The Columbus journal., 1908-07-29
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--- of
His Speech.

wise the ways and means by which the
high level of business integrity and cbe-
dlence 10 law which he has eStabl. shed
may be maintained. and departures from
II restfained without undue interference
With legitimate business.
Railway Traffic Agreements.
1T is agreeable to note in this regard
that tie Republican platform expressly
and tie Democratic platform implicitly
approve an amendment to the interstate
roaos may make useful traffic agree
mems. II approved by the commissions
TINS fas been strongly recommended by
President Roosevelt. and will make for
the benefit Of the business.
Some of the suggestions of the Demo-
cratic platform relate really to this
subordinate and ancillary machinery to
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 if the sum exceeds
this measure. ii ought to be reduced. The
difhculty in enforcing the principle Is In
OF the company's property. and in fixing
what is fair profit. 1t is clear that the
physical value of a railroad and its plant
is an element TO be given weight in de-
termining its full value: but as Presi-
dent Roosevelt in his Indianapolis
speech and the supreme court have point
ed out. the value Of the railroad as 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
investment on which a fair profit must
be allowed. Then. too. the ques-
| ton what is a fair profit Is one
| usually earned on normally safe invest
meEts. but also a 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 to secure a fair income on the
| enterprise as a whole.
What Roosevelt Said.
AS Mr. Roosevelt has said in speak
| ing Of this very subject:
1.-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
of their issue This nation would nc
come an important part OF the natlona
| wealth than 1T would consider a prOpo'
sition to repudiate the national debt
ment of railways is one that has two
sides. The shippers are certainly en-
titled to reasonable rates: but less !:
business for the railroads is essentia
to general prosperity. Injustice u
them is not alone injustice to stock
holders and capitalists. whose furthe
Investments may be necessary for tn
| good Of the whole country. but II oil
rectly affects and reduces the wage
of railroad employees.
, | For what has been said. the prOpe
| conclusion would seem to be that II
attempting to determine that whethe9
| the entire schedule OF rates OF ram
way is excessive. the physical Naiua
ton of the road is a relevant and i'm
portant but not necessarily control
ling factor Physical valuation proper
ly used will not generally Impair Sc
Rates Are Low, He Says.
! an some cases doubtless. it will b
found that overcapitaliZation Is mao
an excuse for excessive rates anu tne ,
they should be reduced nut the COZ,
? s.nSus of opinion seems to be that IN
? railroad rates generally in TINS coui1
try are reasonably low rms Is wn u
doubtless the complaints filed with IN
Interstate commerce commiSSio
5 against excessive rates are so few a
I | compared with those against uniaWI.
l discrimination in rates between shippei
and between places. OF GourS. n ~, .a, di
e termination is unlawful or not. the phiE
zeal valuation of the whole ROAD Is VI
= | tie weight. .., o 7.ars
q of detail merely to point out that u
5 valuation by the interstate comIisi
I commission of the Tangible properly
a railroad is proper and may iIo
e time to time be necessary in settlln
# nrt,in of the issues which may con
s before them and that no eNlI or ~
e SSuch cases. if il be understood that q
n result is to be used for Just pu
}. nose and the right to fair pront W
y der all CIRCUMSTANCES on ;n,s , cor
y n,.rca commission has now the pow
70 ascertain the value OF tne pHs So -
railroad property II necessary III =.
J. tarmining the reasOnableneSs OF ra'e
ct National Control Of Corporations.
IT .,no.ber suggestion in respect
II ,hordinate and ancillary machine
nacesSary to carry out Republican pc
n n;as is that of the incorporation UNI
lie na,ional law or the licensing %!
~ .;nn.i license or enforced re@istrS
rs onnnanies engaged in Interstate IRA
n Tha fact is that nearly all corporate
l doing commercial ,crc. and
re mn1Sd in interstate commerce. anu
s. Sbsy ali were required to take gu.
e, federal license or iederai b.,
10 the burden upon the my 1nor,s !
or ness of the country would pecohe
u, tolerable. ..orafore TO d
as wise some means Tor ciaSsistS Sm
s. ;nSrrin~ federal supervision OF su
s. ns,nrafions as have the power
ny formulation to effect restraints Gu
re | terstate trade and monoPo .,,o
"a, corporations con niI ensaSed in int,
an percentage OF all ehe"S
u ReoseveIt's Proposed CLASSIFICATION
he with such Classification in view.
We Roosevelt recommended an amenuni
of in the antitrust law, known S -
Hepburn bill. which proNioeu lCt \
MARY Justification. ana creatsu
utronE motive therefore by gram,
lal ;,,n,mnity from prosecutions TOT ~
so nnahJe restrictions or lnter-sl.
he traIe to all corporations whicn wo,
;eS lister and submit themselves 10.
ed n,,Siicity regulation OF the oepa
in Ut Of commerce and LABOR.
or. .The Democratic platform suSso
IS rauuirement that corporations
of a,.arStafe trade having controi U.
III nar cent of the products IN Will iina ~
ew Seal shall take out ,eoe ah,hIv
m Th;s classification would Prop nryo
bic ci,,da a great many smaat I'll tu.
Of t;nns engaged in the manuiac'urts
PISS nac;,l articles or cOmmoGiteS W"
ion .Ptai value is so incOnSideraU.e
The 49, are not really WITHIN the /
of ~ or real evil of the anti-truS. =
OF r. &c not now necessary. noMS,S
Sc a;scnss the relative merit OF SuSn ~
pi- s;tions but it is enough mercy ~
the Gr,n the necessity for some n,eorv;
lch b;ch greater executive suP
thy he GIVEN to the federal goNeIuni
ing oS.ar these businesses in which INC
at a temptation to violations Vi ''e "
ndS -. low
on. 'fu CONSTRUCTION Of Antitrust Law
de- e. The possible operation OF the d