The morning Astorian. [volume] (Astoria, Oregon) 1899-1930, 1907-12-31
TAFT's GREAT SPEECH.
CONTINUED from pape q

w VIZ" w" Phhh m "H hlkHhrnt
ioF givlng up tho moral victory which
mas been won. Apparently, they would
take arctrogrado step back to tho Don.
dilioaa which existed ilyc OF six and
Ten Years ago, which unhampored BY
state law. theso trusts Wciv building
the financial bulwarks behind which
They are now lighting. 'lby rely upon
thr sofencss and mental strain and sui.
iering through which all tho honest bust.
nrNe mel Vi tho community have had
70 pass after golden opportunity for
driving home their attacks upon the ad'
ministration and paralyzing tbs onward
movement toward the supremacy Of the
law
u have tet forth what believe 10 be
tl~ real explanation Of tbs ranic. Lot
ds examine ths specifications of our
opponenta, now made 10 show that the
administration u responsible In the frat
place ID Is said that the policy Of the
administration has been directed for tho
last four ycars against organized capi-
tai aud that Il has licrcby frightened
iayoatora. deny II. Tho course Of the
administration has been directed against
s,ich organized capital a. mas violating
/the statutes Of tho United iStatcs- and
no others, u had ccyry consideration
and desire 70 assist organized capital
which was engaged In legitimate busi.
ness. Ii n trne that tho execution Of
the policy OF the administration hae In.
volNrd tae bringing TO thr light Of pub.
lii criticism the violation Of the law by
inilucntial aud powerful corporations,
and their prosecution. Through tho In.
vestigation of national and state trib.
unala there have been feyeakd, a.
have already said. breaches Of trusts,
Alock lobhing, oyer.issue Of stocks and
Encouragement IN some OF our largest
corporations They have properly been
severely condemned by ALL including
tho president.
knowledge Of those things doubtless
aifsctcd our credit In Europe and
hastened the panicj but thosc who are
morally responsible for such result
are the guilty managers, not those who I
In the course OF their official duty have
made known 10 the business world the 1
facts and commented. II Is said that {
tho administration has airaigned the I
whole business community as dishonest.
! deny H.
'"rhe president has condemned the law
breakers. Hc has convinced those who
have unlawfully accumulated enormous
powers and capital that they are not
immune. lilo has put tho fear OF the
law In their hearts. They have been {
acute enough 10 attempt to protect
themselves by giving tho impression q
that his action has been directed against !
tho whole business community. II Ia I
true that the business men OF our com. Z
munity. as whole are hots,st and K
their methods ara sound The president
has never said otherwise, Indeed, II is G
chiefly in the interest Of the gnat body I
OF honest business men that he has y
made his fight for lawful business @
methods. lu
again IL Is said that tho rate bill for p
which the administration Is responsible, In
caused the present panic. Could anything n
DO moc absurd' The object of the rate t
bill was merely to bring the railroads p
under closer supervision OF a tribunal
which could act upon complaints OF In =
%lviduals suffering from their injustice, IL
TMS immediate effect Of It's passage was Il
the voluntary reduction Of rates. Sub y
sequently. under normal circumstances, 7
justifying IL, the rates Of the railway b
were increased. The eontinu. h
anoe OF the abuses Of the railway man.
agement were made by the rate bin has m
not had the slightest effect upon the re
legitimate business earnings OF the N
railways.. The utter hollowness in the Is
cry thdt the rate bill caused the panic, y
Is seen In the fact that those who now tr
venture to advance this proposition have co
been for more than year contending m
that tho rate bill was a humbug and A
fraud because II had no effect whatever fr
because 1t had given promise Of re- th
luction Of rates and no reduction Of to
ates followed. pc
"Then state legislation against rail.
'oads Is pointed to as cause for such tn
Ihrinkage Of the value Of the stock and III
he panic. Mr.. Roosevelt and the ma Is
ional administration are not respon. to
ible for this ut was occasioned by the ny
anne relatiohb Of lawlessness and dis lal
in railway management that at
made the federal rate bill necessity. l