under other circumstances
to lower them.

So much for the "big stick" in dealing with the corporations when they
went wrong. Now for a sample of the square deal.

In the fall of 1907 there were severe business disturbances and
financial stringency, culminating in a panic which arose in New York
and spread over the country. The damage actually done was great, and the
damage threatened was incalculable. Thanks largely to the action of
the Government, the panic was stopped before, instead of being merely a
serious business check, it became a frightful and Nation-wide calamity,
a disaster fraught with untold misery and woe to all our people. For
several days the Nation trembled on the brink of such a calamity, of
such a disaster.

During these days both the Secretary of the Treasury and I personally
were in hourly communication with New York, following every change in
the situation, and trying to anticipate every development. It was
the obvious duty of the Administration to take every step possible to
prevent appalling disaster by checking the spread of the panic before
it grew so that nothing could check it. And events moved with such
speed that it was necessary to decide and to act on the instant, as each
successive crisis arose, if the decision and action were to accomplish
anything. The Secretary of the Treasury took various actions, some
on his own initiative, some by my direction. Late one evening I was
informed that two representatives of the Steel Corporation wished to see
me early the following morning, the precise object not being named. Next
morning, while at breakfast, I was informed that Messrs. Frick and
Gary were waiting at the office. I at once went over, and, as the
Attorney-General, Mr. Bonaparte, had not yet arrived from Baltimore,
where he had been passing the night, I sent a message asking the
Secretary of State, Mr. Root, who was also a lawyer, to join us, which
he did. Before the close of the interview and in the presence of the
three gentlemen named, I dictated a note to Mr. Bonaparte, setting forth
exactly what Messrs. Frick and Gary had proposed, and exactly what I
had answered--so that there might be no possibility of misunderstanding.
This note was published in a Senate Document while I was still
President. It runs as follows:

THE WHITE HOUSE, Washington, November 4, 1907.

My dear Mr. Attorney-General:

Judge E. H. Gary and Mr. H. C. Frick, on behalf of the Steel
Corporation, have just