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McCormick family owns the International Harvester Trust. Russia is the largest buyer of harvesting machines outside the United States. Why, so strong were the trade relations between the two countries, you remember, that a few years ago a member of the McCormick family was appointed ambassador to Russia. And so, in order that trade relations might not be disturbed, having in mind the sale of a few more machines, the great "Chicago Tribune" exerted its powerful influence to have a Russian George Washington put to death by one of the bloodiest tyrants in history.
The only bright feature in the whole thing is that the "Tribune" failed. But the intent was the same. Here, then, was another instance of how the business interests dictate the editorial policy of newspapers. I could give you a thousand.
Most newspapers have financial editors. I want to show you how accurate is the newspaper's financial news when it conflicts with the business interests or the advertisers back of the newspaper. I hold in my hand the "Chicago Tribune" for January 12, 1908. It carries, you'll notice, a full-page advertisement elaborating upon the excellency and accuracy of its financial news columns. Bear that in mind while we go behind the scenes.
To begin with, I think it's fairly well established that we had a panic during 1907 and 1908. Most of you have a very vivid recollection of it. Yet if you'll search the files of most of the big newspapers, the "Chicago Tribune" particularly, you'll be amazed to find that the word "panic" was not mentioned during all that time. On the contrary, you'll find long stories of "Sunshine" movements and the direct lie, day after day, that the financial and industrial situation "is improving." It was worth a reporter's job to write the word "panic" into his copy. When the papers wished to be particularly severe upon the system which fosters and creates panics they allowed the reporters to say "hard times," but "panic"—never. This was a conspiracy to keep the
