The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1908-02-02
SECOND AVENUE
between
10Th & 2isr STREETS


that there are more than 10000 unem-
ployed trainmen who constituted the
discharged train crews of this idle
equipment.
Doubtless there were many causes
that contributed in greater or less de-
gree-over trading, over expansion OF
credit, over capitalization of new or
CARNATIONS, such prices of stocks.
of labor and materials; all these had
share but the chiefest of the causes
may be summed up in the word muck
raking" chiefest because it was the
fruitful, preeipitating first cause of all
the mischief that followed.
"Muck Rakers."
For more than three years now there
has been a perfect saturnalia of this
kind of literature.
In this way a regular crusade was
! started against not only the wrong
doors but the innocent also. OF course,
nobody so intended, but that does not
change the fact. 1t spread to Con-
gress and all the state legislatures.
Rate bills, antitrust bills. and all
kinds of relative measures, filled with
unreasonable restrictions and require
ments, penalties and punishments, were
poured into the legislative hoppers.
Most of these proposed measures per-
ished on the way to enactment, but
their mere introduction and the dis
cussion of them in the newspapers
added to the demand for something 20
be done and helped to make what was
done worse than it otherwise would
have been.
I'm Washington and the states. stat
ute after statute was ground out and
put into operation.
I'm the midst of all and over all was
heard the voice of the President Con-
oil
Citations of predatory wealth, swollen
fortunes the successful and the strug-
Cling corporations, were of such de-
clamatory and frightful character that
they not only necessitated the general
dissatisfaction but had to create a gen
eral business distrust and alarm. he
himself recognizing this fact tacetl-
tionusly remarked that mere state
ment from MIN that he was determined
to punish and break up any KIND OF
an offense was enough to start run
on the banks. 1t was not so bad as
he thus Indicated, but 1t was pad
enough. and the result was inevitable
All market values were affected. A
decline commenced.
In less than 70 months it amounted 10
an average of more than 80 1-S per cent
of all railroad. industrial and other stocks,
q grand Aggregate of more than three
billions of dollars.
The Final Crash.
"Finallv the crash came. All the
kings army and all the kings men I'M
aided. were helpless and powerless in
the presence of the widespread disasters
that threatened, but some of the hated
and most abused malefactors or
wealth came to the rescue and to the
great relief of the whole country, STEM
and restored order. Since then muck-rake
and rstored order. Since then muck-rake
articles have been at discount. A more
wholesome sentiment prevails.
zone of the most significant evidences
of Improvement in the public mind as
well as in conditions is found in the
fact that the Presidents message OF
yesterday, although 1t caused some adj
vance alarm and proved to be one of the
fiercest ever sent to Congress, yet, IN
stead of producing bad effect on values
seemed to stimulate the market, doubtless
due to the fact that the whole country
realizes as the months pass and the end
draws nearer and still nearer, Congress
grows corresponGingly more Independent,
while the power Of the chief executive
as constantly wanes.
'erhe acute stages have been passed.
but the end is not yet. Our acres are
as broad and fertile as ever, our mines
as productive our capital is abundant,
our labor as good and our people as anxi-
Gus to do business. but conditions con-
tinue seriously unsatisfactory. The prac-
tical question is what is the remedy?
ain the first place. there should be
some legislation in addition to the finan-
cial measures under consideration. The
occasion does not-permit of more than
a mere mention of the most important
subjects"
Laws To Be Amended.
Senator Foraker dwelt at length upon
the United States supreme courts inter-
probation of the Sherman antitrust law,
the commodity clauses of the Hepburn
rate law, and the confusion of the execu-
tive with the legislative and judicial pow
ers of government
Senator Foraker closed by saying:
.eFlnally. it would be most fortunate
If a paddock could be provided for the
rluckrakers-aIl of them-high and low.
big and little. well intentioned and evil
mentioned for it is high time to quit
slandering the American people.
1.-The discussion of party politics should
not be introduced, but I trust l may
without improperly express the belief
that it, in addition to what has been
suggested, the next President will be
content, as any man might we'll be, to
execute plain simple. old-fashioned re-
publican politics instead of his own. our
prosperity will not only come again, but
permanently abide with u.s."
ArchboId's Address.
Mr.. John d. Archbold was the next
speaker. He said in part;
II cannot permit this opportunity to
pass without saying a word on subject
of very special interest to myself and
of great concern TO US all, namely, the
cornoration and the state. The corpor-
alton engaged in interstate commerce
finds itself today at face with crazy
quilt of laws in the different states, some
of which would disgrace the statute
books of Abyssinia. In addition to this
| II faces q number OF federal bureaus
| whose province 1t Is to spy upon. in
form about and aid in its persecution
not only in actions by the government
but by the states. Our national laws per
tanning to corporations give to them
neither license nor protection In their
operation they may be made the instru-
! rnent of ruthless attacks or nronounced