The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1911-08-10
ROOSEVELT SAYS
/. HE AvERTED PANIC
Asserts He Did Duty in Permit
ting Tennessee Deal.
MAKES A TALK ON TRUSTS
Colonel Before Steel Committee Al.
vocates Strong Measures, Such az
Germany Used With
Potash Industry.

New York.--Without subpoena and
entirely voluntarily, Col. Theodore
Roosevelt appeared before the COM
mittee of the house of representa-
tives which Is making an inquiry
into the United States Steel corpora
ton and told how he had averted a
panic in 1907 by giving his consent
to the absorption of the Tennessee
Coal and Iron company by the steel
corporation.
The former chief executives action
in submitting to a congressional re-
view OF acts of his own administra-
ton was almost unprecedented In the
history Of the United States.
First and foremost he placed upon
himself responsibility for approving
the absorption to save a perilous
financial disaster 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 Grim
inal.
The chapter he contributed not only
dealt with his part In the momentoes
events Of that threatening time, but
he gave the committee some interest
ing opinions on the trust question that
doomed UP in their import even more
than his recital of facts in the Ten
nessee Coal and Iron transaction.
After declaring that his object in
approving the sale OF the Tennessee
company was to restore confidence
the former president. in response to
inquiries by Representative Littleton
relating to the case as presented to
him by Judge Gary and H. G. Frick
at the memorable White House con-
ference in November, 1907, said:
"The situation was SO critical that
1t was liable to break at any moment
until the action was taken, and the
instant 1t was taken an enormous I'M
provement for the better occurred,
and, as said in the poem of Mr.. Emer-
son. with which you all are so we'll
acquainted:
II the red slayer thinks he Stays.
Or II the slain thinks he is slain, 1t
matters not
IT should have proved an unworthy
public officer. II l had not done as
did," he continued.
III had not acted at once in that
extraordinary crisis 7 should have
been mere title. In every such crisis
the temptation to indie cision. to non
action, always exists There is al
ways excuse for non-action. II man
is worth his salt he will give pesple
in trouble the benefit of the doubt
and act as the situation demands If
the law is not violated.
Every step took was as open as
the day"
Then Mr.. Roosevelt launched into a
general discussion with Chairman
Stanley Of the general trust question,
saying that the United States had
something to learn from Germany.
"Mr. Stanley" Mr.. Roosevelt said,
II have stated again and again while
I was president In messages to con-
gress, which were not always re.
ceived with as much enthusiasm as
they were written, and since then In
articles and speeches just what !
have felt the attitude of congress
toward these great corporations
should be, and, as you know, | be.
lieve in far more drastic and far
more thoroughgoing supervision and
control over them BY the national gov.
eminent than we have yet achieved
I am sure you Will not achieve your
purpose by splitting up the big cor.
porations.
while something can be done alons
that line, In addition. and to my mind
mainly, the work must be done BY
our national government, acting as
the government 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 big corpora.
ton which 1t would be wholly unnec-
essary to exercise over a corporation
that has no monopolistic faint"