The National tribune., 1907-08-22
THE KEYNOTE SPEECH.

| last 4loioeS SNSAAhS' W "''N''
the country has heen looking forward
with unusual interest, was delivered in
the presence of an immense audience
of at least 5000 people. AS was ex-
pected, they were all friends of the ora
tor, and gave the speech an enthusiastic
reception. The speech had unusual sig
nificance. both as an eulogy and defense
of President Roosevelt's policy and as
| Iforeshadowing in a measure Mr.. Taft'S
| views, which he would endeavor to
carry into effect should he be elected
President This duplex nature made
the preparation of the speech one of
unusual delicacy, and it bore evidence
of the most careful thought. AS loyal
member of the Cabinet, it was neces-
sary for Mr.. Taft to strongly support
the present policies, and at the same
time he had to hint Enthusiastically as
to what he intended to do differently in
the event of his own election.
| Mr.. Taft showed the courage expect
ed of him in joining issue squarely with
SChfiLoi oiihNi' "AhNA iaS NhNA "AA N'.~
question of railroad regulation. He
stood up firmly for the Hepburn law
and the power of Congress to regulate
rates, and asserted that this regulation
had been precipitated by the notorious
and fragrant infidelity to their public
obligations by the railroads. He made
good point against Foraker's assertion
in
| competent to examine and fix rates by
pointing out that Foraker would have
court pass upon these rates. which
tribunal would probably be less COM
petent than a commission of railroady
experts. The Secretary showed some
indications of diverSing from the Presi-
Dental policy. He is not in accord with
the President as to the Federal incor-
poration or licensing of corporations
doing an interstate business. He be-
lieves that such law would be imprac-
ticable and burdensome. In this he
veers toward The National Tribune'sl
position of allowing the States to do all
that they possibly can. limiting the
Federal interference to those things
which the state cannot 90.
Nor does the Secretary take kindly to
the proposal to ascertain the fiscal val
uation of railroads. In this we disagree
with him. The railroads having become
great public utilities and Offering for
sale their securities to the general pub
lie, they become subject to that inspec-
ton and valuation of their real values
such as was demanded by Che banks.
No private individual can ascertain for
himself what the value is of stock
which is offered him. He should have
the benefit of something of the same
inspection that is given a bank or a
savings bank, or that which is exer-
cised under the pure-food law toward
the factories engaged in making food
stuffs. Every year railroad securities
are becoming more and more popular
investments for trust funds and other
wise, and the railroads become as prop
erly subjects of inspection and regula-
ton as the banks.
The Secretary also differs from the
President in the latter's proposition to
"reduce swollen fortunes by taxing in
comes and inheritances. The Secretary
says that when the Government needs
the revenue from these sources it Will
be time enough to consider this meas
ure in that light.
Again we differ wholly from the Sec
retary. It seems to US that this is an
invasion of the States sources of reve
nue.. The Government is now getting
all the money it wants from its present
methods of taxation. On the other
hand, the States, or, rather, the Coun-
ties, are in constant need of more
money for public improvements and the
various local needs. If an income tax
or inheritance tax is desirable. 1t should
be levied by the States. and the money!
distributed to the Counties. The idea
of reducing swollen fortunes is obnox-
ious from a scientific point of view. mol
one can be trusted to say what a swol-
len fortune is. Our friends, the Social
lists. would say anything is a swollen
fortune beyond the daily wages of a
skilled mechanic.
The National Tribune entirely agrees
with the Secretary that any revision of
the tariff should be postponed until
after the next Presidential election
There are the strongest objections tol
doing so now or at any time when the
matter is complicated by a general cleo
ticn. After the President has been elect
ed the matter can be taken up with
much more safety to the country than
at any other time. The matter will
enter to a large extent into the next
Presidential election, and the Congress
then chosen will represent the views of
the country as to the extent to which
the present system of protection Will
be involved. AMI the interests likely toI
be affected win adjust themselves tol
meet what seems likely to be that ex-
tent of readjustment
Altogether, While promising to carry
out what has approved itself strongly
to the people in the policies of the Pres
ident, Mr.. Taft promises somewhat
more of conservatism and less smell
! of blood" in carrying out desirable re-
forms.
The main uointS in the Secretary's