Iron County register., 1911-06-08
Two Public Menaces.

"steward of the public welfare"
The panic was started by the
men who control the money power
to punish their enemies, get rid of
men and factors which threaten
ed the supremacy of their interests
and to gain certain desirable and
profitable objects. The facts show
that the masters of money and
credit used their power to settle
both financial and personal grudg-
es and to fill their Golfers with the
spoils of business wreckage.
Alter running the institutions
which stood in the way of the
Morgan syndicate, George w.
Perkins conceived the scheme of
forcing the owners of the Tennes-
see Coal and Iron Co. to turn over
the control of their corporation to
the United States Steel Trust and
thus complete it's monopoly of
high-grade iron ore. He is charged
by President Thorne of the Trust
Company of America with insti-
eating a. run on that institution
and with driving all who had
loans on the Tennessee corpora
| tion's stock to the wall. The men
who controlled the stock of the
United States Steel Co.'s only
competitor had to seek assistance
from the Money Trust. Morgan
held them at his mercy with the
power of credit and the only avail
able cash-part of it millions from
the United States Treasury-in his
hands.
But there was one obstacle to
the merger-the Sherman anti
trust law, with the power of the
United States Government behind
it. The enforcement of the law
was in the hands of one man
Theodore Roosevelt, then Presi'
| dent and, according to his theory
above all law as 'ssteward of the
public welfare" Gary and Fricl
9.saw }ES P4esident. There is M
record of the conference, but tht
result was promise of immunity
The President submitted the pro-
ject to his Attorney General as {
necessary step to check the panic.
The Attorney General twisted the
law to suit the case and with
pledge of no prosecution th'
monster monopoly was completed
on richly profitable terms to the
conspirators. That Mr.. Roosevelt
knew what he was doing his lettel
to Attorney General Bonaparte i
proof. Explaining that the trans
action was to be accomplished t.
save the financial situation, h
wrote: "The purchase will b
used as a handle for attack upo
} them on the ground that they ar
striving to secure monopoly o
the business to prevent competi
! tion-not that this would repre-
! sent what could honestly be e'eaic
but what might recklessly and un
= truthfully be said"
In his answer to Bryan in th
/: 1908 campaign Mr.. Rooseve
!: wrote: 81 was cognizant of tn
. entire transaction. ~ [ shoul
: indeed have been derelict in m
!: duty if had not acted and effici
I: emily used all the power of tn
Z Government where it could b
!: legally and efficiently used las
!: was in this case) to see that th
!: panic was kept within the smalle'
: possible radius and the damag
!: caused as slight as possible"
!. Light is thrown on the whole al
]: fair by Roosevelt's letter to Attol
!: ney- General Bonaparte, in whic
!? he asked "whether we can affor
!: to throw away the great innuenc
|: of the Morgan interests whic
i have been so friendly to u.s."
]; With the merger completed, th
/: reason for the panic ceased an
!: Mr.. Morgan began to restore busi
!: ness confidence to his own gret
> profit and glory.
No man or set of men can be er
!. trusted with the control of I'll
money power and of credits. III
power will be abused to hel
friends and ruin enemies; to fee
greed and grudge at the sacrific
of the public and must be d
stroyed.
No man can be trusted to di
regard the Constitution and I'll
laws in the Office Of President.
ssteward of the public welfare
superior to the laws and wieldir
his power to enforce or negle