Perth Amboy evening news., 1912-05-03

presidency, Mr.. Taft took occasion to
reiterate his Endorsement of Mr.. Roose-
welt and to enumerate some Of the acts
which he regarded as the distinctly
beneficial achievements Of his prede-
cessor. In that speech he said:
HE (Mr. RoosevelD recommended
the passage of a law, which the Re-
publican convention has since specif-
ically approved, restricting the future
issue Of stocks and bonds by interstate
railways to such as may be authorized
by feredal authority. He demonstrat-
ed to the people by what he said, by
what he recommended to congress, and
by what he did, the sincerity of his
efforts to command respect for the
law, and to save the country from the
dangers of a ~plutocratic government,
toward which we were fast tending"
In numerous speeches during the
campaign of 1908 Mr.. Taft declared
his cordial support Of Mr.. Roosevelts
proposition to secure the enactment of
a law controlling the issue of securl-
ties by interstate carriers. When he
became president, he pretended to
make such a law one Of the paramount
measures Of his legislative program.
He caused to be prepared, with much
advertisement and publicity, a bill pur-
porting to contain provisions aimed at
such control Of the issue Of securities.
This bill was drafted by the eminently
successful corporation lawyer whom
Mr.. Taft had placed at the head of the
department of justice. The moment
that bill was read by the genuine pro
gressives of the senate and house, they
denounced It's provisions to control the
issue of securities as intended really
TO further the designs Of the railroad
reactionaries and the special interests
whom Mr.. Taft has steadily sought
to please from the day he was inaugu-
rated.
After a hard fight in the house,
the ft-Wickersham provisions were
stricken from the bill and a substitute
provision was adopted which at least
embodied a recognition Of the prin-
ciple of federal control owe the issue
Of such securities, and was. therefore,
q distinct step In advance. When that
measure reached the senate, Mr.. Taft's
allies and cronies there were vastly
distributed by this provision. Aldrich,
Crane, Penrose, Galllnger and all the
other representatives Of the special
interests in the senate at once pro
tested against 1t. These were the
men with whom Mr.. Taft was assO-
ciating Intimately, with whom he was
working constantly, and upon whom
he was relying for support in the
senate.
They were the same men who had
most vigorously opposed his nomina-
ton when they, like Mr.. Roosevelt, be
lieyed him to be a real progressive,
but already they had learn that his
progressiveness was merely a mask
worn for the purpose of securing the
presidency. They knew now that he
was as good a reactionary as any OF
them and they counted upon his sup
port In defeating this provision for
the control of the Issue Of securities
by interstate carriers. They did not
count in vain.
With Mr.. Taft's knowledge and con-
nivance, they arranged a deul with the
Democratic opposition in the senate
whereby they not only struck from the
bill this provision which was in ac-
cordance with the Republican platform
and the many speeches Of Mr.. Taft's
campaign, but they stopped the further
efforts Of the real progressiYes in the
senate to make the railroad bill, of
which this provision was a part, a
genuinely effective and valuable meas
ure. Then they inserted in the bill as
a sop to the public clamor for real
legislation a provision for the appoint
ment of a commission which was to de-
termine not the method by which the
government was to eXeriSe its right to
control the issue Of securities by inter-
state carriers, but whether or not the
government had such power. The APP
pointment of this commission was a
qualification of the Republican plat
form and of every speech Mr.. Taft had
made In support of that platform. 1t
was fair notice to the whole country
that from that day forward nc faith