The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-02-13
That Is Taft's Answer
to Financiers' Cry
of "Panic. /"
UPHOLD STATUTES
AT WHATEVER COST
President Defends His Party,
Declares It's Pledges Kept,
or Will Be at This Ses-
sion of Congress-secs
Hope in Democratic
Ruction.


Sc, York, February Eff the en-
! forccmcnt OF the law In not consistent
| with the prcscut method of carrying
on business, then IT does not speak
well for the present methods of con-
4 Quoting business. and they must be
changed to conform TO the lnw.'
This was President Taft's answer to
wall Street and tho cry OF "pnnic.'' 1t
was mndc To n cheering audience of
| buntY.cds OF prominent RepubNcnus
| gathered Tonight mt the annual Lin
coin Day dinner OF the Republicans OF
this city, held mt the Waldorf Astoria.
Governor Hughes shared tic hon0rs OF
the evening with the President.
II was at the conclusion of de-
tailed argument as to how the Re-
publican party is redeeming it's
pledges that the President came to a
discussion of ANTITRUST laws and Wall
Street. on which his utteranccs had
i been awaited with the greatest inter-
est. The President declared that the
| administration would not "foolishly
run amuck in business and destroy
values and confidence just for the
pleasure of doing so.'
He declared that the administration
can bo counted on to enforce the law
in the way best calculated TO prevent
a destruction of public confidence in
business, but that it must enforce the
law goes without saying"
Attacks Discussed.
E, The President then discussed attacks
4 made upon the administration. the dan
ger to the State from the party as a
result of the insurgent movement and
other dissensions. Republicans who
| lnf1 ,.,1I
Der, he declared, however. should take
courage from tho deInoralized condi-
, tion of the Democrats.
Defending the Payne-Aldrlch tariff
bill. the Prcsideat declared that it
substantially complied with the party
pledge for tariff revision. and that
through this bill tho party had "set
, Itself strongly In the right direction
, toward lower tariffs.
, The President quoted statistics to
demonstrate that during the first six
, months of the new tariff law. there
has been shown a IL per cent. reduc-
tion in the percentage ad valorcm du-
ties paid on imports. and a IL per cent
increase in the per cent. OF imports
admitted free. Time and wider
knowledge, he thought. would serve
to Justify the bill.
Il heNieNiiS lHc parry pldllOTlll, tne
President spoke Of postal savings
banks. amendments to the Interstate
: commerce law, tho anti-injunctior
l plank. statehood for Arizona and New
, Mexico, and the conservation of the
9 natural resources bills, to carry all OF
: which promises into effect We're pend.
j ing in Congress, and. he believed
r would be passed.
j The President, after referring to tho
: occasion as an opportune time to re.
: new the pledges of the Republican
: party to keep its part in the country's
:, history as high and useful as it was
;. during the administration of Abraham
n Lincoln. alluded to present trials oi
, the party as compared to the trials OF
II Lincoln's time as small indeed He
a then launched Immediately into the de-
= fe,se of the tariff bill, quoting frs
the Republican platform of the Chi.
!, cago convention in 1908. in which re,
= vision was promised.
I'VE did revise the tariff said thu
, President, Nothing was expressly
u said in the platform that this was II
~ be a downward revision. 1t was no
s. downward with reference to silks Of
) liquors or high-priccd cottons in tn,
: nature of luxuries. t was downwar,
II in respect TO nearly all other article
a except woolens, which were not af
,r fected at all.
But One Defect
The one substantial defect in com
pliance with the promise OF the Mat
form WAS the failure to reduce woolens
Does that defect so color the action O
: the Republican party as to make 1T
breach of faith leading to it's condem
: nation? l do not think so. Partie
c are like men. Revisions, like the worl
,, of men. are not perfect. The chang
"a which this tariff effected was a marke
y change downward, IA recognition by tn
. party that duties must be decreased
: that the proper measure OF protection
a was tho difference in tho cost in pro
9 duction of articles here and abroad
/ and including fair profit for the man
y ufacturcr.
Concerning tho criticism of the tariff
9 bill. the President rcfcrrcd TO the re
i duotion on print paper and said
!, "trhe failure to make a larger recuc
!, tion showed itself clearly in The edi
c torial columns OF great number o
h newspapers, whatever their party pre-
S dellction, The amount of msreprescn
: tation to which the tariff bill, in IT.
!. effect as downward revision wa
: subjected has never been cScccded /,
= this country and 1t Will doubtless talk
4 1.-THE actual operation OF the tariff bill
+ liOr SeNeIdi SNt'' y - SiSW 10 tlc COull
NV exactly what the Legislation and 1t
effect are"
Points to Results.
President Taft then quoted statistic
~ from the government bureau on ths ro
suits of the first six months in the on
;. GRAFTON Of the Aldrich-Payno bin. III
/, showed that the average rate of dut
- ~ pa,d on all dutlable imports for tha
=, period was 21,09 per cant. ad caIorcn
a, a. as compared with the average for III
- same months under the Dinglev In w i
:. - the previous four years of a4,os, thu
~ showing reduction under the ne,
~ y, law of 2.of per cent, OF the value Q
10 previous tariff rates OF IL pergc gccnt q
~ dutinble goods
Is The President also showed that I'm
1continuad on Eighth IaEe.)