The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1911-08-17
No Secrets Of His Administration
will be discovered, As
Serts Ex-President
in Statement
ARTICLE ON Panic OF 1907
In Outlook He Tells of Absorption Of
Tennessee Company and De-
elares il Saved People
l. Much Suffering.

New York, Aug. lex President
Roosevelt has an article on "The Steel
Corporation and the Panic of 1907" i'm
the outlook appearing today. Mr.
Roosevelt discusses his recent ap-
pearance before the Congressional
committee investigating the Steel Cor
poration, repeating the written state
nient he then presented and dealing
with some of the lines OF inquiry and
his responses. He says:
''On Saturday, August 8. in compli-
ance with the request of the Chair
man OF the Congressional Committee
investigating the absorption of the
Tennessee Coal and Iron Company by
the Steel Corporation, | appeared be-
fore that body. l 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, and
which had not been known from the
time l acted; and incidentally | may
mention that this is also true as re-
CARDS Panada, the dealings of my ad-
ministration 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 admin
istration will be discovered" for the
excellent reason that there is nothing
that was hidden.
Acted For the People.
Il made to the Committee the state
ment which follows. Several questions
were then asked by different members
of the Committee. Most of these ques-
tions dealt with matters not of sufIi-
cient moment to warrant allusion to
them here. Many OF them were as to
what my belief was concerning the
motives Of the Steel Corporation peo-
pie I'm acquiring the Tennessee Coal
and Iron Companys property: to
which of course. my answer was that
II was not my business, and neither
was il in my power, to search the hid
den domain of motive. and that my
action was conditioned. not upon what
the Steel Corporation, but upon my
belief that the action which they pro-
posed taking would be enormously to
the benefit OF the community at large
at that particular moment. Whether
the chief motive for their action was
a desire to absorb the Tennessee Coal
and Iron Company, or whether their
ed New York firm from failure, and
thereby stop the panic. was Of no con-
cern to me-
That both motives were I'm their
minds / 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 s1ved in the
interests Of the people of the United
States. Most individuals have short
memories and the events I'm question
took place nearly four years ago; but
If any one will look back and think
the matter over seriously and I'm good
faith. he will understand that II was
not n question of saving any bank or
trust company from failure; the ques-
tion was of saving the plain people.
the common people, In all parts of the
United States from dreadful, misery
and suffering; and this was what my
action did.
Stopped the Panic.
zone of the questions put to me indi-
Gated disbelief, or. To he more accurate,
perhaps should say that il was meant
To be understood as indicating disbc-
lief that the action taken was really
efficient I'm stopping the panic. At the
time, and for some months after the
panic had been stopped, no man would
have ventured to express such disbe-
lief unless prepared To be greeted with
derision by every human being who
knew anything whatever of the actual
facts. The question is not to be treat
ed seriously. for II cannot be so treat
cd. The action taken was. in my judg-
ment. the only action that could stop
the panic, and IL most certainty was of
enormous, and I'm all human probability
of decisive influence I'm actually stop
ping II.
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 un-
I'll they are Of such enormous import
ancc as to give to the Steel Corpora
tion nearly complete control of tho
steel business. through control of tho
sources OF the raw material. Whether
or not this is so has no bearing upor
the action taken four years ago. The
purchase as made did not by itself, one
way or the other. affect the status o