Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1911-10-08
Established By More Acts Of.
CriminaIity and UnIawfuIness
Than Any Other Declares
President in Speech.
M0N0P0LlES MUST GIVE
WAY TO COMPETITION
Favors Currency Reform Be-
yond Influence of Wall Street
and Political PowerSi Arrives
in Spokane.
NV Morning Journal Special Leased Wire

INV Morning Journal Special Leased wlse.l
spokane, wash, oct. This city
was the terminus tonight OF one OF
the most interesting days OF Presl-
dent Taft's travels through the west
The day was spent in northern Idaho
and eastern Washington. the princi-
pal stopping places being Walla
Walla. Lewiston and Moscow, Ida.
Governor Hay of Washington. met
the president at Walla Walla aud ac-
,companied him To this city tonight,
The governor in his first introductory
speech OF the day. declared himself
in favor of Mr.. Tafts denomination. \
second interes|ng development was
the repetition by President Taft at
Lewiston, of various portions of his
Waterloo, la., utterances on the re-
lation OF the government TO business
we have put the railroads under
control" he said, and they acquiesce
In Il. For "A time they were defiant,
but under the steady action of cong
ress. increasing the power of the in-
terstate commerce commission. they
have realized that the whole people
are greater than any part of the pet
pie, that the Whole people If they
move in one direction and are de-
terniined to control and bring about
a just condition are likely to win in
the end, however often they may be
defeated In reaching that purpose. So
too, with respect to our trusts. The
industrial combinations that have
controlled prices are now under the
bun of the antitrust act and are be-
ginning to feel the heavy weight OF
the hand of tho law"
Fhe president spoke of the STAN
dard oil and Tobacco trust decisions
OF the supreme court, referring to tbs
Standard OIL AS the oldest of trusts
the one which had been established
By more acts Of criminality and un4
lawfulness than any other, the one
which did more business abroad and
was In that respect the most useful
lie referred to the American Tobac4
co company as a trust, devised by
able, ingenious lawyers, for the pur-
pose of evading the antitrust law"
"There are other trusts in process
Of prosecution" the president con
tinued. but my own hope Is that
they viii all recognize that the STAN
dard Oil and Tobacco decisions were
epoch making decisions 80 that they
are bound to change the course and
tendency OF business. If they had
not, gentlemen, / do not know where
we would have gone. Everything
would have been~in trust. The
only rescue from that would have
been state socialism.
There are those who say we could
get along without competition, those
who say you cannot live Ii we have
competition, who say IL will destroy
every body, ana therefore you have
got to have some arrangement BIS
which trusts can be kept lawful. We
lived by competition for centuries
and II was not until the last thirty
years that there developed this idea
that we could get along without II.
Mr.. Taft declared that his UNDER
standing OF American business was
that competition WAS desired and that
there was no desire thar the state
should take over business ana fiX
prices. referring to the need 1f re-
form In the currency system of the
country. Mr.. TAFT said;
"There has been a plan devised by
the monetary commission. The plan
has not been agreed upon in detail,
but II Is hoped that II viii be so ar
ranged that neither Wall street nor
the political powers In the govern
ment will have influence in respect
to the issue Of currency To meet the
demands of the market.
That we are going TO have panics
at times. will follow the inevitable
characteristic of human nature. !
Some times we spend more than we
have, some times we arc W0steful and |
extravagant and we are brought ~
to the thought that we have got |
to save a little more money before |
we can expand ourselves To "A point |
where we can not stand up erect This I
Is one kind OF panic. The other Kind |
proceeds from the artificial charac-
ter of our system of issuing money. |
The people who suffer most in these |
panics are the wage earners and the /
poor people The men who are rica I
are able to get money enough when /
needed. The humble aud poor are
dependent upon a system by whieh |
they can not secure the money heed |
ed. The humble ana poor are depeii- |
dent upon system by which they |
cnn not secure the money needed eN- |
cept through the provision that the |
public makes.
The president spoke of the pros
perty of the farmers and the hope |
of extending the usefulness of the /
postoifiee department through par
cells post system, saying
with the parcels post. with rural |
free delivery with the telephone |
with farm prices doubling every ten |
years, apparently the farmers will be |
come the lnilionaires and the Unit |
ca states will be found In the country |
instead of In Wall street"
Al Walla Walla, the president was
by Governor Hay
Arriving here tho president was es- |
eorted to tho afmorv iii an atitomo-
bile and addressed an audience OF |
several thousand. Mr.. Taft tonight |
to Tacoma and tomorrow
will make 81 trip up Mount RAINIER |