Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-08-06
Takes All Responsibility.

First and foremost he placed upon him.
self responsibility for approving the abb
sorption to save a perilous financial dis
aster in Wall street and condemned any
man who would be so weak as not to
act as he did in that crisis. Not to have
done as he did, he said, would have
been criminal.
Probably nothing in the vigorous life
history Of Theodore Roosevelt was more
dramatic than his public appearance to-
day at the crisis of the investigation of
the transaction which has been recorded
in hundreds of pages of congressional in
quiry.
The chapter he contributed not only
dealt with his part in the momentous
events Of that threatening time. but he
gave the committee some interesting opin-
ions on the trust question that doomed
up in their import even more than his re-
cital of facts in the Tennessee Coal and
Iron transaction.
Situation Was Critical.
After declaring that his object in ap-
proving the sale of the Tennessee COM
pany was to restore confidence. the for
mer President in response to inquiries by
Representative Littleton relating to the
case as presented to him by Judge Gary
and H. c. Frick at the memorable White
House conference in November, 1907,
said:
1.-The situation was SO critical that it
was liable to break at any momeE until
the action was taken. and the Istant it
was taken an enormous improvement for
the better occurred. and. as said in the
poem of Mr.. Emerson, with which you
are all so well acquainted:
" If the red slayer thinks he Stays
Or If the slain thinks he is slain 1t mat
tiers not,
Then Mr. Roosevelt launched into a dis
cussion with Chairman Stasley of the
general trust question, saying that the
United States had something to learn
from Germany.
Attitude Toward Trusts.
Mr.. Stanley Mr.. Roosevelt broke in,
switching the line of inquiry in progress.
may l say in connection with what has
been said on the general trust question
and of this particular corporation, the
steel corporation, that I know you will
not accept silence on my part as indi-
eating anything as to my attitude on the
general trust question as you know 1t.
/ have stated again and again while 1
was President, in messages to Congress,
which were not always received with as
much enthusiasm as they were written,
and since then in articles and speeches,
gress toward these great corporations
should be, and, as you know, l believe
in a far more drastic and far more thor
ough-going supervision and control over
them by the national government than
We have yet achieved.
80 On another occasion l should
have been very glad to have spoken with
you on trust remedies. l am sure you
will not achieve your purpose by split
ting up the big corporations, as I have
stated again and again in messages to
Congress.
while something can be done along
that line, in addition, and to my mind
mainly. the work must be done by our
national government-acting as the gov
eminent Of Germany has, / think, in the
potash matter acted-by actually, in the
interest Of all the people, interfering and
exercising a degree of control over a big
necessary to exercise over a corporation
that has no monopOlistic faint.
Agrees With Stanley.
II wish to say" Mr.. Stanley replied,
that 1 am not of the opinion that the
dissolution of the United States Steel
Corporation into its constituent parts is
an adequate remedy
you are quite right said Mr.. Roose-
Welt
II believe the chairman continued,
that we must divorce absolutely the
United States Steel Corporation from
and by law force the common carrier to
charge the steel corporation just what
they charge other people. We must de-
stroy rebate which is against the spirit
is in violation Of the letter of the law.
If that is done. and If in addition
Judge Lands tried to do that and
failed" interjected Mr.. Roosevelt, his
comment provoking loud laughter.
The chairman then went on to say
that he would prevent director Of the
United States Steel Corporation from be-
coming director of railroads, and de-
nounced the system Of interlocking direc-
tors.
MIR. Stanley" said Mr.. Roosevelt, "of
course l do not wish to commit myself
offhand as to details With the general
purpose of what you propose I am in
hearty sympathy and should go farther
still in exercising direct control over
these big corporations. And allow me to
say, sir, you have known them at some
distance. 1 have lived near them and
l know them WE'LL
Alone in Ignorance.
In responding to queries directed to the
Tennessee Coal and Iron transaction and
the testimony of Grant B. Schley that he
did not know whether he would have
failed had 1t not been for the sale of
| the Tennessee company to the steel cor
poration, Mr.. Roosevelt aroused the COM
| mittee with the terse statement that if
| Schley did not know it he was the only
| man in New York who did not.
Mr.. Schley testified" said Representa-
| tive Young Of Michigan. that he did
not know he would have failed II this
action that you approved had not been
| taken
II never had any doubt as to the wis
| dom Of my action, said Mr.. Roosevelt,
| mot for a moment And il Mr.. Schley
| says he did not know that he would have