Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1908-01-02
ION THE PANIC
secretary Of War Tells Bos-
Merchants Administration
Did Not Cause 1t.
1 NOT QUIT THE FIGHT
Concessions to Trusts, Law
1kers and Unlawful combina-
&ns Would Be Disastrous
to Legitimate Business.


WI to Legitimate Business.
ston, Mass, Dec. S1.-Greeted
IN cheers as "the next president
United States" topic which
refully avoided in his own re-
however, Secretary of War
Im H. Taft delivered his first
speech since his world-circling
Monday night at the annual ban
of the Boston Merchants asso-
at the Hotel Somerset.
banquet closed long and
nous day for the secretary Of
during which he delivered q
address before 400 ministers in
lorning and attended a reception
poke before a gathering of Jews
city at the Elysium club in the
loon. The secretary said in part:
ring the last three months the
w has suffered from a severe
lary panic. Even yet the clear
ouse certificates linger In your
exchanges as emphatic evidence
severity and of the extreme
Tres which had to be taken to
greater disaster. Doubtless
of my hearers have not yet re-
Id from the intense nervous
and mental suffering To which
have been subjected since the
Of October. The panic has
~, Sivan j certain political bearing
hd Importance. FIDr this reason, !
Y ave selected for my topic Of tonight:
" Ahe Panic of 1907 Its Causes, Its
I Iobable Effects and the RelHtion to
Of the Policies Of the National Ad-
Illustration" s
The secretary then outlined some OF
CT uses which precipitated the
Ancial furry and sketched briefly
the me giant struggle between the ma
tional administration and certain pow
erful financial combinations called
trusts" which resulted in popular
awakening among the people and re-
suited In the passage of the railroad
rate law and similar legislation.
Il have set forth what l believe to
be the real explanation Of the panic.
Let us examine the specifications OF
our o, 7onentS now, mate to show that
the administration is responsible. In
the first place 1t is said that the pol
lev Of the administration has been
directed for the last four years against
organized capital and that it has
theriby frightened investors. deny
aEhe course Of the administration
las been directed against such or
gahiIed capital as was violating the
statutes Of the United States-and no
9th rs. 1t had every consideration
and desire to assist organized capital
which was engaged in legitimate busi-
nes, II is true that the execution OF
the policy Of the administration has
iny. the bringing to the light Of
7 public criticism the violation OF the
\ law 10y Influential and powerful cor
Hn6sl laiions, and their prosecution.
4 Through the investigation Of national
Iaul state tribunals there have been
Revealed, as have already said,
breaches of trust, stock jobbing, over
Issue Of stocks, and mismanagement
in some Of our largest corporations.
They have properly been severely con-
demned by all, including the presi-
dent.
ut Is said that the administration
has arranged the whole business com
munity as dishonest. I deny It.
"The president has condemned the
law.breakers. He has convinced those
Who have unlawfuliy accumulated
enormous powers and capitaa, that
they are not immune. He has pun
the fear Of the law in their hearts.
They have been acute enough to at
tempt to protect themselves by giving
the Impression that his action has
been directed against the whole busf
ness community.
Instead Of making 3 panic the nsr
tional policy Of ending the laWiessness
of corporation IN Interstate commerce
and Of taking away their power Of IL
} Vuing. without supervision, stocks and
bonds, viii produce 3 change IN theif
management and remove one fruitful
eause for loss Of public confidence
Il all this to be changed BY the
~niei Il It proposed. because Of II
nfal the nate bflli Shall We dis.
prosecutions for violations Of
Atrust lawf Shall We permit
hnburkgs rsb1tes ana discrimf
dhy iailWaysi Is this the con-
,inlty 70 which We. are In
ftorltfnf Shall we Join in the
as ths aght Of the administra-
Tor honeEfy aDd legality IN busf
as 4 youthful attempt At en- a.
Il moral regeneration Of our busf
syremf No panic. however -
can make wrong right No man
- sincerely believed he adnalnil-
-f,on r'rHt b ~ m1sure1 70 pan
l,oitfrns q Nv. NH nen b.