The Springfield herald., 1908-07-31
TAFT ACCEPTS nomination
DECLARES HIS POLICIES
Makes His Notification Speech at
Cincinnati, While City Is in Gala
Attire to Receive Him as a Con-
quering Hero---7ext of
y 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
II restrained without undue interference
| with legitimate business.
Railway Traffic Agreements.
'1t Is agreeable to note In this regard
/ that the Republican platform expressly
and the Democratic platform impliedly
approve an amendment to the interstate
commerce law, by which Interstate rail-
roads may make useful traffic agree
ments II approved by the commissions.
| President Roosevelt, and will make for
the benefit of the business.
Some of the suggestions of the Demo
subordinate and ancillary machinery to
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
fair profit upon the reasonable value OF
| It's property. and that II the sum exceeds
this measure IT ought to be reduced. The
ascertalning what is the reasonable value
Of the companys property. and In tixins
physical value Of a railroad and its plant
is an element to be given weight in de-
Its fun yaus but Ppes
speech and the supreme court have point
ed out. the value of the railroad as a 60
Ing concern. including its good will. due
circums,ances. may be much greater
than the {, value YAH Of Its tansble property t
be allowed. Then; too, the aues.
SH msat not only iRe hr rde R10 of
usually earned on normally safe invest
nents, but also sufficient allowance to
make up for The risk of loss both of cap
ital and interest in the original outlay
These considerations will have justified
the company in imposing. charges high
enough income
enterprise as n whole.
What Roosevelt Said.
LAS Mr. Roosevelt has said in speak
Ing Of this very subject: i.
" The effect of such valuation and su-
pervision of securities cannot be retro
active. Existing securities should be
tested by laws in existence at the time
more injure securities which have be-
come an important part Of the national
sition ,' to ' repudiate the % national debt. op
The question Of rates and treat
ment of railways is one that has two
titled to reasonable rates: but less is
an Injustice to the carriers Good
business for the rsiitoads Is ,s,ss essential
them is not alone injustice to stock
holders and capitalists. whose further
good Of the whole country. but it d.
recty affects and reduces the wages
OF railroad employees.
For what has been said. the proper
conclusion would seem to be that in
attempting to determine that whether
way is excessive. the physical valua-
tion of the road is a relevant and I'm
ling "a" faetor H' Physical Ply valuation % proper
ly used will not generally impair Sc
Rates Are Low. He Says.
I'm some cases doubtless. 1t will be
found that, decentralization is made
an excuse for excessive rates. and then
they should be reduced but the con-
sensus of opinion seems to be that the
railroad rates generally in this coun-
try are reasonably low. This is why
doubtless the complaints filed with the
Interstate commerce commission
against excessive rates so few as
compared with those against unlawful
and between places. OF course in the de-
termination of the question whether dis
examination is unlawful or not. the phys
ical valuation of the whole road Is of lit
tie weight
Il have discussed with some degree
of detail merely to point out that the
valuation by the interstate commerce
commission of the tangible property of
a railroad is proper and may from
| time to time be necessary in settling
| certain of the issues which may come
before them and that no evil or In
| such cases. IL il be understood that the
| result is to be used for a just pur-
pose ana the light to II faiT fbe pr9ht ;nIa un
ment is recognized. The interstate COM
merce commission has now. the power
to ascertain the value of the physical
railroad property II necessary In de-
| terminng the reasonableness of rates.
| National Control Of Corporations.
Another suggestion in respect to
| subordinate and ancillary machinery
| necessary to carry out Republican poll
| cies is that OF the Incorporation under
| national law the licensing by ma
tional license or enforced registry of
| companies engaged in interstate trade.
| The fact is that nearly all corporations
.lE.f,, al hi
gagged In interstate commerce. and If
they all Were required TO take out
| the burden upon the Interstate busi-
| ness OF the country would become in
| tolernble.
1T is necessary. therefore. to de-
wise some means for classifying and
insurng federal supervision of such
corporations as have the power and
temptation to effect restraints OF in
terstate trade and monopolies. Such
corporations constitute a very small
percentage OF all engaged in inter-
state business.
RcoseveIt's Proposed Classification.
with such classification in view. Mr.
Roosevelt recommended an amendment
Hepburn bill. which provided for vol
untary classification. and created
stTonE Wofiys fro thsgsfSTs by granting
sonable restrictions of Interstate
trade to all corporations which would
register and submit themselves to the
publicity regulation of the depart
mert of commerce and labor.
THE Democratic platform suggests
requirement that corporations and
Interstate trade having control of 25
per cent of the products in which they
deal shall take out federal license
This classification would probably in
clude great many small corpora
tions engaged in the manufacture of
special articles or commodities whose
total value is inconsidera BILE that
they are not really within the per
view or real evil of the antitrust law
II is not now necessary. however, to
discuss the relative merit of such prop
ositions. but il is enough merely to af-
firm the necessity for some method by
which greater executive supervision
can he given to the federal government
over these businesses in which there is
l temptation to violations of the anti
trust law.
Construction of Antitrust Law.
THE possible operation of the anti