Morgan proposed to buy Tennessee Coal and Iron to "rescue" all involved with the company. He outlined a plan whereby U. S. Steel would change its second mortgage bonds for Tennessee Coal and Iron stock. Because the U. S. Steel bonds were acceptable to the clearing house, they would be able to be used for the debts. It was suggested that President Theodore Roosevelt be consulted before such action was taken. Roosevelt was given only an outline of the issue; he was never told which institution would fail without U. S. Steel's takeover of Tennessee Coal and Iron. Roosevelt wrote a note to his Attorney General stating he had not learned the name of the troubled business, but felt that he should not object to this occurrence.