The enterprise. [volume] (Harlem, Mont.) 1899-1926, 1908-08-05
TAFT ACCEPTS nomination
DECLARES HIS POLICIES
Makes His Notification Speech at
Cincinnati, While City Is in Gala
Attire to Receive Him as a Con-
querlng Hero--- Text of
His Speech.

wise the ways and means by which the
| high level of business integrity and ODE
dience to law which he has established
may be maintained, and departures from
it restrained without undue interference
with legitimate business.
Railway Traffic Agreements.
1T Is agreeable to note in this regard
approve an amendment to the interstate
commerce law. by which interstate rail-
roads may make useful traffic agree
This has been strongly recommended by
the benefit Of the business.
| Some OF the suggestions of the Demo-
cratic platform relate really to this
which I have referred. Take for in
Of railways. 1t is clear. that the sum of
all rates or receipts of a railway, less
proper expenses. should be limited to a
it's property, and that if the sum exceeds
this measure, it ought to be reduced. The
difficulty in enforcing, the principle is in
OF, the company's property, and in fixing
what is a fair profit. It is clear that the
physical value of a railroad and its plant
is an element to be given weight in de-
dent Roosevelt in his indianapolis
speech and m! the supreme court court, have point
| U
ing concern, including its good will. due
to efficiency of service, and many other
eeircumstances. may be much greater
and it is the former that measures the he
Se allowed GA Then, too. the Dues se
n%ev %sat not is only fer ra RTo Of
usually earned on normally safe invest
ments, but also sufficient allowance to
ma up for the risk Of loss both Of cap
These considerations will have justified
the company in imposing. charges high
| enough to secure a fair income on the
| enterprise as a whole
What Roosevelt Said.
"As Mr.. Roosevelt has said in speak
| ing of this very subject:
| " The effect of such valuation and SUI
pervision of securities cannot be retro
active. Existing securities should be
tested by laws in existence at the time
of their issue. This nation would no
more injure securities which have be-
come an important part Of the national
sition to repudiate the national debt
THE question of rates, and treat
ment of railways is one that has two
an injustice to the carriers. Good
business for the railroads is essential
| to general prosperity. Injustice to
them is not alone injustice to stock
holders and capitalists, whose further
| investments may be necessary for the
rect Tectly affects " and reduces s' the wages
| of railroad employees.
For what has been said, the proper
attempting to determine that whether
| the entire schedule of rates. of rail-
way is excessive. the physical valua-
ton Of the road is relevant and i'm
| pOrtant but not necessarily a control
ling factor Physical valuation proper
ly used will not generally impair Sc
| curities.
Rates Are Low, He Says.
"In. some cases. doubtless, it will be
found that. overcapitalization is made
| an excuse for excessive rates, and then
they should be reduced. but the con-
sensus of opinion seems to be that the
try are reasonably low. This is why
doubtless the complaints filed with the
mere are fnM
compared with those against unlawful
discrimination in rates between shippers
and between places. OF course, in the de-
elimination is unlawful or not, the phys
ical valuation of the whole road is OF lit
tie weight.
of detail merely to point out that the
valuation by the interstate commerce
commission of the tangible property OF
time to time be necessary in settling
certain Of the issues which may come
before them and that no evil or in
such cases. If it be understood that the
result is to be used for just. pur-
pose, and the right to fair profit un-
ment is recognized. The interstate COM
merce commission has now the power
to ascertain the value of the physical
railroad property if necessary in de-
termining the reasonableness of rates.
National Control Of Corporations.
another suggestion. in respect to
subordinate and aneillary machinery
necessary to carry out Republican poll
national law or the licensing by ma.
tional license or enforced registry OF
companies engaged in interstate trade
doing a commercial business are en-.
gagged in interstate commerce, and II
they all were required to take out a
the burden upon the Interstate bust
ness Of the country would become in
tolerable. ..oo.o - -
wise some means for classifying and
insuring federal supervision of such
corporations as have the power and
terstate trade and monopoiies. Such
corporations constitute very small
percentage of all engaged in inter
| state business.
RooseveIt's Proposed Classification.
with such Classification in view, Mr.
in the antitrust law, known as the
Hepburn bill, which provided for vol
untary classification, and created a
strong motive therefore by granting
immunity from prosecutions for rea-
sonable restrictions of Interstate
trade to all corporations which would
register and submit themselves to the
publicity regulation of the depart
ment of commerce and labor.
1.-THE Democratic platform suggests
requirement that corporations anG
interstate trade having control of 2s
, per cent. of the products in which they
deal shall take out a federal license
This classification would probably in.
clude a great many small corpora
tions engaged in the manufacture OF
special articles or commodities whose
total value is so inconsiderable that
they are not really within the per.
It is not now necessary, however, te
discuss the relative merit Of such prop.
ositions, but it is enough merely to at.
firm the necessity for some method by
| which greater executive supervision
can be given to the federal government
over these businesses in which there Is
a temptation to violations of the anti
; trust law.
Construction Of Antitrust Law.
1.-THE possible operation of the anti.