The Birmingham age-herald., 1911-08-06
Former President Takes Full Responsibility for
 Approving Deal
MADE NECESSARY BY
 SUBSEQUENT EVENTS
In Thorough Rooseveltian Style the Strenuous One Defines His Ac- ton Which He Says Was
 Birmingham's Salvation


 House of Representatives committee of inquiry into the United States Steel corpora tion here today and voluntarily 3 told how his action in consenting to I the absorption of the Tennessee Coal and Iron company by the Steel corpor- A alton In 1907 averted disastrous panic.
 The former Presidents action in sub hitting to- a congressional review of acts of his own administration was al- most unprecedented in the history of the United States, and was thoroughly Rooseveltian He arrived unheraded at the city hall, vigorously shook hands with members of the committee, de- clared himself delighted to see every body, and got down to business.
 First and foremost, he placed upon himself responsibility for approving the absorption to save a perilous fnan- cial disaster in Wall street and con- demned any man who would be so weak as not to act as he did in that crisis. Not to have done as he did. he said, would have been criminal
 The chapter Mir. Roosevelt contrib uted to the long records of the inquiry  ,nomentous events of that threat tening time, but he gave the committee some Interesting opinions on the trust ques- tion that loomed up, in their import even more than his recital of facts in the Tennessee Coal and Iron transac- tion. After declaring that his object in approving the sale of the Tennes see 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 H. c. Prick at the memorable White House confer ence in November, 1907, said:
 Situation Critical
 "The situation was so critical that it was liable to break at any moment until the action was taken, and the instant it was taken an enormous improvement oc- cured and as said in the poem of MT. Emerson, with which you are all so well acquainted:
 If the red slayer thinks he stays
 Or if the slain think he is slain it mat
 not"
 Then MT. Roosevelt launched into a discussion with Chairman Stanley of the general trust question. saying the United States had something to learn from Ger many.
 "Mr Stanley MT. Roosevelt broke in, switching the line of inquiry in progress, may I say in connection with what has been said on the general trust question and of this particular corporation, the Steel corporation, that l know you will not accept silence on my part as indi- eating anythingas to my attitude on the frt,ct oc
 q have stated again and again while l 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 I have felt the attitude of Con gress toward these great corporations should be, and as you know I believe in far more drastic and far more thor ough- going supervision and control over them by the national government than We have yet achieved.
 'On another occasion I should have been very glad to have spoken with you on trust remedies 1 am sure you will not achieve your purpose by splitting up the big corporations, as l have stated again and again In my messages to Con- gIess.
 While something can be done along this line, to my mind the work must be done by our national government act ing as the government Germany has acted I think in the potash matter by acting in the interest of all the peopie interfering and exercising degree of control over a big corporation which it would be wholly unnecessary to exercise over a corporati ton that has no monop- oistic taint
 Dissolution Not Enough
 q wish to say Mr. Stanley replied, ''that l 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. Roose- welt.
 ''I believe the chairman continued, that we must divorce absolutely the United States Steel corporation from every common carrier on the continent and by law enforce the common carriers to charge the Steel corporation just what they charge other people. We must de- stroy rebate which is against the spirit of the law as well rebate which is in violation of the letter of the law. If that is done, and if in addition"
 Judge Landis tried to do that and failed.o interjected MT. Rooseveltl his comment provoking loud laughter.
 The chairman then went on to say he would prevent director or the ohited States Steel corporation from becoming director of railroads and denounced the system of interloclxing directors
 MT. Stanley" said MT. Roosevelt, "of course I do not wish to commit myseii off-hand as to details. With the general purpose of what you propose, l in1 Tn hearty sympathy and l should go farther still in exercising direc. coniroi ever these big corporations. And allow me to say sir you have known them at some distance. have lived near them ana | know them we'll
 In responding to Queries directed to the Tennessee Coal and Iron transact'ol and the testimony of Grant B. Schley mat he did not know whether he would nave failed had it not been for the sale or the Tennessee coal to the Steel corporatlon.. MT Roosevelt aroused the committee with the terse statement that if Schley did not know it he was the only man in New York who did not
 MT Schley testified said Represeaa,. tive Young of Michigan, that he did nor know he would have failed if this action that you approved had not been taken"
 "I never had any doubt as to the wis dom of my action said Mir. Roosevelt. mot for moment.. And if Mir Schl.y says he did not know that he would nave failed without the action being taken .hs.t was taken, then he is the only man in New York who does not know it
 In response to Representative Sterl- of yIn ad Io bn