The Birmingham age-herald., 1911-06-08

declared, was the final step in the cam paign of prevention and he added that If the administration had declined to per init the combination of the two big steel properties he would have opposed 1t in the Steel corporation. He insisted that the impression made on his mind and the minds of those with him was that both MT Roosevelt and MT Root fully recog- nized the necessity of the merger and ac- cepted it as imperative if a financial cat aclysm was to be averted. In reopening the line of questioning
 with reference to the Tennessee Coal and
 Iron company, Representative Littleton
 sought to get from Mir Gary an under
 standing as to what phraseology they
 could agree upon to explain the attitude
 of Mr. Roosevelt to the transaction, which
 MT. Gary and MT. Prick proposed to him in 1907.
 q should say" said MT. Gary, that 1t
 was a tacit acquiescence on the part of
 the President.
 Mir. Iittleton then took up the visit to
 the White House made by Mir. Gary and
 MT. Prick.
 'If President Roosevelt and MT. Root,
 then Secretary of State, had objected to
 this transaction" suggested Representa-
 tive Bartlett of Georgia, would the
 United States Steel corporation still have
 purchased the Tennessee Coal and Iron company"
 "I think I surely would have voted
 against the purchase, MT. Gary replied.
 "You were at the White House then"
 MT. Little asked, seeking the approval of the administration of the proposed ac-
 quisition by the Steel corporation of the Tennessee Coal and Iron stock?"
 "That is not quite correctly put" an- svered Mir Gary Tt Is hardly accurate. We sought to acquaint the government with all the facts before we proceeded. knew perfectly well that Secretary Root had told the President and that the Pres
 ident understood he had no right to ap-
 prove the sale. But it seemed clear to
 me if we should purchase the property
 under the perilous condition in Wall street, as explained to the President, that there ought not to be any action on the part of the government to enjoin the transaction.
 The connection of J. Pierpont Nor gan with the Tennessee transaction was particularly referred to by MT. Little | ton and brought about an elaboration of MT. Gary's opinion of Mir. Morgan and | of bis former declaration that govern
 ment control of corporations must
 come.
 Did MT. Morgan control the banks | in which the Tennessee Coal and Iron stock was deposited during the panic, | to such an extent that If he desired he could have forced the sale of the stock l bv calling all loans upon it?" asked MT. Iittleton.
 q can't answer that question:" Mir Gary replied.
 "With a potential control of the banks in which the stock was held as collateral. and with the contention that the Tennessee Coal and Iron must be withdrawn as a basis for loans with a knowledge of the basic value of the
 Tennessee company. would it have been
 possible for him to have forced tho
 sale?" inquired MT. Littleton,
 why" said MT Gary, "any man of
 Morgans wealth and strength and
 courage and character can do a great
 of good in banking circles. But I be-
 lieve that with. power and privilege
 there is involved a certain responsible
 ity and obligation. That's one reason why this country must come to the
 point, if it is to keep its place among
 progressive nations. where there is CO., operation between the government and the individual, where the government while recognizing the rights of the in- diyidual must exercise strict control. "The Sherman antitrust law is in- adequate and we should have addi- tional regulative legislation. Just what knd it should be, the committee may have a different opinion to mine" MT. Littleton, returning again to the subject of concentration of wealth, said:
 "The government has come more and more to the regulation of Industry. The railroads are now almost completely un- der government control. Is there not a danger greater than that of any in- dustrial combine in the combination of bankers and trust companies, which through controlling the money power, could restrain all trade and commerce." q don't believe In unbridled license | to use wealth." MT. Gary responded. "The danger in such a situation can easily be seen"
 Would you indorse a law that pro-