Manchester Democrat. [volume] (Manchester, Iowa) 1875-1930, 1911-08-16
ROOSEvELT0NS STAND
FORMER PRESIDENT DEFENDS
HIMSELF BEFORE STEEL IN.
vEsTlGATING COMMITTEE.
STOPPED PANIC, HE DECLARES
Asserts His Approval Of Tennessee
I Iron Merger by Trust Averted Dis
Tells Of Gary-Frick
Conferences.

New York.-Col. Theodore Roose.
welt took the witness stand in the
congressional inquiry into the United
States Steel corporation to tell what
be knew regarding the absorption OF
the Tennessee Coal and Iron company
by the Steel corporation during the
panic of 1907.
Mr.. Roosevelt's intention to appear
had been kept secret, but few mo-
ments before his arrival police otii-
GERS were stationed in the aldermantc
chamber and at its approaches.
mr.. Chairman, wrote out the
statement should like to make" said
the former president, after Mr.. Stan
ley had asked him to explain what
knowledge he had of the Tennessee
Coal and Iron absorption by the
United States Steel corporation. Il
would like to read the statement
you may read it" said the chair
man. certainly. just as you choose
Mr.. Roosevelt then began reading.
introducing his subject with de.
scription of the financial panic condi.
tons in the fall of 1907.
1T was the utmost duty of the ad.
mtnistration," he read, ito prevent BY
all means the spread of the panic
before 1t became disaster"
The secretary Of the treasury and
he, Mr.. Roosevelt said, were constant
~ IN touch with the situation. Dur
ing that time he learned that two
members of the United States Steel
corporation wished to see him in the
morning. At breakfast the next day
he was Informed that E. H. Gary and
H. G. Prick were waiting to see him
Mr.. Bonaparte. then attorney general
he continued. had not yet arrived from
Baltimore
i sent note to Secretary Rost tc
come over" the former president
read. land he arrived at the White
House,"
The conference was brief, Mr.
Roosevelt explained, and later he
wrote note to Mr.. Bonaparte stating
all the facts Of the conference.
| Mr.. Roosevelt went on. going into
details about the serious financial
conditions in New York. and told how
he had taken the responsibility to
permit the transfer OF the steel
company, and did it on his own initia
tive.
1t was necessary Tor me to act a,
once" said the former president, be
1 fore the stock exchange opened, OF
the transaction might prove useless
He said he was convinced that &C.
Quirement by the steel corporation OF
the Tennessee Coal and Iron company
did not change the legal status of the
corporation.
Furthermore, believed 1t would
be for the public good" continued Mr.
Roosevelt ~ answered Messrs. Gary
and Frick that II matters were in such
state r did not want to stand in the
way. and the results proved that the
act was good one. because the pan
ic was stopped.
If I had not acted at once In that
extraordinary crisis should have
been mere title. and would have
proved an unworthy public officer. IL
! had not done as did. Every step
took was as open as tie 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.
Colonel Roosevelt, on finishing his
testimony received the thanks of
the committee and expressed his sat
isfaction that as "a plain American
citizen" he had been able to assist the
committee VI