Theodore Roosevelt: An Intimate BiographyThayer, William Roscoe
History
Theodore Roosevelt: An Intimate Biography
Thayer, William Roscoe
Presidents -- United States -- Biography; Roosevelt, Theodore, 1858-1919
That was a year of financial upheaval, almost of panic, the blame
for which the Big Interests tried to fasten on the President. It
resulted, they said, from his attack on Capital and the
Corporations. A special incident gave plausibility to some of
their bitter criticism. Messrs. Gary and Frick, of the United
States Steel Corporation, called on the President, and told him
that the Tennessee Coal and Iron Company was on the verge of
bankruptcy, and that, if it went under, a general panic would
probably ensue. To prevent this financial disaster, their
Corporation was willing to buy up enough of the Tennessee Company
to save it, but they wished to know whether the President would
allow the purchase. He told them that he could not officially
advise them to take the action proposed, but that he did not
regard it as a public duty of his to raise any objection. They
made the purchase, and the total amount of their holdings in the
Tennessee Company did not equal in value what they had originally
held, for the stock had greatly shrunk. The Attorney-General
subsequently informed the President that he saw no reason to
prosecute the United States Steel Corporation. But the
President's enemies did not spare their criticism. They
circulated grave suspicions; they hinted that, if the whole truth
were known, Roosevelt would be embarrassed, to say the least.
What had become of his pretended impartiality when he allowed one
of the great Trusts to do, with impunity, that which others were
prosecuted for? The public, which seldom has the knowledge, or
the information, necessary for understanding business or
financial complexities, usually remarks, with the archaic
sapience of a Greek chorus, "There must be some fire where there
is so much smoke." But the public interest was never seriously
roused over the Tennessee Coal and Iron affair, and, six years
later, when a United States District Court handed down a verdict
in which this matter was referred to, the public had almost
forgotten what it was all about.
The great result from Roosevelt's battle for conservation, which
I believe will glorify him, in the future, to heroic proportions
as a statesman, is that where he found wide stretches of desert
he left fertile States, that he saved from destruction, that he
seized from the hands of the spoilers rivers and valleys which
belonged to the people, and that he kept for the people mineral
lands of untold value. Nor did he work for material and sanitary
prosperity alone; but he worked also for Beauty. He reserved as
National Parks for the use and delight of men and women forever
some of the most beautiful regions in the United States, and the
support he gave to these causes urged them forward after he
ceased to be President.
CHAPTER XVI. THE SQUARE DEAL IN ACTION
Public-domain text, read in full here on John Shaqi.
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