The Washington herald., 1911-09-29
President Taft on Business.

When the railroads understand that
the public insists upon regulating their
business. and when the combinations
that exist in violation OF the antitrust
law realize that they are to be prose-
cued to the last degree, then, in the
opinion Of President Taft, we will have
restoration of confidence among the
classes OF persons who have been op-
posing each ether in the past.
This, in brief, is the purport of the
;peech which he delivered yesterday, the
most important address of his Western
our. 1t dealt with the relation of the
government to business and treated of
four important subjects - interstate
commerce and the railroads, the trusts,
the tariff. and the monetary system. AS
10 the first named he thinks that it is
generally conceded that the regulative
pOwer OF the Interstate Commerce Com
mission is sufficiently great to remedy
generally the injustices to shippers
which gave rise TO the demand for legis-
lation, He believes. also, that the rail-
roads have come to recognize that the
public insists upon regulating their bust
ness, and he hopes therefore, that the
spirit OF vindictiveness against them
is gradually disappearing.
As for the trusts. there is an alb
solute note OF defiance in his tone when
le condemns the criticism which has
3een uttered against the Department OF
Justice for its activity in instituting
prosecutions under the antitrust law,
IN the ground that it is hurting business.
He announces that it is the sworn duty
of the Executive 70 enforce the law. and
says that it was under his direction that
action was taken. He declines to admit
that there ;> any discretion which can
stay the hand OF the Attorney General
IS long as the law is violated. He can
not understand, either. how the anti
rust law can be criticised He tells its
critics that mourning over condition
which is inevitable IS useless, and until
they realize that their views in this re-
gard must be radically changed, their
complaints must fall upon deaf ears
His position on the tariff is that of
one who believes that protection in the
past has been too high. and that it is
possible to lower the tariff without in
terfering with business Upon the mon
etary situation he merely repeats his
well-known views, which are in har-
mony with the monetary commission. |
He thinks that there ought to be some |
central authority that could take over !
the quick assets Of the banks in the !
form of business paper and issue bank |
notes upon the faith of it to meet an
exigency arising at any time in a de-
mand for money.
And, having said all this, he looks
forward to the time when business men
will be inspired with confidence, when
honest business enterprise and genius !
will be encouraged and approved. when !
unjust prejudioes will disappear, and
when all classes will come together in |
amity and promote general prosperity |
and individual happiness through the
best use of our enormous resources.
When this time will come he does not
say. He must appreciate, however, that
as long as uncertainty as to the COM
binations which are to be attacked IN |
he courts exists, and until it is known
exactly what is to be the result of the
tariff reform agitation, just so long will
the millennium which he so delightfully."- I
pictures be postponed