Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1911-08-18
ROOSEVELT THROWS
SOME SIDE LIGHTS ON
STEEL TRUST PROBE
In an Article Printed in the
Outlook Thursday the Colon
ell Discusses His Recent TeS-
timony Before Committee
CBy Associated Prsss.)

NEW OfNhs. aug. lf.-EA-ETcSlQenl
Roosevelt has an article on 1.-The Steel
Corporation and the Panic of 1907 in the
Outlook appearing today. Mr.. Roosevelt
discusses his recent appearance before
the congressional committee investigat-
ing the steel corporation, repeating the
written statement he then presented and
dealing with some of the lines Of in
quiry and his responses. He says:
ION Saturday, August 5, in compliance
with the request of the chairman of the
congressional committee investigating the
absorption of the Tennessee Coal and
Iron company by the steel corporation, 1
appeared before that body had nothing
new to which to testify. There was not
a fact of the slightest Importance or of
the slightest bearing upon my action
which was not already known, md which
had not been known from the time act
ed: and incidenta.ly 1 may mention that
this is also true as regards Panama. the
dealings of my administration with the
sugar trust or any other trust, and as
to any other action of my administration.
Nobody need feel either concern or hope
as to whether anything done by my adj
ministration will be discovered for the
excellent reason that there is nothing
that was hidden.
II made togthe committee the statement
which follows. Several questions were
then asked by different members Of the
committee. Most of these questions dealt
with matters not of sufficient moment to
warrant allusion to them here. Many OF
them were as to what my belief was con-
corning the motives of the steel corpora
ton people in acquiring the Tennessee
Coal and Iron companys property; 10
which, of course, my answer was that II
was not my business, and neither was IL
in my power, to search the hidden do
main of motive, and that my action was
conditioned, not upon what believed 10
be the motives actuating the steel cor
poration but upon my belief that the
action which they proposed taxing would
be enormously to the benefit O. the COM
munity at large at that particular mo-
ment. Whether the chief motive for their
action was a desire to absorb the Tennes-
see Coal and Iron company, or whether
their chief motive was to save the threat
ened New York firm from failure and
thereby stop the panic. was of no concern
to me.
BOTH MOTIVES.
THAT both motives were in their
minds I thought possible, and now
think possible What was the predom-
inant motive was of no consequence. My
concern was that the action should be
taken and the situation saved in the in
terests of the people of the United States.
Most individuals have short memories,
and the events in question took place
nearly four years ago; but If any one
will look back and think the matter over
seriously and in good faith, he will UNI
derstand that it was not a question OF
saving any bank or trust company from
failure; the question was of saving the
plain people, the common people, IN an
parts of the United States from fearful
misery and suffering, and this was what
my action did.
zone of the questions put to me indi-
Gated disbelief, or, to be more accurate,
perhaps I should say that it was meant
to be understood as indicating disbelief,
that the action taken was really efficient
in stopping the panic. At the time, and
for some months after the panic had
been stopped no man would have ventur-
ed to express such disbelief unless pre-
pared to be greeted with derision by ev-
cry human being who knew anything
whatever of the actual facts. The ques-
ton is not to be treated seriously, for
IL cannot be so treated. The action TAX
en- was. In my judgment, the only action
that could stop the panic, and 1t most
certainly was OF enormous ana III Ill
human probability Of decisive. influence
In actually stopping 1t.
ORE LANDS DEVELOPED.
Certain other questions related to the
alleged fact that during the past four
years the ore lands formerly owned by
the Tennessee Coal and Iron company
have been developed until they are of
such enormous Importance as to give to
the steel corporation nearly complete
control of the steel business, through
control OF the sources of the raw ma
teriaI. whether or not this is so has 40
bearing upon the action taken four years
ago The purchase as made did not by
itself, one way or the other. affect the
status of the steel corporation, so far
as the Sherman law was concerned; and
this statement is not affected by con-
sideration of what may not be a totally
different state of affairs four years la
ter. / dealt with the facts as they were,
not with facts as they might or might
not afterwards become. believe that
this covers every point OF any conse-
quence raised in the questions put to me
after 1 had made my statement"