Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1908-08-05
so DECLARES JUDGE TAFT IN Ac-
cEPTlNe THE REPUBLICAN
NOMINATION..
FAvoRs PHYSICAL VALUATION
OF RAILWAYS TO DETERMINE
MEASURE OF PROFITS.
STANDS FOR PROTECTION BUT
WOULD MODIFY The TARIFF
TO. MEET CONDITIONS.

H. TAFT, upon being notified OF his
nomination for the presidency by the
committee of the national convention
responded with his speech of accept
-ance. Mr. Taft declared that the
chief concern of the next administra-
ton should be TO maintain the policies
of President Roosevelt and the stand
ards set by him and not to interfere
with business. 1T is agreeable to
note in this regard" said he that the
republican platform expressly and the
democratic platform implicitly, ap-
prove an amendment to the interstate
commerce law, by which interstate
railroads may make useful traffic
agreements if approved by the commits
sion. This has been strongly recon-
mended by President Roosevelt and
will make for the benefit of the bust.
ness
Physical Valuation of Railways.
TT is clear that the sum of all rates
or recel pts, less proper expenses,
should be limited to a fair profit upon
the reasonable value Of its property,
and that if the sum exceeds this meas
ure. it ought to be reduced. The diff
Guilty in enforcing the principle is in
asecrtaining what is the reasonable
value of the company's property. and
in fixing what is a fair profit. 1t is
clear that the physical value of a
railroad and its plant is an element to
be given weight in determining 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 go
ing concern. including its good WILL,
due to efficiency of service and many
other circumstances, may be much
greater than the value Of its tangible
property, and it is the former that
measures the investment on which a
fair profit must be allowed. Then, too
the question what is a fair profit is
one involving not only the rate of in
terest usually earned on normally safe
investments, but also a sufficient al
l)wance to make up for the S.sk OF
loss both of capital and interest in
the original outlay. These considera
tons will have justified re company
in impos ng charges ! Ga enough to
secure a fair income on the enterprise
as a whole
Enforce Registry of Corporations
Another suggestion in respect Il
subordinate and ancilIary machinery
necessary to carry OFT republican poll
cies said Judge Taft is that of the
incorporation under national law OF
the licensing by national license o.
enforced registry of companies en-
gagged in interstate trade. The facl
is that nearly all corporations doing
a commercial business are engaged lC
interstate commerce, and if they al
were required to take out a fedora
license or a federal charter, the bur
den upon the interstate business o.
the country would become intolerable
Republican Doctrine of Protection.
The republican doctrine of prOtec
ton, as definitely announced by the
republican convention of this year
and by previous conventions, said the
speaker. is that a tariff shall be i'm
pose on all imported products, whether
of the factory, farm or mine, sufici
emily great TO equal the difference be
tween the cost of production abroa1
and at home, and that this difference
should, of course, include the differ
ence between higher wages paid il
this country and the wages paiC
abroad and embrace a reasonable pro
fl to the American producer. A sys
tenn Of protection thus adopted ant
put in force has led to the establish
ment Of rate of wages here that ha;
greatly enhanced the standard of liv
ing of the laboring man. Il is the
policy Of the republican party perman
emily to continue that standard of liv
ing. In 1897 the Dingley tariff BIT
was passed, under which we have
had. assalready said, a period Of enor
nous prosperity" Then Judge Tai
added:
The consequent material ieyelop
ment has greatly changed the condi
lions under which many articles de
scribed by the schedules Of the tariff
are now produced, The tariff in
number of the schedules exceeds tn
difference between the cost of produc
ton Of vrnl ii ticles abroad and a
home. including a reasonable profit 4
ths american producer. The exces
owe that difference serves no usefU
purpose but offers a temptation {
those who would monopolize the pre-
duch9n and the sale Of such article
in this country. to profit by the exec;
sive rate. On the other hand there ar
some few other schedules In vhic
the tariff Is not sufficiently high {
give the measure of protection whic
they should receive upon republica
principles and as to those the TART
should be raised A revision OF tn
tariff unc artakan upon this principle
which IS at the basis Of our preseu
business system, begun promptly upo
tha incoming Of the new administrs
tioa. and considered al a special set
sion with the preliminary investig'
tons already begun by the appropr
ate committees OF the house ard SCI