President Theodore Roosevelt defends his business policies, including: the creation of the Department of Commerce, the ending of the Anthracite Coal Strike, and bringing suit against the Northern Securities Company. Roosevelt has heard a lot of "dishonest nonsense" from wealthy men that should know that Wall Street's troubles come from "watering of stocks" and speculation, not any action taken by the government. President Roosevelt wants to do what is right for the business world and what is right for the world of labor.
“My dear Le Gendre:
I thank you for your letter and appreciate heartily your courtesy. I was interested in the editorial from the Sun, which you enclosed. But let me say with all possible emphasis that every banking man, or banker, or business man who takes the attitude you describe as being taken by the man you quote, shows himself to be cursed with incredible folly. What does he mean? If you ask him to particularize he could not to save his neck do so, unless by telling deliberate untruths. If he chooses to exercise intelligence he will see that everything I have done has been in the interest of capital, because the worst foe of capital, of property, is the man who lets an unscrupulous or reckless capitalist do what is improper, just exactly as the worst foe of labor is the man who allows the law to be violated or tyranny to be exercised in the name of labor.”
Letter from Theodore Roosevelt to William C. Le Gendre, August 13, 1903. From the Library of Congress Manuscript Division.