Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1908-01-10
TAFT ON THE FUTURE
The Secretary of War Considers
the Trusts.

Regulation 10 Necessary, but There ls
Danger That In tho Current Zeal For
Reform tho Demasogues and tho So
oialists May Get the Upper Hand and
Carry Legislation Too Far-Faith In
tho American People.
In a recent issue the Citizens Bull
letin Of Cincinnati gives q series Of ex-
tracts from the most recent addresses
Of Secretary Taft. After taking up IN
some detail the evils that have result
ed from the rapid development Of cor
porations during the past few years
Mr.. Taft says:
without defending, mitigating or In
any way 1ustifying the evils I havc
described. 1t certainly can be said that
they were the Outgrowth Of the enOr-
nous expansion Of business and Of
capital involved in the spreading bust-
ness Of the country and that. whilo
they are to be deplored and to DO
stamped out. 1t would be the utmost
folly to initiate and carry through
legislation which instead Of remedying
the evil shall kill the enterprise and
Investments which have gone on apace
to make this nation the great center Of
industry and production Of the world.
And the danger now is that in the zeal
for reform demagogues. Socialists and
enemies Of society may be given an
opportunity to carry on legislation to
such an extreme rs permanently to
hamper tho business growth Of tho
country.
mo injustice reacts so quickly as
injustice to capital, for capital can pro-
tect itself. can stand loss and with
draw and leave the community from
which 1t fees IN q condition Of help
lessness that It will take years to over
come. While this Is the danger from
the awakened public conscience on the
subject Of business integrity. let US
not fail to rejoice in the enormous ben
eft to the country which Is involved in
the existence Of this public conscience.
at a time when the greatest prosperity
prevailed throughout the country.
when lavished wealth made comfort
for more people than ever before and
when that luxury and hunt for pleas
ure which led tho Roman empire and
other dynasties Of old tc destruction
It was prophesicd would bring about
tho same fate for this republic. But
It has not done so. and In the face
Of comfort, luxury and pleasure there
has arisen this protest from the many
enjoying oil the prosperity possible
against the abuses and violations of
the trust and there has arisen a cry
for higher business morality and q
more sacred care and scruple in the
conduct Of agents and trustees.
The PublIe's Dsma nds.
1T Is becoming more and more GER
tain that the public will insist on
greater publicity in the management
Of these great financial trusts. and
closer scrutiny into the methods by
which the great combinations shall
continue and maintain their business.
and a greater and greater care and re-
gard for the public with which the
railroad and other transportation COM
panies shall discharge the duties
which. in accepting valuable fran
chises. they assume to discharge to-
ward the communities In which they
carry on their business.
1.-The various provisions Of law, the
tribunals and executive machinery by
which these results are to be accom-
plished. will be the duty Of the coming
generation to work out and develop.
The responsibility Of the wielder of
millions Of capital which has hereto
fore accompanied his exercise Of pow
er III the business communities. 1t is
now settled. must have an end. and
the limitation which shall effectually
end it will be dictated by experience
and the statesmanlike acumen Of the
coming generation.
such changes cannot be effected In
Q short time. Such changes cannot be
brought about by a mere denuncia-
ton and indiscriminate condemnation,
whether delivered from a stump or
contained IN the provisions Of law.
They must and will be fashioned ulti-
mately by the hands Of one or many
who shall realize the necessity for
maintaining the institutions of private
property and the freedom Of individ-
ual initiative, ON the one hand, and Of
restraining the well recognized abuses
and illegalities Of the exercise Of the
power Of concentrated wealth to
achieve monopoly by duress.
such regulation is possible. and It
needs only experience and earnest ef-
fort, honest and courageous and expe-
ditious courts, intelligent and fearless
juries, to enforce the regulations which
shall teach those who would otherwise
offend and misuse the power Of con-
centrated wealth that 1t Is not only
moral and conducive to their happi-
ness. but also profitable to observe the
regulations that the Quickened con-
science Of the people has insisted upon
Introducing into the statute book"
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