Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1907-12-31

Boston, Dec. oV.-dTeeteu WIFI SiItcIs
as the next President of the United
States" a topic which he carefully
avoided in'his own remarks, however
Sec. of War William H. Taft delivered
his first public speech since his world
circljng tour tonight at the annual
banquet of the Boston Merchants AS
sociation at the Hotel Somerset.
The banquet tonight, at which Sec.
Taft was the guest of honor. closed a
long and strenuous day for the secre-
tary of war, during which he delivered
brief address before 400 ministers in
the morning and attended a reception
and spoke before large gathering of
the Jews of the city at the Elysium
Club in the afternoon.
During his visit in Boston, which
will end tomorrow morning, Sec. Taft
is the guest of Samuel Carr on Com
monWealth avenue, Boston banker
ard a relative of Mrs. Taft
President Jerome Jones of the Bos-
ton Merchants Association presided
over the banquet. at which were 500
guests. Seated on either side Of him
were the speakers and guests of hon
or, whom included Secretary of War
William n. Taft, Congressman Sharley
of Kentucky, Lieutenant Governor
Eben S. Draper of Massachusetts,. May
or John Fitzgerald of Boston, Right
Rev. William Lawrence, bishop of
Massachusetts, Chief Justice Marcus
2. Knowlton of the supreme court,
President Lucius Tuttle of the Boston
& Maine railroad Chief Justice Fran
els c. Lowell of the United States dis
trict court, Senator Joseph F. Johnson
of Alabama, Samuel Carr, Mayor
elect George A. Hubbard of Boston,
Capt William Swift, commandant OF
the Charlestown navy yard; Major
Edward Burr, Corps of Engineers. u
S. A: and many others.
At the close of the banquet President
Jones introduced Lieutenant Governor
Eben S. Draper.
Lieutenant Governor Draper extend
ed the welcome Of the commonwealth
to Sec. Taft and Congressman Sharley
and was followed by Mayor John
F. Fitzgerald of Boston, who extended
the welcome Of the city.
Introducing Secretary Taft, Presi-
dent Jones spoke as follows
1--WE are favored this evening by the
presence Of man from the Middle
West, who has impressed us all with
his fitness for the most important posi-
ton a great and powerful nation car
bestow and in brief an official OF
great strength and wisdom"
Immediately a great cheer rose from
the assembly and as the secretary OF
war rose to open his speech all the
guests rose with him and filled the all
with long continued cheers.
Calls from many parts of the room
for three cheers for Secretary Taft
the next President of the United
States" were met with more tumul-
tuous cheering.
Secretary Taft then delivered the
following speech, in which he made M
comment relative to his own candidacy
for the Presidency.
Secretary Taft's Speech.
Secretary Taft chose for his subjec
THE Panic of 1907, Its Causes, 1t!
Probable Effects, and the Relation to l
of the Policies of the National Admin
istration," and said in part:
What did cause the panic? Writers
upon financial subjects substantial.
agree upon the causes. The world gen
orally has a certain amount of loanabl
capital available for new enterprise
or the enlargement of old ones. II
periods of prosperity this capital will
the instrumentalitieS for enlarging |
potentially by credits is put into new
enterprises which are profitable. an
the increase in free capital goes on al
most in arithmetical progression. AT
ter a time. however, expenses Of OPP
Grafton and wages increase, and TIL
profit from the new enterprise grow
smaller. The loanable capital graduall
changes it's form into investments les
and less convertible. Much of tina
which might be capital is wasted il
unwise enterprises, in extravaganza Il
living, in wars and absolute destruc
ton of property, until the availabl
free capital becomes well nigh ex
hausted the world over, and the prog
ress of new enterprises must avail
the savings of more. Men continue Z
embark in new enterprises, however
the capital fails them, and disaste
comes
For eight or nine months last pas
there were many indications that tn
loanable capital of the world was nea
exhaustion. This result was brough
about not only by the enormous ex
mansion of business plants and bust