The News-Herald. [volume] (Hillsboro, Highland Co., Ohio) 1886-1973, 1908-07-30
TAFT OUTLINES
Fa3TY Policies
Acceptance Speech Keynote Of
Campaign,
HIGH PRAISE FOR ROOSEVELT.

Republican Candidate Rebukes Oppo-
sition's Stand on Philippine lnde-
pendenee-Promises Steps Toward
Tariff Reform Immediately After In
auguration IL Eleeted-Believes In
Income Tax by Statutory Law IL
Necessary For Revenues Rather
Than by Amendment TO the consti-
tution-Rights Ct Goth Organized
and Unersanized Labor Should BE
ImpartiaIy Upheld.
Senator Warner and Gentlemen Of
the Committee: | am deeply sensible
of the honor which the Republican Ma.
tional Convention has conferred on me
in the nomination which you formally
tender. ! accept It with full apprecia-
ton of the responsibility 1t imposes.
Gentlemen. the strength of the Re.
publican cause In the campaign at
hand Is in the fact that we represent
the policies essential to the reform Of
known abuses, to the continuance of
liberty and true prosperity, and that
we are determined, as our platform un-
equivocally declares, TO maintain them
and carry them on. For more than ten
years this country passed through an
epoch Of material development far be-
yond any that ever occurred in the
world before. In its course. certain
evils crept in. Some prominent and In
tiueutial members of the community.
spurred 10y financial success and In
their hurry for greater wealth. became
unmlndful Of the common rules of
business 'Jnesty and fidelity and OF
the limit Ions imposed by law upon
their action. This became known. The
revelations Of the breaches Of trust.
the disclosures as to rebates and dis.
ordinations by railways. the accumu-
lating evidence of the violation of the
antitrust law by a number of corpora
tions, the overissue of stocks and bonds
on interstate railways for the unlawful
enrichlng of directors and for the pur-
pose of concentrating control of rail-
ways In one management. all quick
ened the conscience of the people. and
brought on u moral awakening among
them that boded well for the future OF
the country.
What Roosevelt Has Done.
The man who formulated the expires.
sion of the popular conscience and who
led the movement for practical reform
was Theodore Roosevelt. He laid
down the doctrine that the rich violator
OF the law should be as amenable to
restraint and punishment as the Of
fender without wealth and without in
fuence, and he proceeded by recon-
rending legislation and directing ex-
ecutive action TO make that principle
good in actual performance.
President Roosevelt directed suits to
be brought and prosecutions 10 bc IN
sttuted under the antitrust law, TO en-
force lts provisions against the most
powerful of the industrial corporations
He pressed TO pa sage the pure food
law and the meat inspection law in the
interest of the health of the public,
clean business methods and great ulti-
mate benefit TO the trades themselves.
He recommended the passage of IA law,
which the Republican convention has
since specifically approved restricting
the future issue of stocks and bonds by
interstate railways to such as may be
authorized by Federal authority.
Chief Function Of Next Admins istration
The chief function of the next Ad-
ministration In my judgment, is dis
tinct from, and progressive develop
ment of that which has been performed
by President Roosevelt. The chief
function of the next Administration is
10 complete and perfect the machinery
by which these standards may be main
talned, by which the lawbreakers may
be promptly restrained and punished,
but which shall operate with sufficient
accuracy and dispatch TO interfere with
legitimate business as little as possible.
Such machinery is not now adequate,
Physical Valuation Of Railways.
Some of the suggestions of the Demo
cratic platform relate really to this
subordinate and ancillary machinery
10 which have referred. Take for In
stance the so-called physical valuation
OF railways" 1t is clear that the sum
of all rates or receipts of a railway,
less proper expenses. should be limited
90 a fair profit upon the reasonable
value of its property, and that II the
sum exceeds this measure, II ought TO
be reduced. The difficulty In enforcing
the principle Is in ascertaining what is
the reasonable value OF the company's
property and in fixing what is fair
profit. Ii is clear that the physical
value of a railroad and its plant Is, an
element to be given weight In deter
mining its full value; but as President
Roosevelt IN his Indianapolis speech
and the Supreme Court have in effect
pointed out the value OF the railroad
as a going concern. including its good
win, due to efficiency of service and
many other circumstances, may be
much greater than the value Of it's tan
gible property, and il is the former that
measures the investment on which
fair profit must be allowed. Then, too,
the question what is a fair profit Ia one