Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1910-02-15
BUSINESS MUST
COME To LAW, NOT
LAW To BUSINESS
Present Business Methods Are
to Blame, and Must Be
Changed to Conform to Law,
He Adds
PRESIDENTS ANSWER
TO CRY OF "PANlC"


for the present methods Of conducting
business. and they must be changed to
conform TO the law"
This was president Taft's answer to
Wall street and its cry of panic" 1t was
made TO a cheering audience Of hundreds
OF prominent Republicans gathered to-
night at the annual Lincoln day dinner
OF the Republican club Of this city. held
at the waldOrf-AstOris- Governor Hughes
shared the honors Of the evening with
the president
Mr.. Taft adhered TO his purpose Of dis
cussing platform pledges and how they
should be kept II was at the conclusion
OF detailed argument as TO how the
Republican party is redeeming its pledges
that he came TO a discussion Of the anti
trust law and Wall street. on which his
utterances had been awaited with the
greatest interest The president declared
that the administration would not fool
ishly run amuck In business and destroy
values and confidence, just for the pleas
ure Of doing so.
WILL. STRENGTHEN BUSINESS.
NO one" he continued, has motive
as strong as the administration in power
10 cultivate and strengthen business con-
But there was no promise on the part
OF the Republican party TO change the
antitrust law except to strengthen IT,
he said the government at Washington
car be counted on 20 enforce the law IN
the way best calculated to prevent de-
structiOn OF public confidence in business
but that IL must enforce the law goes
without saying"
President TAFT did not hesitate to dis
Upon the administration and the party or
the danger OF future success OF the in
surxeut movement and other dissensions.
Republicans who feared defeat at the
uoIfs in November. he declared, how
ever, should take courage from the
denoraIized condition Of their opponents,
the Democrats
CONSIDERED THE ENEMY.
1T was Grant" said the president,
amid a whirlwind OF laughter, who ban
fshed his own fear in battle by thinking
how much more afraid the enemy was
Mr. Taft again came to the defense
~ the Payne-AIdrich tariff bill. He did
not hesitate. he said, TO repeat that IL
substantially complied with the party
pledxe for tariff revision and that,
through this bill, the party had set It.
-xelf in the right direction toward lower
tariffs
The president brought statistics into
argument TO demonstrate that during the
nrst six months OF the new tariff law
there has been shown II per cent reduc-
ton in the percentage ad valorem duties
Maid on imports and a u per cent in
crease in the per cent of imports admit
ted free. Time and wider knowledge
he thought, would serve to justify the
bill.
Reviewing the party platform the pres
fdent spoke OF postal savings banks
Amendments to the interstate commerce
Law. the anti-injunctiOn plank, statehood
for Arizona and New Mexico and thf
conservation OF natural resources Biiis
TO carry all promises into enect were
pending in congress, ana ne OeieNeo
would be passed
Tbs president. after referring to thu
occasion as an opportune time 10 renew
the pledges Of the Republican party c
keen its part in the country's history az
high and useful as it was during the
administration OF Abraham Lincoln, al
1Y1ded tn present trials of the party a.
COMPARED to the trials OF Lincoln's tins
as small indeed. He then launched i'm
nledIately into the defense of the tariff
bill. quoting first the Republican plat
form OF the Chicago convention in lSoS
in which revision was promised
WE DID
I'VE did revise the tariff said the
president Nothing was expressly SAID
IN the platform that this was to be q
dwnward revision II was not down
ward with reference to silks or liquors
or high priced cottons in the nature OF
luxuries.
ct was downward with respect TO near
" all other articles except woolens
which were not affected at all
The one substantial defect in com
pliance with the promise OF the plat
form was the failure to reduce woolens
Does that defect so color the action Of
the Republican party as TO make it 4
breach of faith leading TO its condemna
ton? 1 do not think so. Parties arr
Ike men, RevisiOns, like the work Of
men, are not perfect The change whics
this tariff effected was a marked change
downward. a recognition by the party
that duties must be decreased. that thu
proper measure OF protection was th'
difference in the cost in production o.
articles here and abroad and including
a fair profit for the manufacturer"
Concerning the criticism of the tariff
bin the president referred to the re
duction on print paper and said:
REDUCTION ON PAPER.
The failure to make a larger reduc
ton showed itself clearly in the editor
ial-columns OF a great number af news
papers. whatever their party predelic
ton The amount OF misrepresentation
TO which the tariff bill. in its efteUl al
q downward revision was subjected hai
never been exceeded in this country, anS
Il viii doubtless take the actual oper
alton of the tariff bill for several year.
20 show to the country exactly what thu
legislation and its effect are
President Taft then quoted statistics
from the government bureau on the re
suits OF the first six months in she op
Grafton c. the Aldrich-Payne bill III
snowed that the average rate of duty
paid on all dutiable imports for tina
period was 21-0s per cent ad valorem a.
compared with the average for the same
months under the Dingley law in tine
previous four years Of 2AOs, thus show
ing a reduction under the new law OF
2A per cent Of the value OF the good,
and a reduction below the previous tar
If rates of u per cent on dutiable goods
The presidnt also showed that unde
the Aldrich-Psyne bill. SIG per cent o.
tire gross imports in the six months were