The Idaho scimitar. [volume] (Boise, Idaho) 1907-1908, 1908-01-04
THE IDAHO SCIMITAR.

Secretary Taft there to defend his chief
against the accusations of enemies within his party
and outside of his party who said that the methods
applied by the President had preciptated the trouble
That portion of his address full of interest not
that he proved much but that he furnished the par
tisans on either side with abundance of material
for argument. In defense of the course taken by
Mr. Roosevelt, Mr.. Taft said:
| have set forth what | believe to be the real
explanation of the panic. Let examine the speci~
hcatlons of our opponents now, made to show that
the administration is responsible In the first place
1t is said that the policy of the administration has
been against organized capital and that has there
by frightened investors. l deny it. The course of
the administration has been directed against such
organized capital violating the statutes of the
United States, and no Others 1t had every consid-
Grafton and desire to assist organized capital which
engaged in legitimate business Through the in
vestigation of National and State tribunals there
have been revealed breaches of trust stock jobbng
Over-1SSue Of stocks and miSmanagement of of
largest corporations. They have properly been
severely condemned by all, including the President
knowledge of these things doubtless affected Our
credit in Europe and fastened the panic but those
who are morally responsible for such result
the guilty managers, not those who in the couCse
of their official duty have made known to the bust
ness world the facts and commented on them.
1t is said that the administration has arraigned
the whole business community dishonest |
deny it.
Again, it is said that the rate bill for which the
panic Could anything be more absurd? The OBJ
ject of the rate bill was merely to bring railroads
under closer supervision of tribunal which could
not act upon complaints of individuals suffering from
their injustice The immediate effect of its passage
the voluntary reduction of rates Subsequently,
under normal circumstances justfying it, the rates
of the railways generally increased The con-
tinuance of the abuses of railway management
made by the rate bill much more difficult but the
rate bill has not had the slightest effect upon the
legitimate business earnings of the railways. Then
State legislation against railroads occas1oned
by the same relations of 1awlessness and discrmina
ton in railway management that made the Federal
rate bill necessity If the State measures have
been too drastic the of the injustice is not
with the National Government Instead of making
panic the National policy of ending the lawless-
of corporations in interstate commerce and of
taking away their power of issuing, without super
vision, stocks and bonds will produce change in
their management and fruitful cause
for loss of public confidence.
The business in the past have sympath1zed
with the efforts eradicate from the business sys-
tenn of this country the influence and control of those
who have achieved success by illegal methods Is
all this to be changed by the panic? Is it proposed
because of it, to repeal the rate bill? Shall we dis
miss the prosecutions for violations of the antitrust
law? Shall we permit and encourage rebates and
determinations by railways? Is this the kind of
sanity to which invited to return? Shall we
Join in the sheer at the fight of the administration
for honesty and legality in business as youthful
attempt at an alleged moral regeneration of our
business system? No panic, however severe, can
make wrong right No man who sincerely believed
the administration right in its measures to punish
of the law be turned from the
earnest support of that policy today.
Tn comn1iance with y Droc1amation nv the Gov