Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1907-12-31
War Secretary Discusses
Causes Leading to Financial
Furry and AbsoIyeS Admin
iStration Of Responsibility.
SECRETARY ACCLAIMED
AS TIE NEXT PRESIDENT
Notable Gathering of Boston
Business Men and PoIiti-
clans Listen to Able Dis
course of Money Situation.

itFfthAtf iftts oNt--trItfttQ Mltn
cheers as the next president OF tho
United states" topic which he care
fully avoided In mis- own remarks,
however Secretary William H. Taft
tonight delivered his first public
speech since his world-circling tour.
at the annual banquet of the Boston
! Merchants association at the Hotel
/ Somerset
The banquet closed a long and
| strenuous day for the secretary OF
war during which he delivered a brier
address before 400 ministers IN the
morning and attended a reception and
I spoke TO a gathering OF Jews Of the
city at the Elysium club In the after
noon. During his visit 20 Boston.
which ends tomorrow, Mr.. Taft Is the
guest Of Samuel Carr, a Boston banker
and a relative OF Mrs, Taft.
A more notable gathering of prom
lnent and representative business men
has seldom been seen In Boston than
night
In the banquet hall before decora-
tions adorned tables which provided
for the seating OF over 500 guests,
while behind the speakers table were
great many American flags.
President Jerome Davis. Of the B1s.
ton Merchants association, presided
seated on either side of him were the
speakers and guests Of honor, who In
ciuded Secretary of War william H.
Tart. Congressman sherry. Of Kep-
tFckN, ideuten.lnt Governor Chen n
Draper of Massachusetts. Mayor John
~ Fitzgerald and Right Rev. William
Lawrence bishop Of Massachusetts
As the secretary of war arose Ia
speak all the guests stood up with him
ana hilcd the air with long continued
cheers.
calls for three cheers for Seore-
tary TAFT. the next president of the
United States. We're heartily ac-
claimed.
Secretary TAFT then delivered the
following speech, which he read from
manuscript. making no additions or
comment relative to his own candi-
dacy fcr the presidency or other
topics
"Gentlenen Of the Merchants and
Manufacturing AssociatiOn.-I am
glad to be here For more than two
years | have been trying TO accept
your kiDi Invitation. | do not feel
strange IA this New England COM
pany. Ny father WAS born I'm Yer
mont. my mother was aorn In Bos-
ton; my two grandfaihers were born
In MendOn. Worcester county; much
OF my boyhoOd vas spent in Miibury
and ] was educated at Yale. White I
cannot claim TO be one of YOU. I Ike
to boast that l have enjoyed the good
influence of the same traditions.
II had expected to talk to YOU
about the Philippines tonight. That
was one Of the reasons why accepted
the invitation so lightly, IL Is a sub
ject easy for me TO talk about. II mar
be it Is getting a little stale For In
stance. I have found that one OF tn,
best methods OF dscouraging my
friends, the correspondents OF the
press In Washington. from pursuing
inquiries into other
Is to insist on discussing with
them for publication interesting
phases of the Philippine situation.
they leave forthwith. But l had sup
posed that, however dead. the islands
nay be as a topic inviting discussion
ind attracting attention elsewhere.
me could rouse some excitement over
I still IN Boston. / have been
warned. however, that here. too. there
we're subjects more absorbing, al least
or business men. So when | was
lonored by an invitation for this
to address the ministers Of
Boston, whose profession carries them
naturally in a consideration of other
words said my say ln rs -
he Philippines and the-to some
cry absorbing national problem.
which I hone and believe we ara
working out successfully. So IL fol-
pws that for this Company. 4 must
Ind anothe subject.
During the last three months the
has suffered from severe
monetary panic. Even Vet the clearing
ouse certificates lingef in your bank
Xchanges as emphatic evidence Of its
everity and % the extreme measures
hich had 90 he taken 20 avoid great
r. disaster Doubtless many OF my
carers have not vet recovered from
be- intense nervous strain and mental
lnerlng 90 which they have been
1hjected since the middle Of Octo-
,r. The uanic has been given a GER
lin political bearing and Importance.
or this reason. I have selected for
.v topic FOR tonight. the panic of
4UI. 't@ causes its possible effects and
le relation of if 10 the policies Of the
stioual administration
What did cause the nanica Writers
h financial subjects who have given
icir lives and constant attention to
'ntters of this kind who are able 10
'stltute q comparison Of the present
lniC with previous panics. and who
-e entirely familiar with the condi-
ons preceding ali Of them. suhstan-
ally agree upon the cause. Panics =
1i Industrial dcpressiOns are the re-
lit 90 the characteristics OF human
1ture. which manifest themselves In
us|ness and elsewhere. The world
enerally has a certain amount Of
'anahle canital available Tor new en-
rprises or the enlargement of old
mes ln periods Of prosperity. this
anitd With the instrumentaiities for
ITS potrntiaiifxN hy credits
nut INTO new entesprises which are