The Morris County chronicle. [volume] (Morristown, N.J.) 1877-1915, 1907-12-31
DEFENDS ROOSEVELT,
Taft at Boston Denies That Ad.
ministration Caused Panic.
UPHOLDS WAR ON THE TRUSTS
Secretary Tells New England Mer.
chants That President Has Never
Been Against All Capital, but Only
That Violating Law,

chants That President Has Never
Been Against All Capital, but Only
That Violating Law
Boston, Dec. 81 William Fl. Taft.
secretary of war, in the first address
he has delivered since his tour of the
world defended the administration of
Theodore Roosevelt against the accu-
sation Of responsibility for the panic of
October and its consequences.
1t was as a member of President
Roosevelt's cabinet, in complete sympa-
thy with the policies of the president
respecting the prosecution of corpora
tons engaged in Legitimate practices,
that he spoke to the members of the
Boston Merchants association at a
banquet at the Hotel Somerset He ut
tered no word that could be construed
as an enunciation of any. divergent
views as candidate for the Repub-
Iican nomination for president From
the opening to the closing sentences he
breathed loyalty to his chief and faith
full adherence to the principles of gov
eminent which Mr. Roosevelt has pro-
claimed in his own speeches.
The Panic and the Administration.
81 have selected as my topic for to-
night" Mr. Taft began, ''the panic of
1907, its causes, its probable effects
and the relation to it of the policies Of
the national administration.
''For eight or nine months last past
there were many indications that the
loanable capital of the world was near
exhaustion, The result was brought
about not only by the enormous expan-
sion of business plants and business
investment which could not be readily
converted, but also by the waste of
capital in extravaganza of living and
by the Spanish war, the Boer war
and the Russian-Japanese war and in
such catastrophes as Baltimore and
San Francisco 1t became impossible
for the soundest railroads and other
enterprises to borrow money for new
construction or reconstruction.
at would seem that our system Of
currency is not arranged so as to per-
nit its volume to be increased tempo,
rarily to counteract the sudden drain
of money by the boarding in a panic.
1t is probable that the stringency,
which reached its height on that dark
day of Oct "a. might in part have
been alleviated had we. had a cur
rency which could automatically en-
large itself to meet the tremendous
demand of a day or a month while
public confidence was being restored
4 Looks Fer Good Times Soon.
Mr.. Taft expressed a belief that the
injurious consequences to follow the
panic are not likelyato be long drawn
out He figures this from the fact
that we have "a solid currency, thd
railroads are on a much more solid
foundation than in 1893, westernAmorti
cages have been wiped out and tthd
balance of trade is with u.s." CONTINUE
ing he said: 1ets F tNaM 1924
LET me invite your attention to thu
economic and political history ~ the
past four years. s. 3sina 5sles
!, t..It Is that of giant struggle be-
tween the national administration and
certain powerful combinations in the
financial world. These combinations,
for lack Of better name, are called
trusts. ..i-lasl.l-s al -.
y : They became the dictators to great
railroads, however powerful and by
threatening a withdrawal of patronage
secured unlawful and discriminating
rebates, greatly increasing their prof
its and still more completely suppress
ing competition.
Administration Not to Blame.
"The purpose Of the administration
of Mr.. Roosevelt was to make thosd
men. however powerful and wealthy
to know that the laws upon the statute
books were living things and must be
obeyed In this struggle the admins
tration has been greatly aided by thu
popular sympathy awakened by reve.
lations as to breaches of trust by thu
managers Of some of the great insur'
ance companies, by revelations as ID
acknowledgement of the internal affairs
of great railroad companies, by thd
disclosure as to the enormous amount
of rebates extorted from the railroad
companies by these trusts and by ths
conscienceless stock jobbing and over
issuance of bonds and stocks shown
to have occurred in the management
Of some of our great corporations.
at is said that the policy of the adj
ministration has been directed for thu
last four years against organized capt
tel and that it has thereby frightened
investors / deny it. The course OF
the administration has been directed
against such organized capital as waN
violating the statutes of the United
States-and no others 1t had every
consideration and desire to aid ao'l
assist organized capital which was en-
gagged in legitimate business"
Hailed as Next President.
Mr.. Taft's speech was plainly sur
prise to most Of the 400 or so present
They evidently had hoped and expect
ed that Secretary Taft would speak
for himself rather than for Roosevelt
at the close of his address some one
called for three cheers for the mex
president" The response, while cor
dial, did not appear to be quite spon
faneous and hearty.
Procuring information.
Brooke-The sexton seems to find
out great deal about the members of
the choir,
rvn,, vas IIa rup,ns tha ORGAN :.