherman antitrust law were discussed
! briefly. The president said that bill
would be presented providing for TIN
! legalizirg of traffic agreements he
tween railroads. He called attention
TO the fact that labor organization
| had been expected to agree to sucl
| legislation in return for a provision
exempting them from the operations o
| the law.
The legislat tors present were not read,
! to assent to the demands made b.
labor in their bill for grievances re
/ Gently submitted to congress. and ol
that account urged that it would b
! inadvisable to attempt any revision o
! the Sherman law at this time.
1t is said the president while no
exactly rejecting it, was not dispose'
! TO agree with the advice given him
/ He declared it was but justice to tn
/ railroads to permit traffic agreement
under proper restriC tions and contro
! by the interstate commerce commits
sion, and said that no interests woul'
| be injured by such legislation. He wa
not impressed by the statement mad
! to him that labor would regard thi
/ ae exfNndine benefits to railroads AM