Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-09-09
TAFT EXPOUNDS
HIS PHILOSOPHY
TO BANKING MEN
Declares Himself 0ptimist
and Defines Meaning
of Term
DIFFERS FROM CRANK"

SEATTLE. wash. Sept. 81 am an
optimist." declared eN-President Taft IN
concluding a speech on Economic and
Political Summary OF the Generation Just
Closing before the American Bankers
Association today,
The difference between n crank and
an optimiet. u seems 10 me. IL not IN their
ideals. for an optirnist may have az high
ideals as a crank, but a crank Is a man
who believes that his ideals can be
realized tomorrow by legislation and has
no intereet except In their instant ac-
cOmpilshment. He is not willing TO await
the slow growth In the character Of the
individual which must be the foundation
OF all human progress.
The optimist believes his ideals are
only attainable by indomitable struggle
and never ending patience; but that so
much are they TO be desired that every
EFFORT toward them is iife-giving and
every real advance, however gradual Is
worth while"
Mr. Taft began with a reference to the
currency imitation that followed the Civil
War and led to the panic and depression
Of 1873. Not ,ntil the resumption OF
specie payment in 1873 were normal condi-
tions restored, and Il was from that day
tho subsequent business growth OF our
country began on a sound basis. One Of
dented era OF industrial expansion was
the tendency 10 combination and organ
ization. American ingenuity and inven-
ton multiplied the power OF labor 100
fold and the same ingenuity was utilized
In the economic application OF capital.
After relating how the political machine
ana the business machine formed an al
lance Mr.. Taft mentioned the Interstate
commerce law as the FIRST LEGISLATION de-
al a. aN sAA
toned He treated of the growth Of the
interstate commerce law as II was de-
veloped by one amendment after another
until In 1910 the railroads found them
selves brought under complete Govern
ment control
A similar change in the effect and en-
forcement OF the antitrust law was OBJ
servable, though in this case II was
brought about by judicial Interpretation
and decision rather than by amendment.
Popular indignation" said Mr.. Taft,
cannot be really reused or the levisthan
OF the people be stirred to action such
as they have taken and stop short at
the line OF wise moderation. Part of the
cost OF the original disease is I'm the in
cidental damage from the inevitable ex-
cess or remedy. The hostility of legis-
latures and of Congress, consciously or
unconsciously, has come to be directed
against all successful investment of cap
ital without discrimination. The inquisi-
tortal and nagging- of capital character
OF the powers of commissions created for
the close supervision OF corporate activi-
ties have so frightened capital as to
shrink Investments and stop normal ex-
pansion In the business Of the country
Nothing Is so timid as capital and moth
ing Is so easily able to take care of what
II has. A hostile spirit manifested in
legislation buttons up the pockets of
those who control wealth that would
otherwise be invested"
TRADES UNIONS.
Mr.. Taft referred to the development
OF trades unions as another most sue
cessfui instance Of the application OF the
principle OF combinations He sketched
the growth OF the trade union idea and
the reasons that justified It, He said that
the trades union had come TO stay and
VIII always be powerful factors in the
progress of the community. but evil tend
encies have appeared In such combina-
tons Just as in combinations of capital.
The chief ground for criticlsing the
recent policy of trades unions." said Mr..
Taft, rs tho fact that the power they
have legitimately acquired by combina-
ton and have properly used for the bet
terment Of their conditions. they are now
attempting TO abuse by seeking to place
organized labor In a privileged class
Congress and legislatures have not
deemed II necessary TO take the same
pains to impose detailed restrictions upon
the possible abuse of the power of trades
unions as in the case OF railroad COM
panies and trusts. But the unions are not
content with freedom from special legis-
lative restrictions. They are demanding
that common law and equitable remedies
be suspended against their methods Of in
dustrial warfare, which have been de-
rlaFcd to be illegal by the courts They
have succeeded In some Of the states. as
they have succeeded In England They
have partially succeeded In Congress, but
not as fully as their leaders represent IN
he passRge OF what is called the Clayton
Act"