Evening journal., 1908-07-28
TAFT WILL CARRY OUT
ROOSEVELTS POLICIES


determinations which had been gen.
eral in the practice of the railroads,
and which had done much to enable
unlawful trusts to drive out Of busi-
ness their competitors.
President Roosevelt directed suits to
be brought and prosecutions to be in
stituted under the antitrust law, to
enforce 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 ulu-
mate benefit to the trade 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 S. ch as may
be authorized by Federal Authority He
demonstrated to the people by what
he said, by what he recommended to
Congress, and by what he did, the sin
cerity of his efforts to command re-
spect for the law. to secure equallcy
Of all before the law. and to save the
country from the dangers of a pluto
lcratic government, toward which we
were fast tending. In this work Mr..
Roosevelt has had the support and
sympathy of the Republican party, and
its chief hope of success in the present
controversy must rest on the conf
dence which the people of the country
/. have in the sincerity of the partys
declaration in its platform, that it in
tends to continue the policies.
Mr. Roosevelt has set high the
standard of business morality and obe-
dience to law. But we should be blind
to the ordinary working Of human ma
ture II we did not recognize that the
moral standards set by President
Roosevelt will not continue to be op-
served by those whom eupidity and
desire for financial power may tempt
unless the requisite machinery is in
ltroduced into the law which shall In
Its practical operation maintain these
lstandards and secure the country
against departure from them.
The chief function OF the next ad-
, lministration,in my judgment Is dlstinct
from, and a progressive development
of that which has been performed Dy
President Roosevelt. The chief func-
zion of the next administration is TO
complete and perfect the machinery oy
, which these standards may be main
ltained. by which the lawbreakers may
lhe nromptly restrained and punished
lint which shall operate with sufiicient
accuracy and dispatch to Interfere Win
Legitimate business as little as posslnie'
. such machinery is not now adequate.
d Nfr TAFT points out that the Constructive
= uorl, Of the next administration Is TO
organize subordinate and ancillary ma
cbinerv to maintain standards on one
hand and not to interfere with business on
tbe other. He asserts that railway traffic
agreements approved by the Interstate
Commerce Commission should be valid In
- declaring for a physical valuation Oh ral-
{ roads Mr.. Taft says;
h 1T is clear that the sum Of all rates or
a receipts of a railway. less proper eXpen-
4 ses, should be limited to fair pront upon
the reasonable value of its property and
that If the sum exceeds this measure It
: ought to be reduced.
4 Il am confident that the fixing OF rates
! on the principles suggested above would
= not materially impair the present market
4 values Of railroad securities in most cases.
for believe that the FORMAL increase in
the value of railroad properties, especial
8 ly in their terminals will more than
e make up for the possible overcapitaiiza-
ton in earlier years. In some cases, jonbt-
= less it will be found that overcapltsli
{ zation is made an excuse for excessive
{ rates and then they should be red1cedi
4 but consensus Of opinion.
= Another suggestion in respect to SUBJ
I, ordinate and ancillary machinery neces-
/, sary to carry out Republican policies is
q that of the Incorporation under National
d law or the licensing by National license OF
j. enforced registry of companies engaged in
: interstate. The fact is that nearly al
$ corporations doing a commercial business
e are engaged in interstate commerce, and
4 If they all were required to take out |
Il Federal license or Federal charter. tbs
r burden upon the interstate business Of
: the country would become intolerable.
Mr.. Taft says he sees a necessity for Z
q possible amendment to the antitrust Law
g to clear its intent in some instances. Con
. tinuing he says:
\ THE chief difference between the Re
publican and the Democratic platforms
r is the difference which has heretofor
= been seen between the policies Of AIR
d Roosevelt and those which have been adj
e vocated by the Democratic candidate
n Mr.. Bryan. Mr.. Roosevelt's policies hav,
j been progressive and regulative; MI
II Bryan's destructive. Mr.. Roosevelt ha
= favored regulation of the business in
! which evils have grown up so as to stamI
u out the evils and permit the business I
continue. The tendency of Mr.. Bryan
proposals have generally been DESTRUCTIVE
OF the business with respect to whicl
= he is demanding reform. Mr. Roosevelt
N would compel the trusts to conduct thei
n business in a lawful manner and secur
= the benefits of their operation and tn
n maintenance of the prosperity Of tn
c, country OF which they are an importan
e part; while Mr.. Bryan would extirpat
: and destroy the entire business in orde
= to stamp out the evils which they hav
ie praoticed."
= Mr.. Taft speaks of the necessity il
{ many instances of large combinations O
= capital in the industrial world and adds
=. when, however. such combinations ar
not based on any economic principle bu
are made merely for the purpose of cor
trolling the market. to maintain or rails
prices. restrict output and drive on