Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1908-07-28

Cincinnati, July 2S.-Following is
the speech OF acceptance OF William
H. Taft, delivered here this afternoon
in reply to the formal notice Of his
nomination as the republican candi-
date for the presidency, and in which
he outlined the issues Of the CAM
paign:
Senator Warner and Gentlemen Of
the Committee: am deeply sensible
of the honor which the Republican Ma
tional Convention has conferred on me
in the nomination which you formally
tender. accept 1t with full apprecia-
ton OF the responsibility 1t imposes.
Gentlemen. the strength of the Re-
publican cause the campaign at
hand is III the f.ct that we represent
the policies essential to the reform Of
Known abuses, to the continuance Of
liberty and true prosperity. and that
we are determined, as our platform I'M
equivocally declares, to maintain them
and carry them on. For more than ten
years this country passed through an
epoch OF material development far be-
yond any that ever occurred in the
world before. In Its course. certain
evils crept in. Some prominent and in.
fiuential members Of the community.
spurred by financial success and In
their hurry for greater wealth, became
unmindful of the common rules Of
business honesty and fidelity and Of
the Limitations imposed by law upon
their action. This became known. The
revelations Of the breaches Of trust,
the disclosures as to rebates nnd dis.
ordinations by railways, the accumu
lating evidence Of the violation of the
antitrust law by a number of corpora
{ tions, the overissue Of stocks and bonds
on interstate, railways for the unlawful
enriching Of directors and for the pur-
pose Of concentrating control Of rail
ways in one infringement, all quick
ened the conscience of the people, and
brought on moral awakening among
them that BODIED well for the future OF
the country.
What Roosevelt Has Done.
The man who formulated the expires
sion of the popular conscience and who
led the movement for practical reform
was Theodore Roosevelt. He laid
down the doctrine that the rich violator
Of the law should be us amenable to
restraint and punishment as the Of
fender without wealth and without in
huence, and he proceeded by recon,
mending legislation and directing ex.
ecutive action to make that principle
good in actual performance.
President Roosevelt directed suits to
be brought and prosecutions to be in.
stituted under the antitrust law, to en-
force Its provisions against the most
powerful Of the industrial corporations.
He pressed to passage the pure food
law and the meat inspection law In the
interest Of the health Of the public,
clean business methods and great .ulti-
mate benefit to the trades themselves.
He recommended the passage Of law,
which the Republican convention has
since specifically approved. restricting
the future issue Of stocks and bonds by
interstate railways to such as may be
authorized by Federal authority.
Chief Function Of Next Administration
The chief function Of the next Ad-
ministration, In my judgment Is dis
tinct from, and progressive develop
ment Of that which has been performed
by President Roosevelt. The chief
function of the next Administration Is
to complete and perfect the machinery
by which these standards may be main
tained, by which the lawbreakers may
be promptly restrained and punished,
but which shall operate with sufficient
accuracy and dispatch to interfere with
legitimate business as little as possible.
such machinery is not now adequate.
PHYSICAL Valuation Of Railways.
Some of the suggestions Of the Demo
cratic platform relate really to this
subordinate and ancillary machinery
to which I 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 proper expenses, should be limited
to a fair profit upon the reasonable
value Of its property, and that II the
sum exceeds this measure, 1t ought 10
be reduced The difficulty in enforcing
the principle is in ascertaining what Is
the reasonable value of the company's
property, and in fixing what is fair
profit. It is clear that the physical
value Of railroad and its plant Is an
element to be given weight IN deter
mining its full value: but as President
Roosevelt In his indianapolis speech
and the Supreme Court have in erect
pointed out. the value Of the railroad
Us going concern. including its good
will. due to efficiency OF service ana
many other circumstances. may be
much greater than the value of its tan
gible.property, and 1t Is the former that
measures the Investment on which a
fair profit must be allowed. Then. too.
the question what is fair profit Is one
involving not only the rate of Interest
usually earned on normally safe invest.
mc1ts, Lut a,@o Il sufficient allowance