Waterbury evening Democrat., 1908-02-14
TAFT WANTS NEW LAW
Secretary at Detroit Outlines Need of Antitrust Measure.
SAYS PEOPLE HAVE NAKED UP
Favors Further Regulation of Railways to Prevent Government Ownership and Huge Political Machine - More Power For Interstate Commission.

EoWeT ToT IntcTState Iomml6Slons
 Detroit, Mich., Feb. 14.-Secretary of
 War William H. Taft, who was the
 guest of the Michigan Retail Lumber
 Dealers association, talked for half an
 hour at the luncheon which was ten
 dered him by the association upon
 "The Moral Awakening Recently From
 Business Methods Which Permit He
 gality and Fraud"
 Governor Warner while volcing the
 states welcome to the secretary
 brought tremendous outburst of en-
 thusiasm when he declared he was convinced that 80 to 90 per cent of the
 people of Michigan are for MT. Tafts
 nomination for the presidency vn the
 Republican ticket. The governor then suggested Governor Guild for the nom- ination for vice president on the ticket with Secretary Taft.
 MT. Taft opened his address by re- marking that stranger might sus- pect that the Michigan Retail Lumber Dealers association had more to do with politics than with business.
 "We have heard" he continued, "a great deal recently in connection with the moral awakening from business methods which permit illegality and frauds" He spoke of the revelations of the insurance investigation and then of the evils of overissues of stocks and bonds, which, he said, was obtain ing money under false pretenses. Talk ing up the question of railroad dis criminations and recent legislation to prevent relating, he said:
 "The truth is, gentlemen, that we have not quite enough regulation of railways. Other powers ought to be conferred upon the interstate con- mission. It Is said that the interstate commerce commission is not a safe way in which to control the railroads of the country. It is the only way in which we can control them. We must see that we secure strong men to sit upon that commission who can prove by their administration that it is the proper way. It is that or go to govern ment ownership, with all the state socialism which it involves, and I have no doubt that government ownership of the railways, with the tremendous concentration of power it would in- volve, would endanger the republic. We have enough concentrated power in Washington now. To increase 1t so that the executive should control the enormous body of civil servants which l would necessarily follow would result 1 In making a president more powerful l than any king who lives today.
 T believe it is possible to enforce | the present antitrust law, but we need | a new law more specific to bring all | within its provisions. I think that to- day the violation of the law is by no means so fashionable as it was for nerly.
 Now, we are not going to have a business millennium, gentlemen, but we shall have a quickened public con- science and an eye on whether we lave business demoralization or have business conducted within the terms If the law. The people have walked ID.
 we have just had a panic. Some If the gentlemen who have felt the ash of public opinion have been only co glad to attribute 1t to the legisla- ion to which 1 have referred. The harge is unfounded. It is due, if stu ents of finance are to be trusted, to ne gradual exhaustion of all the free apital of the world in enterprises which have not been so profitable as it vas expected they would be. Now we 1ust wait-the whole world must wait until we earn more free capital. There is no doubt that European 1vestors in our securities have been frightened by the revelations of dis onesty which have been shown of lte in many of our large institutions. 'ut is the man who pointed out that ishonesty 10 be charged with this lack confidence, or is it to be charged to le gentlemen who engaged in the ille- ality? It is not necessary to argue"