Source: Chicago Daily Tribune
Source type: newspaper
Document type: article
Document title: “Effect of Death on Business”
City of publication: Chicago, Illinois
Date of publication: 14 September 1901
Volume number: 60
Issue number: 257
|“Effect of Death on Business.” Chicago Daily Tribune 14 Sept. 1901 v60n257: p. 11.|
|William McKinley (death: impact on economy); Theodore Roosevelt (assumption of presidency); Theodore Roosevelt (presidential policies); McKinley cabinet (retention by Roosevelt); McKinley cabinet.|
|Millard Fillmore [misspelled below]; John Hay; Garret A. Hobart; Andrew Johnson; Abraham Lincoln; William McKinley; Theodore Roosevelt; Elihu Root; Charles Emory Smith; John Tyler.|
Effect of Death on Business
Consensus of Belief Is Loss of President Will Not Cause General
Disturbance in Country.
Washington, D. C., Sept. 13.—[Special.]—There
is a wide difference of opinion on the subject of the effect of President McKinley’s
death on the business situation of the country, but the general belief is there
will be no general disturbance to commercial prosperity and that all danger
is reduced to a minimum.
The history of the United States demonstrates that the death of a President, even when his successor was more or less in accord with the policy of his party, temporarily at least, is a serious interruption of the business interests of the country. The causes which lead to this condition of things are not far to seek. The policy of the dead President, if he has served any considerable length of time, has become more or less defined, and the business interests of the country have become more or less adjusted to that policy.
But on the accession of a new President everything, for the time being, is suspended in the air. Large business enterprises grow conservative, capital grows timid, and there is a general halt all along the line of business investments until confidence is established in the new order of things.
The history of the administration of John Tyler, who succeeded Filmore, and that of Andrew Johnson, who succeeded Mr. Lincoln, demonstrated how great an injury can be inflicted upon the business interests of the country.
Roosevelt in Accord with Policy.
But in the accession of Mr. Roosevelt to the
high office of President there is nothing in his private or public career to
lead any sensible person to take a pessimistic view of his future public policy.
It is well known that he is in and has been in perfect accord with the policy of his predecessor. During his incumbency of the office of Vice President he has been one of Mr. McKinley’s most trusted advisers. Unlike most Vice Presidents, except Hobart, he has been at all times a welcome visitor at the White House, and it is well known that he has never thrust his advice unasked upon the President.
While it is known that he is a man of sturdy independence, one who is inclined to do his own thinking, it is also known at this point among public men and throughout the country that he is also a man whose patriotism has never been questioned.
Those who know the man best in Washington believe he will faithfully carry out the policy outlined by Mr. McKinley’s administration and that the shock to public business, if any there be, will be reduced to a minimum.
May Be Changes in Cabinet.
No man, certainly no man at the national capital,
knows just what changes, if any, Mr. Roosevelt will make in the Cabinet of his
predecessor. It has been rumored for months that Secretary Hay would like to
retire from public life on account of the condition of his health and on account
of a recent great domestic affliction. It has been stated by his intimates that
he would have resigned some months ago, but was induced to remain at the personal
solicitation of Mr. McKinley.
Secretary Root practically abandoned a large law practice at the solicitation of the President and his advisers and his personal friends to accept the portfolio of war. He has expressed on several occasions, to those who best know him, a desire to resume his practice, but his great regard for the wishes of the President, who wished him to remain during his second term of office, and a profound sense of public duty, induced him to forego an immediate return to his neglected private business.
Postmaster General Smith, it is well known, has only remained in the Cabinet up to date because of his profound love and admiration for his chief. He is the editor and chief of a great daily newspaper, is comparatively a poor man, and every hour he remains in the Cabinet is subjected to financial loss.
May Accept Some Resignations.
According to public custom all members of the McKinley Cabinet will, in due time, tender their resignations to the new President. Whether he will retain any or all of the members of the Cabinet of his predecessor time will determine. Public opinion is divided here on that point.