The sun., 1907-12-31
Mr.. Taft and tOe twenty-five Billion.

In none Of the three speeches which
Mr.. TAFT pronounced at Boston yester-
day may the earnest and candid inquirer
Y Ind satisfactory answer to the question
OF paramount interest concerning Mr..
TAFT's candidacy: Does Mr. TAFT agree
OF differ with Mr.. ROOSEVELT as to the
latter's declared belief that the new con-
ditions marking the development Of the
modern industrial system -necessitate a
change from the old attitude of the State
and the nation toward property"
That declaration. uttered with strenu-
ous gesticulation at Minneapolis by Mr..
ROOSEVELT to an audience Of labOring
men four days before the assassination
Of Mr.. MCKINLEY. constituted the pros
pectus Of all bis policies. It afforded
q key to all his future vagaries. II was
in one sense a diagram of his intellect.
IL was the germ of all his later socialistic
or semi-sOcialistic philosOphizing about
the relations OF Government TO the
business and industrial affairs Of the
governed. II was his point of departure
from previously accepted principles of
the American system. @Necessitate a
change from the old attitude Of the State
and nation toward property" If people
generally in the early days of Septem-
Der of 1901 had understood all that was
involved in that Ominous phrase as we'll
as they have come to understand its
significance inthe latter months Of the
year 1907 the CONSERVATION and grief
over the cruel crime which sent Mr..
ROOSEVELT to the place Of power would
have been tenfOld.
II will therefore be with considerable
disappointment that citizens who have
hoped much from Secretary TAFT's
candOr pernse his remarks to the Boston
merchants about the responsibility for
the recent panic, his views Of the prob
ability Of recovery and his expressions
of sympathy for the innocent victims
who have borne the brunt of it," Even
Mr.. TAFT's personal asseveration that he
believes himself to be "as conservative
as any one within this company" is not
conclusive; for Mr.. ROOsEvELT's opinion
Of his own conservatism is likewise no.
toriously high. There is nowhere any
reply to the question which we have
ventured to PROFOUND as of paramount
importance: Does Mr.. TAFT agree or
differ with Mr.. RoosEvELr's belief that
new conditions -necessitate a change
from tho old attitude of the State and
the nation toward property? No in
telligent answer is contained in Mr..
TAFTs generalities about the rights of
property and his professions of respect
Tor the traditional system OF our insti-
. buttons. He does not succeed in diff
ferentiating his own position from the
declaration Of his administrative chieftain
and political patron. Indeed he practi-
cally demonstrates his absolute failure to
grasp the awful significance Of the Min
peapolis prospectus when he proceeds to
sum up the Roosevelt policies" as merely
-the fight Of the Administration for hon
esty and legality inbusiness. Ifsuchw were
all that Is involved in the Roosevelt poll
cies and programme the case would be
ample enough. But what does Mr.. TAFT
conceive that Mr.. ROosEvELr's proposed
change from the old attitude of the State
andDatiOn toward property in the matter,
fcr example, Of the use of the Govern
ment's taxing power for the special sOci-
alistic purpose Of restricting individual
fortunes, has to do with any administra-
tive fight for honesty and legality in
bnsinessT9
We observe that the next engagement
Of Mr.. TAFT TO address the public is
announced for January 20 at Cleveland.
Suppose that this estimable gentleman
and jurisconsult should take time or
make time before that date to study
with some particularly Of attention an
article by Mr.. CHARLES A. CoNANr in
the Atlantic Monthly for January on the
worlds wealth in negotiable securities.
By negotiable securities Mr. CoNANT, of
course, means the stocks and bonds that
represent the savings of thrift invested
in the activities Of Incorporated industry,
not mere wall Street values. as dema-
gogues and fools may see fit TO describe
them. but "the blending Of the rivulets Of
4lnall savings into broad stream whose
great power is directed by captains Of
finance and industry" to use the Ian
guage Of this clear thinker and powerful
writer on financial questions. These
negotiable securities. in great part, rep
resent the new conditions to which
...