The Marion daily mirror. (Marion, Ohio) 1892-1912, 1911-08-05

subpoenaed and would not have been.
He appears voluntarily and I wish
to thank him for the committee. Now,
colonel, wish you would tell the
committee just what was told you by
Judge Gary and Mr.. Frick as to the
panic Of October. 1907. when they cal
led on you in the fall Of that year,
seeking permission to buy the II. G..
& /. company"
Roosevelt drew forth a voluminous
roll of manuscript and said:
after receiving your courteous re-
quest to appear before the committee,
went back over the records. have
reduced my part in II to writing With
your permission, J win read that and
then you may question ms If you
wish"
The colonel then reviewed condi-
tions in the financial world at the
time of the panic. He declared that
II was a time that threatened great
misery and woe to the whole coun-
try" and that the greatest caution
and Judgment was necessary to pre-
vent calamity.
Gary and Frick.
zone evening, received word that
two representatives of the steel cor
boration wished to see me-" he con-
tinued, "and the next morning while
at breakfast / was told that Judge
Gary and Mr.. Frick We're at the Of
fee. AS Attorney General Bonaparte
was In Baltimore, | called in Secretary
Of State Elihu Root We talked mat
ters over and dictated a note to the
attorney general setting forth what
the gentlemen had told mn and what
/ had told them.Y
The colonel then read the letter
which had already been made public
in which he told, thes attorney gem
|eral that In view of the conditions he
would interpose no objections to-. the
absorption of the r.. G. /. by the
steel trust. Ser .fuft,
II wish Il distinctly understood" :"
he continued 'that acted solely on
my own initiative and wish to ac-
cept all the responsibility connected
Herewith.
Panic Is unreasonable fear and the
only way to stop n panic Is to re-
store confidence. At that time the
so-called Morgan interests Were the
only ones which retained any hold
on the confidence OF the people Of
New York"
TO Public's Interest.
1.-THE Knickerbocker Trust company
and other similar institutions were
ON the firing line and IL was to tho
interest OF everyone concerned 20
assist them that the situation might
lie saved. Everyone knows that they
or those interested In them held the
Tennessee Coal & Iron company Sc
curitles.
'"rhe proposal OF Messrs. Fricl< and
Gary was that the steel corporation
acquire these Immediately and II was
necessary for me TO decide on the In
stant before the stock exchange OPEN
co because of the situation in New
York.
Action later would he useless
From the best information | had and
believed, the Tennessee Coal & Iron
company would increase the steel
corporation holdings four per cent.
believed also that my action was for
the general good. as II was the only
means of arresting the panic.
II answered Messrs. Frick and Gary
that would not interfere. The re-
suit justified my action.
when was in Birmingham last
spring, everyone cognizant of affairs
informed me that the action / took
had been of the greatest value. IL
was my judgment that / would have
been dereliet in my duty II in this
extraordinary crisis ! had not acted
as | did
I'm every great crisis the impulse
TO non-action is great, but a man