Middlebury register. (Middlebury, Vt.) 1886-1937, 1908-01-03
HAILED AS "NEXT"
Secretary Taft Puts In a Siren
uous Day at Boston
FOR ROOSEVELT POLICIES

tory Which Has Been Won--Pr,s.-
dent Has Put Fear of Law In the
Hearts of "CrImnal X CHI"
Boston, Dec. 31.-Cheered as the
next President of the United States"
topic which he carefully avoided III his
own remarks, however. Secretary of
War Taft delivered his first public
speech since his woodworking tour be-
fore 500 guests last night at the annual
banquet of the Boston Merchants asso-
citation.
In a glowing defense of the Roose-
welt administration, Mr.. Taft placed the
blame for the recent financial panic
squarely upon the shoulders of those
corporations which he charged with
systematic violation of law.
Mr.. Taft gave his analysis of the
monetary situation, praisine the stand
taken by President Roosevelt as having
saved the country from government
ownership of railroads. and maintain
ing the system of strict governmental
speech follow
Instead of making Il panic, the ma
tional policy of ending the lawlessness
of corporations in interstate COM
merce, and of taking away their power
of issuing. without supervision, stock
and bonds, will produce change in
their management and remove one fruit
Gal ,l,1f al
The business men in the past have
sympathizcd with the effort to eradicate
from the business system of this coun-
try the influence and control of those
who have achieved success by illegal
methods. Is all this to be changed by
the panic?
mo man who sincerely believed the
administration right in its measures to
punish violations of law can now be
turned from the earnest support of that
policy today.
Il believe myself to be as cOnserva-
tive as anyone within this company.
But no one can have been an observer
of the operation of the exercise of the
right of property and the accumua-
ton of capital and its use in business by
the individual and the combination Of
capital by the combination of individ-
uals without seeing that there are GER
tain limitations upon the methods in
the use of capital and the exercise of
the right of property that are indis-
troll of the whole financial system of
the country passing to small Oligarchy
of individuals.
THE agents and sympathizers and
defenders of the trusts and others. limo
cent but mistak en-, now rush forward to
place the blame of the present condi-
lions upon the administration. They
seek to use the panic as an argumentfor
giving up the moral victory which has
been won.
ut is true that the execution of the
policy of the administration has in
volved the bringing to light of public
criticism the violation of the law by in
fiuential and powerful corporations
and their prosecution. Through the in
vestigation Of national and state tri-
bunals there have been revealed
breaches of trust, stock jobbing, over
issue of stocks and mlsmanagement in
some of our largest corporations.
They have properly been severely
condemned by all. including the presl-
dent knowledge of these things,
doubtless affected our credit in Europe
and FASTENED the panic; but those who
are morally responsible for such Il re-
suit are the guilty managers. not those
who in the course of their official duty
have made known to the business world
the facts and commented on them.
1T is said that the administration
has arraigned the whole business COM
munity as dishonest. deny it, The
president has condemned the lawbreak-
Frs. He has convinced those who have
unlawfully accumulated enormous
powers and capital that they are not
immune. He has put the fear OF the
law in their hearts.
Mr.. Taft found the cause of the panic
not in anything the president has done.
but in the fact that the loanable capital
Of the world had come pretty near to
exhaustion. This result was brought
about" he said, mot only by the enor-
nous expansion of business plants and
business investments which could not
be readily converted, but also by the
waste of capital in extravaganza of lv-
ing and by the Spanish war, the Boer
war and the Russo-Japanese war, and
in such catastrophes as Baltimore and
San Francisco"
! The banquet last night closed Il long
and strenuous day for Secretary Taft
during which he delivered brief ad-
dress before 400 ministers and attended
reception and spoke before a large
gathering Of the Jews of the city at the
Elysum club.
AT the regular Monday morning
gathering of Congregational ministers,
at which 400 divines of several de-
nominations We're present. Taft spoke