Waterbury evening Democrat., 1907-11-30
F0RAKER IN THE RACE
Ohio Senator Announces His Candidacy For President.
RAPs PRESIDENT ROOSEVELT

ln Carefully Prepared Statement Elim-
 mates Himself From Senatorial Fight,
 6lames Rate Bill For Prevailing Hard
 Times and Opposes Revision of Tariff.
 Washington. Nov. 3O.--Senator Jo-
 seph B. Foraker of Ohio announced
 himself candidate for the Republican
 presidential nomination and virtually
 eliminated himself from the senatorial
 race. In a carefully prepared state.
 ment, addressed to the Ohio League of
 Republican Clubs, MT. Foraker makes the unqualified declaration that he can
 not be a candidate for more than one office. He accepts the presidential
 nomination recently rendered him at
 meeting of the league in Columbus,
 thereby estopping his reelection as sen stor.
 In his announcement Senator For aker throws few bricks at President Roosevelt. He holds the railroad rate bill responsible for the prevailing hard times and rather exultingly intimates that T told you so' when the measure was under discussion. MT. Foraker's letter in part follows:
 Result of Rate Law.
 There are doubtless many who crit tcise my vote on the rate bill, but if the assurances with which my mail is filled, coming as they do from every section of the country, are not mis- leading, the number of these critics is rapidly diminishing.
 Tn the debates on that measure l took pains to point out that if the gov ernment took upon itself the duty and responsibility of making rates it would of necessity have to determine not only how much railroad should be allow ed to make, but also how much it should be allowed to spend-how much for operation, for extensions, for equip ment and for every other item of neces- sary expenditure, all of which 1t is i'm possible for a government to do sue cessfully and satisfactorily, and that the result would inevitably be that just at the time when rapidly in creasing business for the roads was making 1t necessary for them to raise hundreds of millions annually for in creasing their tracks, cars and general facilities, we would impair the confi- dence of investors in their stocks and bonds, and thereby not only make it impossible for the roads to sell the ad- ditional securities necessary for such purposes, but lead many of the holders of them, both at home and abroad to dispose of what were already outstand- Ing, and that in consequence the mar ket would be so largely Oversupplied that their values would shrink, drag ging down all kinds of securities with them, until panic and disaster would take the place of confidence and pros- perity.
 ''To say T told you SO is always un- gracious, but it is, I trust, permis- sible to point out that from the day 1 the rate bill passed the trend has been | In the direction predicted, and while | other things have contributed, that l has a full share of responsi- bility for the unhappy financial and in- lustrial conditions with which we have been overtaken.
 Morality Never Higher" |
 "The moral standing of the business men of this country has always been nigh. It was never so high as it is tow. There is consequently less occa- 'lon than before to restrict commercial reedom by statutory details of man. Igement and surveillance that are ap- ,arently framed on the theory that all nen are criminals. Such legislation hampers enterprise, retards business lctivity and discredits the whole na- ion.
 Broad principles should govern in II legislation. and the enforcement of he laws should be left to the appro- riate tribunals without unauthorized interference from any source, and bove all things there should be no tol- ration of the idea that our constitu- ion has become in part misfit and bsolete. and that it must be changed nd vitalized by judicial interpretation r by the mere assertion of public sen ment in support of that which may pr the moment be desired, although ianifestly unauthorized by it's pro- isio1s.
 Opposes Revision Of Tariff. "Wita our surplus revenues dimin- hip and our enormous expenditures lc. casing, 1t would be like adding the Ist grain of sand to undertake to nker with the tarif. Under the pres lt tariff laws we have the greatest rosperity any country has ever en- 'yed. and 1t has been because of the rength thus given us that we have ood up as we'll as we have under the ecline in values amounting to billions dollars that has at last brought busi- ,ss depression to employers and idle >ss to the thousands of employees. It to the beneficient results Of that pol ' as expressed in the DingIey law at we must look for one of the nee { sart factors in the work of restoring I 'osperity. There will doubtless come { time when changes in that law can ' |, made to advantage. but that time Is ,t now"
 rchboId Reserts Tainted Cain Tsfk. f