Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1911-08-06
Former President Appears Vol
unfairly Before Committee
and Tells of Absorption of
Tennessee Coal and lion Co,
JUSTlFlES THE ACTION
ON HIGHEST GROUNDS
Any Other Course Would Have
Been Criminal in View Of
Disturbed Business COndi-
tons Declares Colonel.

TBy Morning journal Special Lsasea Wire.
New York, Aug. 5.--Theodore
Roosevelt talked boldly before the
house of representatives committee of
inquiry into the United States steel
corporation here today and yoluntar-
lily told how his action in conSenting
to the absorption of the Tennessee
Coal and Iron company by the steel
corporation In 1907 averted disast
Tous panic.
The former presidents action In
submitting to congressional review
of acts of his own administration was
almost Unprecedented in the history
of the United States and was thor
oughly ROoseveltian. He arrived un-
heralded at the city hall. vigorously
shook hands with members of the
committee, declared himself delighted
to see everybody and got down to
business.
First he placed upon himself re-
sponsibility tor approving the absorp-
tion to avert 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 so, he said, would have been
criminal.
Probably nothing in the vigorous
life history of Theodore Roosevelt was
more dramatic than his public APP
pearance today at. the crisis of the in
vesugation OF the transaction which
has been recorded in hundreds OF
pages OF congressional inquiry.
The chapter he contributed not on
ly dealt with his part in the events Of
that threatening time, but he gave the
committee some interesting opinions
ON the trust question that doomed up
IN their import even more than his
recital of facts in the Tennessee 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 III. c. Frick
az the White House conference In
November, 1907, said:
The situation was so critical that
II 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.. Emerson,
with which you are all so well ae-
quainted
" If the red slayer think he slays
"Or 1t the slain think he is slain 1t
matters not
Then Mr.. Roosevelt launched into
e discussion with Chairman Stanley
of the general trust question. saying
that the United States had some-
thing to learn from Germany.
Mr.. Stanley Mr.. Roosevelt broke
In. switching the line Of inquiry in
progress, may | say in connection
with what has been said on the gen
eral trust question of this particular
corporation, the Steel corporation,
that | know you will not accept sill
ence on my part as indicating any
thing as to my attitude on the general
trust question rs you know 1t.
Il have stated again and again
while ! was president in messages
to congress, which were not always
received with as much enthusiasm as
they were written. and since then in
articles and speeches, just what |
have felt the attitude of congress to- |
wards these great corporations should !
be and as you know | believe In a far |
more drastic and far more thorough |
going supervision and control over |
them by the national government than |
we have yet achieved. On another oc~ |
casion | should have been very glad to |
have spoken with you on trust reme-
dies. | am sure you will not achieve |
your purpose by splitting up the big |
corporations, as / have stated again |
and again in messages to congress.
While something can be done along |
that line in addition and TO my mind,
mainly the work must be done by oar
national government, acting as the
government of Germany has, | think.
in the potash matter-by actually in
the interest of all the people interfer-
ing and exercising a degree of control
over big corporation which 1t would
be wholly unnecessary to exercise ov-
or a corporation that has no monopo-
listic taint
II wish to say" Mr.. Stanley replied,
that ! am not of the opinion that
the dissolution of the United states
Steel corporation into It's constituent
parts Is an adequate remedy"
You are quite right said Mr..
Roosevelt.
81 believe" the chairman continued
that We must divorce absolutely the
United States Steel corporation from
nent, and by law force the common
carriers to charge the steel corpora
ton just as they charge other people
We must destroy a rebate, which IS
against the spirit Of the law as well
as a rebate which Is in violation OF
the letter of the law. II mat Is done,
and If, in addition"
Judge Landls tried to do that and
rallied interrupted Mr Roosevelt,
his comment causing loud laughter.
The chairman then went on to say
that he would prevent director OF
the United States Steel corporation
from becoming a director Of railroads,
and denounced the system OF inter-
locking directors.
MIR. Stanley" said Mr.. Roosevelt.
"of course, DO not wish To commit
myself offhand as TO details with
the general purpose of what You pro-
pose. ] am In hearty sympathy, and |