Weekly Arizona journal-miner. [volume] (Prescott, Ariz.) 1903-1908, 1908-01-08
MIR. rArT's CONSERVATISM.

Addressing the business men 1T Bos'
ton, the chief city Of the most con.
ssrvativo section " the country. last
evening, Secretary Taft declared that
~ believed himself 20 be ~ couserva
tive ~ any Of them. And, at the same
time, in discussing the political ques.
tons Of the day, nc thoroughly identi'
sed himself With Roosevelt. The pres.
est administration, its policies, and It's
,snercn,s, are commonly regarded rs
progressive, rather than conservative.
Aad so they are, the terms are rela-
lively used. hut AR. Taft shows that
there is nothing radical or revolution
AIRY ia the effort 20 enforce the law,
and TO protect the people against a.
piundering plutocracy. The point ae
makes is that the most conservative
citizen should approve the measures
taken by President Roosevelt TO estab
lish a square deal, and bring tho de-
SAINT trusts and railroads 10 realiIa-
ton that laws are made to be obeyed
by the mighty, as well as by the poor
and weak.
Discussing the causes Of the panic,
he iTts mentions the exhaustion Of
available capital, by enormous eSPsn-
sion, waste, calamity, and eStrava'
xancs, conditions more oT less world.
wide, and tnen he says:
. Secondly, the conclusion cannot be
avoided that the revelations Of irregu.
larity, bresehe. Of trust, stock jobbirg,
over issues Of stock, violation OF laws
and lack, Of rigid state and national
supervision IN the management of some
VI our largest insurance companies
railroad companies, traction companies
and financial corporations, shocked in
vcstors, and made them withhold what
little lospsble capital remained avail
able. Such disclosures had much more
eject probably abroad taap they hal
here, because here We were able 10
sake distinctions, while there, at n re.
note distance, the revelations created
diKtrust in our whole business fabric.
when, therefore, two OF three instfiu.
tons. banks and trust companies sup
posed To be solid were found 10 have
their capital impaired by the stock.
jobbing Of their officers, toe public was
easily frightened and the runs upon
banks began. The question then he.
came not one Of loanable cspftal, but
she of actual money to be used in tho
transactions Of the day--B very differ.
ent question though Of course closely
related. 4"
lie denies that the real foundations
OF the panic are 10 be found in the
administration policies Tneso have
s0 been directed against organized
capital, but only against such organ.
iHed capital as WAS violating the
statutes cf the United states IIo con.
troveris the allegation that the admin.
iHration has arraigned tho whole bust.
ness community M dishonest The
President has condemned the law.
breakers however, aud put the fear a,
the law In their hearts. The railroad
p:c hill has had not the slightest If,
feet upon The legitimate business oi
the roads Mr.. Roosevelt is not re
sponsible for state legislation. The
secretary might have added that IN,
President ravom q larger measure Of
national control, and less sporadic an,
conflicting interference from the states
Mr., Taft portinenlly says;
INSTEAD or making a pauic. tho ma
t,onal policy % ending the lawlcssncs'
OF corporations in interstate commerce,
and ~ taking away their power 81 issu
ing, without supervision, stocks an,
h0nds, will produce change in thei
management and remove one fruitful