Sincerely yours, (Signed) THEODORE ROOSEVELT.
HON. CHARLES J. BONAPARTE, Attorney-General.
Mr. Bonaparte received this note in about an hour, and that same morning
he came over, acknowledged its receipt, and said that my answer was the
only proper answer that could have been made, having regard both to
the law and to the needs of the situation. He stated that the legal
situation had been in no way changed, and that no sufficient ground
existed for prosecution of the Steel Corporation. But I acted purely on
my own initiative, and the responsibility for the act was solely mine.
I was intimately acquainted with the situation in New York. The word
"panic" means fear, unreasoning fear; to stop a panic it is necessary
to restore confidence; and at the moment the so-called Morgan interests
were the only interests which retained a full hold on the confidence of
the people of New York--not only the business people, but the immense
mass of men and women who owned small investments or had small savings
in the banks and trust companies. Mr. Morgan and his associates were
of course fighting hard to prevent the loss of confidence and the panic
distrust from increasing to such a degree as to bring any other big
financial institutions down; for this would probably have been followed
by a general, and very likely a worldwide, crash.
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