6
TfiE MORNING OREGONIAX. WEDNESDAY, JULY 29,. 1908.
FOLLOWS TRAIL BLAZED BY ROOSEVELT
ROOSEVELT'S LEAD
TO BE R
WO
President Recognized Leader
of Fight for Reforms in
Government.
PLATFORM IS INDORSED
Kominee Shows Its Superiority Over
Democratic Declaration of Prin
ciples Firm Stand for Re
form in Injunction Law.
CINCINNATI, iuly 28. Appended is the
full text of the speech of William
Howard Taft. accepting" nomination
for the Presidency at the hands of
the Republican party. The speech -was
made in response to the speech of Sen
ator Warner, of Missouri, chairman of
the committee on notification, formally
acquainting Mr. Taft with the action
of the Republican convention. Mr. Taft
spoke as follows:
Senator Warren and Gentlemen of the
Committee: I am deeply sensible of the
honor which the Republican National Con
vention has conferred upon me in the nomi
nation which you officially tender. I accept
with full appreciation of the responsibility
it Imposes
Gentlemen: The strength of the Republi
can cause in the contest at hand Is the
fact that we represent policies essential to
the reform of known abuses, to the con
tinuance of liberty and true prosperity and
that we are determined, as our platform un
equivocally declares, to maintain them and
carry them on. For more than ten years
this country has passed through an epoch
of material development far beyond any
that ever occurred in the world before. In
Hb course certain evils crept In. Some prom
inent and influential members of the com
munity, spurred by financial success and in
the hurry for greater wealth, became un
mindful of the common rules of business
honesty and fidelity and of the limitations
Imposed by law upon their action.
This became known. The revelations of
the breaches of trust, the disclosures as to
rebates and discrimination by railways, the
accumulating evidence of the violation of
-the anti-trust law by a number of corpora
tions, the over-Issuance of stocks and bonda
- on interstate railways and the unlawful en
riching of directors and the purpose of con
centrating the control of railways in one
management alt quickened the conscience of
the people and brought a moral awakening
among them that boded well for the future
of the country.
Roosevelt Leader In Reform.
The man who formulated the expression
of the popular conscience and who led the
movement for practical reform wae Theo
dore Roosevelt. He laid down the doctrine
that the rich violator of the law should be
as amenable to restraint and punishment as
the offender without wealth and without in
fluence and he proceeded by recommending1
legislation and directing executive action,
to make that principle good In actual per
formance. H e secured the passage of the
so-called rate bill, designed more effectively
to restrain excessive and fix reasonable
rates and to punish secret rebates and dis
criminations, which had been general In the
practice of the railroads and which had
done much to enable unlawful trusts to
drive out of business their competitors. It
secured much closer supervision of railway
transactions and brought within the opera
tion of the same statute express companies,
sleeping car companies, fast freight and re
frigerator lines, terminal railroads and pipe
lines, and forbade In future the combination
of the transportation and shipping business
under one control in order to avoid undue
discrimination.
President's Poll den Will Win.
President Roosevelt directed suits to be
brought and prosecutions instituted under
the anti-trust law to enforce Its provisions
against the most powerful of the industrial
corporations. He pressed to passage the
pure food law and the meat inspection law
In the Interest of the health of the public,
clean business methods and great ultimate
benefit to the trades themselves. He recom
mended the passage of a law, which the
Republican convention has since specifically
approved, restricting the future Issue of
stocks and bonds by interstate railways to
nch as may be approved by Federal author
ity. He demonstrated to tho people by what
he said, by what he recommended to Con
gress and by what he did, the sincerity of
his efforts to command respect for the law;
to secure equity for all before the law and
to save the country from the dangers of a
plutocratic government, toward which we
were fast tending. In this wovk Mr. Roose
velt has had the support and sympathy of
the Republican party and its chief hope of
success In the present controversy must rest
upon the confidence which the people of the
country have In the sincerity of the party's
declaration In its platform, that It Intends
to continue the policies.
Effects of the Rate Bill.
President Roosevelt has eet high the
Standard of business morality. The railroad
rate bill was more useful, possibly, in the
immediate moral effect of Its passage than
even In the legal effeit of its very useful
provisions. From Its enactment dates the
voluntary abandonment of the practice o?
rebates and discriminations by the rail
roads and the return by their managers to
obedience to the law in the fixing of tariffs.
The pure food and meat Inspection laws
and the prosecutions directed by the Presi
dent under the anti-trust law have had a
similar moral effect in the general business
community and It is now common practice
for the great Industrial corporations to con
sult the law with a view to keeping within
its provisions. It has also had the effect of
protecting and encouraging small and com
petitive companies, so that they have been
enabled to do a profitable business.
Hut we should be blind to the ordinary
working of human nature if we do not recog
niie that the moral- standards set by Presi
dent Roosevelt will not continue to be ob
served by those whom cupidity and a de
sire for financial power may tempt until
the requisite machinery is introduced into
the law which shall In its practical opera
tion maintain these standards and secure
the country against a departure from them.
Must Perfect Machinery.
The chief function of the next adminis
tration in my Judgment is distinct from,
and a progressive development from that
which has been performed by President
Roosevelt.
The chief function of the next adminis
tration Is to perfect the machinery by
which these standai ds may be maintained
and by which the lawbreakers may be
I romptly restrained and punished, but which
shall operate with sufficient Brrurarv an A
dispatch to Interfere with the great business
or tne country as utile as possible. Such
machinery is now inadequate. Under the
present rate bin and under all Its amend
ments the burden of the Interstate Com
merce commission in supervising nd regu
lating the operation of the railroads of this
country has grown so heavy that it is
utterly impossible for that tribunal to hear
ana dispose in any reasonable time of the
many complaints, queries and Issue? In Its
jurisdiction as an executive, directing body,
and Its functions should be limited to trie
quasi-judicial Investigation of complaints by
inui muais ana a aepariment of th
Government established charged with the
executive business or supervising the oper
ation of railway
There should be a classification of that
very smaii percentage of Industrial corpor
ations having power and opportunity to
effect Illegal restraints of trade and mo
nopolies, and legislation either inducing or
raiiipeiimg mem to suoject tnemselvee to
registry and to proper publicity regulations
and supervision of the Department of Com
merce ana Labor.
Plans to Control Corporations.
The field covered by the Industrial com
binations and by railroads is so very ex
t en five that the Interests of the public and
the Interests of the businese concerned
rsnnot be properly subserved except hy re
xanixaUon of bureaus in th departments
of Commerce and. Labor, of Agriculture
and of Justice and a change In th juris
diction of the Interstate Commerce Com
mission. It does not assist materially to
prescribe new duties for the Interstate Com
merce Commission, which it ' Is practically
impossible for it to perform, or to denounce
new offenses wltb drastic punishment unless
subordinate end ancillary legislation shall
be passed making possible their enforce
ment in the great majority of cases which
are constantly 'arising of the principles laid
down by Mr. Roosevelt, and with respect
to which only typical instances of prosecu
tion with the present machinery are possi
ble. Such - legislation should and would
greatly promote the great business interests
by enabling those anxious tq obey the Fed
eral statutes to know just what are the
bounds of their lawful action. The prac
tical construction and difficult work, there
fore, of those who follow Mr. Roosevelt
Is to devise ways and mean by which the
high level of business integrity and obedi
ence to law which he has established may
be maintained and departures from it re
strained without undue Interference with
legitimate business.
It is agreeable to note in this regard
that the Republican platform expressly and
the Democratic platform Impliedly approve
an amendment to the interstate commerce
law by which interstate railways may make
useful traffic agreements If approved by
the commission. Th Is has been strongly
recommended by President Roosevelt and
will make for the benefit of the business.
Physical Valuation plank.
Borne of the suggestions of the Demo
cratic platform relate really to this sub
ordinate and ancillary machinery to which
I have referred. Take, for Instance, the
so-called physical valuation of rail way a It
Is clear that the sum of all rates or re
ceipts of a railroad, less proper expenses,
should be limited to a fair profit upon the
reasonable value of Its property and that,
if the sum exceeds this measure, it ought
to be reduced. The difficulty in enforcing
the principle Is In ascertaining what is the
reasonable value of the company's prop
erty and In fixing what Is a fair profit. It
Is clear that the physical value of a rail
road and Its plant Is an element to be
given weight in determining Its full value;
but, as President Roosevelt in his Indi
anapolis speech and the Supreme Court
have pointed out, the value of a railroad
as a going concern, including its good will,
due to efficiency of service and many other
circumstances, may be greater than the
value of its tangible property, and it Is
the former that measures the Investment
on which a fair profit must be allowed.
Then, too, the question what is fair profit
Is one involving not only the rate of in
terest usually earned on normally safe In
vestments, but also a sufficient allowance
to make up for the risk of Iobs both of
capital and Interest on the original outlay.
These considerations will have justified the
capitalist In Imposing charges high
enough to insure a fair return on the en
terprise as a whole. The securities at mar
ket price will have passed into the hands
of subsequent purchasers from the original
investor. Such circumstances should prop
erly affect the decision of the tribunal en
gaged In determining whether the schedule
of rate charges Is reasonable or excessive.
To ignore them might so seriously and un
justly impair settled values as to destroy
all hope - of restoring confidence and for
ever end inducement for investment in new
railroad construction whicn, in returning
prosperous times, Is to be essential to our
material progress. As Mr. Roosevelt has
said in speaking on this very subject:
"The effect of such valuation and super
vision of securities cannot be retroactive.
Existing securities should be tested by laws
In existence at the time of their issue. This
Nation would no more Injure securities
which have become an Important part of
the National wealth than It would consider
a proposition to repudiate the National
debt."
The question of rates and the treatment
of railways is one that has two sides. The
shippers are certainly entitled to reasonable
rates, but less Is an injustice to the car
riers. Good Investments by the railways
are essential to general prosperity. In
justice to them is not alone injustice to
stockholders and capitalists, whose further
Investments may be necessary for the good
of the whole country, but it directly affects
and reduces the wages of. railway employes
and, indeed, may deprive them of their
places entirely.
From what has been eald, the proper
conclusion would seem to be that in at
tempting to determine whether the entire
schedule of rates of a railway 1s excessive,
the physical valuation of the road Is a
relevant and important, but not necessarily
a controlling factor.
Would Not Reduce Values.
I am confident that the fixing of rates on
the principles suggested above would not
materially impair the present market values
of railway securities in most cases, for I
believe that the normal Increase In value
of railway properties, especially in their
'terminals, will more than make up for the
possible overcapitalization In earlier years.
In some cases, doubtless, it will be found
that overcapitalization Is made an excuse
for excessive rates and that they should be
reduced, but the consensus of opinion seems
to be that the railroad rates generally in
this country are reasonably low. This is
why, doubtless, the complaints filed with
the Interstate Commerce Commission
against excessive rates are so few as com
pared with those against unlawful discrim
ination In rates between shippers and' be
tween places. Of course in the determina
tion of the question whether this discrim
ination is unlawful or not the physical
valuation of the whole road is of little
weight.
I have discussed this with some desrree
of detail merely to point out that the valu
ation by the interstate Commerce Commis
sion of the tangible property of a railroad
is proper, and may from time to time be
necessary In settling certain of the issues
which may come before them, and that no
evil or injustice can come from valuation
In such cases, if It be understood that the
result is to be used for a Just purpose and
the right to a fair profit under all the cir
cumstance of the investment Is recognized:
Valuation Sometime Needed.
The Interstate Commerce Commission has
now the power to ascertain the value of
the physical railroad property, if necessary.
In determining the reasonableness of rates.
If the machinery for doing so is not ade
quate, as is probable, it should be made so.
The Republican platform recommends
legislation forbidding the Issue in the
future of interstate railway stocks and
bonds without federal authority. it may
occur In such cases that the full value of
the railroad and, as an element thereof,
the value of the tangible property of the
railroad would be a relevant and Important
factor in assisting the proper authority to
determln whether the stocks and bonds
to be Issued were to have proper security
behind them,' and In such case, therefore,
there should be the right and the ma
chinery to make a valuation of the physical
property.
Discusses Corporation Control.
Another suggestion In respect to subor
dinate and ancillary machinery necessary
to carry out Republican policies is that
of the incorporation under National law
or the licensing by National license or en
forced registry of companies engaged in
Interstate trade. The fact Is that nearly
all corporations doing a commercial busi
ness are engaged in interstate commerce
and if they were all required to taHe out
Federal license or a Federal charter, the
burden upon the interstate business of the
country would be Intolerable.
It 1 necessary, therefore, to devise some
means for classifying and Insuring Federal
supervision of such corporations as have the
power and temptation to effect restraints
of interstate trade and monopolies. Such
corporations constitute a very small per
centage of all engaged in Interstate busi
ness. With such classification In view, "Mr.
Roosevelt recommended an amendment to
the anti-trust law known as th Hepburn
bill, which provided for voluntary classifica
tion and created a strong motive therefor
by granting Immunity from prosecution for
reasonable restraints of Interstate trade to
all corporations which would register and
submit themselves to the publicity regula
tions of the Department of Commerce and
Labor.
The Democratic platform suggests a re
quirement that corporations in interstate
trade having control of 25 per cent of the
products in which they deal shall take
a Federal license.' This classification would
probably Include a great many small cor
porations engaged In the manufacture of
special articles or commodities whose total
value is so inconsiderable that they are
not really within the purview of real viola
tions of the anti-trust law. It is not now
necessary, however, to discuss the relative
merits of such a proposition, but it is
enough merely to affirm the necessity for
some method by which greater executive
supervision can be given by the Federal
Government over these businesses wher
there is a temptation to violations of the
anti-trust law.
Sherman Law Defective.
The possible operation of the anti-trust
law under existing rulings of the Supreme
Court has given rts to iuxcuUua tar It
necessary amendment to prevent Its ap
plication to cases which it is believed were
never in the contemplation of the framers
of the statute. Take two instances a
merchant or manufacturer engaged in a
legitimate business that ' covers certain
states wishes to sell his business and his
goodwill, and so In the terms of the sale
obligates himself to the purchaser not to
go into the same business In those states.
Such a restraint of trade has always been
enforced at common law. Again the em
ployes of an interstate railway combine
and enter upon a peaceable and lawful
strike to secure better wages. .At common
law this was not a restraint of trade or
commerce or a violation of the rights of
a company or the public. Neither case
ought to be made a violation of the anti
trust law. My own impression is that the
Supreme Court would hold that neither of
these instances are within its Inhibition,
but. If they are so regarded, general leg
islation amending the law Is necessary.
The suggestion of the Democratic plat
form that trusts be ended by forbidding
corporations to hold more than 30 per cent
of the plant In any -line of manufacture Is
made without regard to the possibility of
enforcement or the real evil In trusts, A
corporation controlling 45 or 50 per cent
of the products may. by well-known
methods frequently effect monopoly and
stamp out competition In any part of the
country as completely as if it controlled 60
or 70 per cent thereof.
Democratic Plan Not Feasible.
The proposal to compel a corporation to
sell Its commodities at the same price the
country over, allowing for transportation. Is
utterly impracticable. If it can be shown
that in order to drive out competition a
company owning a large plant producing
an article is selling In one part of the
country where it has competitors at a low
and unprofitable price and in another part
of the country where it has none, at an
exorbitant price, this is evidence that it is
attempting an unlawful monopoly and Jus
tifies conviction under the anti-trust laws;
but the proposal to supervise the business
of corporations In such a way as to fix the
price of its commodities and compel the
sale at such price is as absurd and social
istic a plank as was ever inserted in a
Democratic platform.
The principal difference between the Re
publican and Democratic platforms is the
difference which has heretofore been seen
in the policies of Mr. Roosevelt and those
which have been advocated by the Demo
cratic candidate. Mr. Bryan.
Mr. Roosevelt's policies have been pro
gressive and regulative; Mr. Bryan's de
structive. Mr. Roosevelt has favored reg
ulation of the business in which evils have
grown up so as to stamp out evils and per
mit buiiness to continue. The tendencies of
Mr. Bryan's proposals have generally been
destructive of business with respect to
which he Is demanding reform. Mr. Roose
velt would compel the trusts to conduct
their business In a lawful manner and se
cure thr benefits of their operation and the
maintenance of the prosperity of the coun
try, of which they are an important part.
Mr. B -yan would extirpate and destroy
their entire business, in order to stamp out
the evils which they have practiced.
Combination Are Necessary.
The combination of capital in large plants
to manufacture goods with the greatest
economy is Just as necessary as assembling
the parts of the machine to effect eco
nomical and rapid manufacture of what in
old time was made by hand. The Gov
ernment should not interfere with one more
than the other when such aggregations of
capital are legitimate and are properly
controlled, for they are then the natural
results of modern enterprise and are bene
ficial to the public, in the proper opera
tion of competition the public will soon
share with the manufacturer the ad
vantages in economical operation and lower
prices.
Methods of Evil Trusts.
When, however, such combinations are
not based on any economic principles, but
are made merely for the purpose of con
trolling the market to maintain and to
raise prices, restrict output and drive out
competition, the public derives no benefit
and we" have a monopoly. There must' be
shown some use by the company of the
comprehensively great size of Its capital
and plant and extent of its output either
to coerce persons to buy of It rather than
of some other competitor, or to coerce those
who would compete with it to give up
their business. There must usually, in
other words, be shown an element of duress
In the conduct of its business toward the
customers in the trade and its competitors
uviui a mure aggregation oi capital or
plants becomes an unlawful monopolv. it
Is perfectly conceivable that In the Interest
or economy of production a great number
of plants may be legitimately assembled
under the ownership of one corporation.
It is important, therefor, that such large
aggregation of capital and combination
should be controlled so that the public may
have the advantage of reasonable prices
and that the avenues of enterprise may
be kept open to the individual and the
smaller corporation wishing to engage in
business.
Good Effects of Competition.
In a country like this, where in good
times there la an enormous floating capital
awaiting investment, the period before which
effective competition by construction of new
plants can be introduced into any business
is comprehensibly short, rarely exceeding a ;
year, and Is usually less even than that.
Many enterprises have been organised on
the theory that mere aggregation of all or
nearly all existing plants In a line of manu- :
facture without regard to economy of pro
duction destroys competition. They have
most of them gone Into bankruptcy. Compe
tition in a profitable business will not be
affected by the mere aggregation of many
existing plants under one company unless
the company thereby effects great economy, !
the benefit of which it sr ares with the pub- i
lie, or takes some illegal method to avoid
competition and to perpetuate a hold on the
business.
In law trusts should be restrained" with all
the efficiency of the judicial processes and 1
the persons engaged In maintaining them
should be punished with all the severity cf
criminal prosecution in order that the metb- ;
ods pursued in the operation of their busi
ness shall be brought within the law. To
destroy them and tq eliminate the wealth
they represent from the producing capital
of the country would entail enormous loss
and would throw out of employment myriads
of worktngmen and women. tucn a result
is wholly unnecessary to the accomplish
ment of the needed reform and will inflict
upon the innocent a far greater punishment
than upon the guilty.
Destructive Policy of Democracy.
The Democratic platform does not pro
pose to destroy the plants of the trusts
physically, but :t proposes to do the same
thing in a different way- The business of
this country is largely dependent upon a
protective system of tariffs. The business
done by many of the so-called trusts is pro
tected with the other businesses of the
country. The Democratic platform proposed
to take off the tariff on all articles coming
into competition with those produced by the
so-called "trusts and put them on the free
list. If such a course would be utterly de
structive of their business, as intended, it
would not only destroy the trusts but all
other smaller competitors. The ruthless and
Impracticable character of the proposition
grows plainer as Its effects upon the whol
community are realized.
To take the course suggested by the
Democratic platform In these matters Is to
involve the entire community. Innocent as
It is, in the punishment of the guilty, while
it is our policy to stamp out the specific
evil. This difference between the policies
of the two great parties . Is of great im
portance In view of the present, condition
of business. After ten years of the most
remarkable material development and pros
perity there comes financial stringency and
panic and an industrial depression. This
was brought about not only by the enorm
ous expansion of business plants and busi
ness investments, which could not be read
ily' converted, but also by the waste of
capital then, extravagance of living, in
wars and other catastrophes. The free con
vertible canltal was exhausted.
In addition to this the confidence of the
public In Europe and in this country had
been affected by the revelations of Irregu
larities, breaches of trust, over-issues of
stock, violation of law and lack of rigid
state or National supervision in the man
agement of our largest corporations. In
vestors withheld what loanable capital re
mained available. It became Impossible for
the soundest railroads and other enterprises
to borrow money enough for new construc
tion or reconstruction.
Better Times Are Ahead.
Gradually business is acquiring a health
ier tone. Gradually wealth which was
hoarded is coming out to be used. Confi
dence in security of business Investments
Is a plant of slow growth, but Is absolutely
necessary In order that our factories may
all open again, in order that our unem
ployed may be employed, and in order that
we may have the prosperity which blessed
us for ten years. The Identity of the in
terests of the capitalist, the farmer and
the wage earner in the security of Invest
ments cannot be too largely emphasized.
I submit to those most Interested, to wage
earners, to farmers and to businessmen,
whether the Introduction into power of the
Democratic party with Mr. Bryan at its
head, and with the business destruction
that It openly advocates as a Temedy for
present evils, will bring about the needed
confidence for the restoration of prosperity.
Protection Policy of Republicans.
The Republican doctrine of protection,
as definitely announced by the Republican
convention of this year and by previous
conventions, is that a tariff shall be imposed
on all imported products, whether of the
i factory, farm or mine, sufficiently great to
equal the difference between the cost of
production abroad and at home, and that
this difference should, of course, include
the difference between the higher wages
paid In this country and the wages paid
abroad 'and embrace a reasonable profit to
the American production.
A system of protection thus adopted and
put in force has led to the establishment
of a rate of wages here that has greatly
enhanced the standard of living of the la
boring man. It is the policy of the Re
publican party permanently to continue that
standard of living. In 1897 the Dingley
tariff bill was passed under which we have
SALE OF GARDEN HOSE
FOR BALANCE OF THIS WEEK
This is all regular first-quality Hose and a nozzle goes with every piece at
these prices. All our Hose guaranteed for one year.
$5.00, sale $3.98
$6.00, sale.... $4.89
$5.50, sale. ..$4.48
$7.00, sale $5.59
$6.50, sale.......... $4.98
$3.50, sale....... $2.38
$3.25, sale $2.19
REELS, SPRINKLERS, MENDERS, ETC.
CUT GLASS REDUCED ALL THIS MONTH
SALE OF NICKEL-PLATED
BATHROOM FIXTURES
15-inch Roller Towel Bar, regular $1.50, sale. ..... 98C
18-inch Shower Spray with tubing, regular $1, sale 59
Toilet Paper Holder, regular 50c, sale. .... ....... 38
Soap Holder, regular 50c sale . . . . ....... 370s
Combination Sponge and Soap Holder, reg. $2.50,
sale . ,..,., , . .$1.88
Bath Tub Seats, regular $1.65, sale . . .$1.19
Hat and Clothes Hooks, regular $1.00, sale.. . ..... . 69
Glass Bathroom Shelf, regular $6.00, sale. . . . $3.98
Combination Fixtures, regular $4.50, sale $2.25
Tumbler and Toothbrush Holders, 25 per cent OFF.
nuns uimj
SPONGES AT HALF PRICE
SALE OF FRAMED PICTURES
Choice selection combination Cupids. Genuine Etchings, size 10x20; 2-inch
Cupid Asleep and Cupid Awake, in mats; frames of 2-inch rustic chest
one frame of 2-inch chestnut; genuine nut. Regular values $2.00.
carbon prints. Regular values.$2.25. , . .. . . .
Combination Dog Pictures; 3 pictures Combination Dining-room Pictures,
in one frame; size 10x22; frames of 3 pictures m one frame; size 10x22, m
1-inch soft green moulding. Reg- soft black 1-inch mouldings. Val
ular values $2.00. ues $2.00.
Dozens of other bargains in the Art Department.
WE DO ARTISTIC PICTURE FRAMING
as W00DARD, CLARKE ffCoTl iBS
had, as already stated, a period of enorm
ous prosperity. The consequent material
development has greatly changed the con
ditions under which many articles described
by the schedules of the tariff are -now pro
duced. The tariff in a number of schedules
exceeds the difference between the cost of
production of such articles abroad and at
home, including a reasonable profit to the
American producer. The excess over that
difference serves no useful purpose, but
offers a temptation to those who would
monopolize the production and the sale of
such articles in this country, to profit by
the excess rate.
Tariff Revision promised.
On the other hand there are other sched
ules in which the tariff Is not sufficiently
SALIENT POINTS IN WILLIAM H. TAFT'S SPEECH ACCEPTING
REPUBLICAN NOMINATION FOR PRESIDENCY
Preamble Strength of Republican cause lies in fact that party represents policies essential to reform of
known abuses, continuance of liberty and true prosperity.
Railroad Ratesi Roosevelt's rate bill Is powerful instrument for curbing: of law-breaking: trusts. Chief
function of next administration will be to perfect machinery by which Roosevelt standards can , be main
tained. Field covered by industrial combinations and railroads Is so great that they cannot be properly
regulated and controlled except by reorganization of bureaus in Departments of Commerce and Labor, Ag
riculture and Justice, and change in jurisdiction of Interstate Commerce Commission. Such legislation should
and would greatly promote the great business Interests by enabling those that are anxious to obey the
Federal statutes to know just what are bounds of lawful action. Rate question has two sides and should be
adjusted with regard to rights of both shippers and railroads. Fixing of rates on such principles would not
materially impair value of railroad securities. Rates as a general rule are reasonably low and unjust dis
crimination is greater danger than excessive charges. Physical valuation, while relevant and important, is
not necessarily controlling factor in fixing rates.
Anti-Trust Legislation Necessity exists for some method by which greater executive supervision can be
given by Federal Government over businesses In which there is a temptation to violations of the anti-trust
law. Trusts should be restrained with all the efficiency of judicial processes and persons engaged in main
taining them should be punished with all the severity of criminal prosecution In order to be brought within
the law. To destroy them and eliminate the wealth they represent, as indirectly proposed by the Demo
cratic platform, would entail enormous losses and throw out of employment myriads of worktngmen and
women. Such a result is unnecessary to the accomplishment of the needed reforms.
Tariff Reform The Republican policy of protection has greatly enhanched the standard of living of
the laboring man and it is the desire of the party to continue permanently this standard. Conditions have
changed since adoption of Dingley schedules, and duties that are now excessive and larger than necessary
to carry out the policy outlined in the Republican platform should be reduced; others may with profit be
Increased. The Republican party pledges itself to revise the tariff at once if retained In power. Departure
from the principle of protection under Democratic rule cannot but halt recovery from recent financial de
pression and produce business disaster.
Injunction Plank Right of vrorkingmen to strike peaceably in a body and to maintain primary boycott
recognized; secondary boycott and use of violence condemned. Only remedy for such threatened injuries is
injunction. Democratic injunction plank criticised as purposely vague and ambiguous. Reason for exer
cising or refusing to exercise power of injunction is not to be found In the character of the persons who
inflict the injury complained of. Any person injured or threatened with Injury is entitled to the remedy,
any other course tending toward class legislation and threatening free government. Practice of issuing
temporary restraining orders admittedly has been too freely exercised, especially by state courts. Issuance
of temporary writs of injunction has a tendency to discourage worklngmen engaged in lawful strike and
has done injustice. Question should be considered from the standpoint of the man who believes himself un
justly treated, as well as from that of the community In general. As his own remedy Mr. Taft suggests a
return to the old Federal practice, which did not permit the Issuance of Injunctions without notice. Repub
lican party may be depended upon to pass such laws as will do justice to all citizens in dealing with in
junction problem.
Punishment for Contempt Points out fatal weaknesses In Democratic platform's declaration for Jury
trial In contempt cases, showing where plan would wholly undermine authority of courts and place power
. ful weapon for defense in hands of lawbreakers with money to spend in avoiding justice.
Currency Reform Indorses currency reform as advocated by Republican platform. Indorses postal sav
ings banks; says Democratic plan of bank deposit insurance would place premium on rascality Jn banking,
and would ruin banking system.
Colonial Policy Progress made by colonies under Republican administration sufficient proof of wisdom
of policy now being carried out- Many laudable accomplishments reviewed. Free trade with Philippines
strongly indorsed; domestic tobacco and sugar industries should be afforded protection, but admission of
large proportion of Philippine crop of these products would work no injury.
Pensions Indorses platform declaration for liberal pension policy.
ien-ro Question Advocates square deal for the negro; all constitutional guarantees should be 'enforced.
Army and Navy The United States, being a world power, must have an army and navy strong enough to
assure an appropriate part in promoting peace and tranquillity among nations and avoid National humiliation.
Asiatic I mmlgmtlon Asiatic immigration problem is well in hand and Republican party may be de
pended on to continue its present satisfactory and diplomatic policy.
Campaign Contributions Republican policy in placing campaign contributions under operation of rigid
New York law contrasted with Democratic promises; full publicity of all Republican contributions guaran
teed. Strong Federal publicity law covering campaign contributions advocated.
Income Tax Income tax possible without change in constitution as suggested by Democratic platform;
such a tax could and should be levied in case revenues from present sources prove deficient.
Election of Senators) Personally favors direct election of Senators, but does not regard matter as a party
question. Inasmuch as men of both parties have both favored and opposed change.
Treasury Deficit Shows falsity of charge that $60,000,000 treasury deficit is due to Republican extrava
gance; deficiency largely apparent, not reaL and due to retirement of (33,000,000 of Government bonds in past
fiscal year. Calls on Democrats to Bhow where pruning could be applied In view of their demand for larger
navy, ample pensions, etc Republicans may well feel just pride In efficiency, economy, honesty and fidelity
of present administration. t
Foreign Policy Reviews achievements of administration under peaceful foreign policy, notably on Isth
mus of Panama.
Mall Subsidies Favors upbuilding of merchant marine by mail subsidies to South American and Orien
tal lines
Independent Democrats Appeals to independent Democrats for support on ground that their reasons for
breaking bonds of party ties -are stronger than ever before. Says Roosevelt policies will be faithfully car
ried out and asserts that only hope for renewed and continued prosperity Is in Republican success at polls.
Minor Reforms Indorses Federal public health bureau plan and conservation of natural resources. Dis
proves Democratic charge that Roosevelt has built up army office holders; facts are that number of new
offices created is far less than asserted In Democratic platform, and that Democrats voted to create them for
legitimate purposes.
high to give the measure of protection
which they should receive upon Republican
principles, and on those the tariff should
be increased. A revision of the tariff un
dertaken upon this principle, which Is at
the base of our present business system,
begun promptly upon the incoming of the
new administration and considered at the
special session, with the preliminary In
vestigations already begun by the appro
priate committee of the House and the Sen
ate, will make the disturbance to business
incident to such a change as little as pos
sible. ...
The Democratic party In' its platform has
not had the courage of Its previous con
victions on the subject of the tariff, de
nounced by it In 1904 as a system of rob
bery of the many for the benefit of the
few, but it does declare Its intention of
changing the tariff with a view to reach
ing a revenue basis, and thus to depart
from the protective system. The Introduc
tion into power of a party with this avowed
purpose cannot but halt the gradual re
covery from the recent financial depression
and produce business disaster, compared
with which our recent panic and depres
sion will seem small indeed.
Appeals to the Farmers.
As the Republican platform says, the
welfare of the farmer is vital to that of
the whole country. One of the strongest
hopes of returning prosperity is based on
the business which his crops are to afford.
He Is vitally interested In the restraining
of excessive and unduly discriminative rail
road rates. In the enforcement of the pure
food laws, in the promotion of scientific
agriculture and in increasing the comforts
of country life by the expansion of the free
rural delivery.
The policies of the present administration
which have most industriously promoted all
these objects cannot fall to commend them
selves to his approval, and it is difficult
to see how, with his Intelligent appreciation
of the threat to business prosperity in
volved in Democratic success at the polls,
he can do otherwise than give his full and
hearty support to the continuation of the
administration under Republican auspices.
Party Friendly to Labor.
"We come now to the question of labor.
One Important pnase of the present admin
istration has been its anxiety to secure for
the wage-earner an equality of opportunity,
and such positlv statutory protection as
will place htm cn a level in dealing with
his employer. The Republican party has
passed an employers' liability law for inter
state railroads and has established an eight
hour law for Government employes and on
Government work The essence of the re
forms effected by the former law is the
abolition of the fellow-servant rult and the
Introduction of the comparative negligence
theory, by which an employe Injured in the
service of his employer does not lose all his
right to recover because of slight nsgllgence
on his part.
Then there is the act providing for com
pensation for injury to Government em
ployes, together with the various rules re
quiring safety appliances upon interstate
railroads for the protection of employes, and
limiting the h urs of their employment.
These are all Instances of the efforts of the
Republican party to do Justice to the wage
earners. Doubtless more effective measures
for the compensation of Gc ernment em
ployes will be adopted in the future; the
principle in such cases has been recognized
and in necessarily somewhat slow course of
legislation will be more fully embodied In
definite statutes.
Relations of Labor and. Capital.
The interests of the employer and the
employe never differ, except when It comes
to a division of the joint profits of labor
and capital Into dlvideids and wages. This
must be a constant source of periodical dis
cussion between the employer and employe,
as indeed are the terms of the employment.
To give to employes their proper position
in such controversies, to enable them to
maintain themselves against employers hav
ing greater capital, they will unite because
in union there Is strength, and without It
each individual laborer and employe would
be helpless. The proportion of Industrial
peace through the instrumentality of the
trade agreement is one of the results of
-such union when intelligently conducted,
rpnolds Right to Striae.
There is a body of laborers, however,
skilled and unskilled, who are not organ
ised into unions. Their rights before the
law are exactly the s me as those of the
anion men and are to be protected with the
same watchfulness. In order to Induce
their employer to comply with their request
for changed conditions of employment work
men have the right to strike in a body.
They have the right to use suoh persuasion
as they may. provided It dees not reach the
point of duress, to lead their reluctant co
laborers to join them in their union against
their employer, and they have a right. If
they rhoose, to accumulate funds to sup
port those on strike, to delegate to officers
the power to direct the action of the union,
and to withdraw themselves and their asso
ciates from dealing with or giving custom
to those with, whom they are in contro
versy. Unlawful Acts of Strikers.
What they have not tho right to do iii
to injure their employers' property, to
Injure their employers' luslness by, threats
or employment of physical duress against
those who would work for him or daal with
him or by carrying on w hat is sometimes
known at a secondary boycott against his
customers or those with whom he deals in
business. AH those who sympathize with
them may unite to aid tht-m in their strug
gle but they may not. through the instru
mentality of a threatened or actual boycott,
compel third persons, against their will and
having no Interest in the controversy, to
come to their assistance. These principles
have for a great many years b3n settled
by the courts of this country.
When Injunction la Needed.
Threatened unlawful injuries to business,
like those above-mer.tion-d can only be ade
quately remedied by an injunction to pre
vent them. The jurisdiction of a court ot
equity to enjoin in such cases arises from
the character of the Injury and the method
of indicting it. and tho fact that suit for
damages offers no adequate remedy. The
Injury is not due to one single act, which
might be adequately compensated for in
damages by a suit at law, but is the result
of a series of acts, each of which in Itself
might not constitute a substantial Injury
or might not make a suit at law worth
while, but all of which would require a
multiplicity of Buits at law. Injuries of this
class have since the foundation of courts
of equity been prevented by injunction.
It has been claimed that Injunctions do
not issue to protect anything but property
rights, and that business Is not a property
right, but such a proposition is wholly Incon
sistent with all the decisions of the courts.
The Supreme Court of the United States
says that Injunction Is a remedy to protect
property, or rights of a pecuniary nature,
and we mav well submit to the considerate
judgment of all laymen whether the right of
a man in his business is not as distinctly
a right of a pecuniary nature as the right
to his horse, or to his house, or to the
stock of goods on his shelf.
Principle Long Approved. . .
The instances in which injunctions to pro
tect business have been upheld by all courts
are so many that It Is futile further to dis
cuss the proposition. It is difficult to tell
the meaning of the Democratic platform,
upon the subject. It says:
"Questions of Judicial practice have
arisen, especially in connection with indus
trial disputes. We deem that the parties
to all judicial proceedings should be treated
with rigid impartiality, and that injunc-
tlons should not be Issued In any caes. in
which Injunctions would not issue if no
Industrial dispute were Involved."
This declaration la disingenuous. It seems
to have been loosely drawn with the pur
pose of rendering it susceptible to one In
terpretation by one set of men and to a
diametrically opposite Interpretation by an
other. It does not aver that injunctions
should not issue In Industrial disputes, but
only that they should not issue because
they aro industrial disputes, and yet tho&e
responsible for this declaration must hare
known that no one ever maintained that
the fact that a dispute was industrial gave
any basis for Issuing an injunction.
Bryan Dodges the Issue.
The declaration seems to be drawn in
Its present vague and ambiguous shape to
persuade some people that It is a declara
tion against the Issuance of injunctions in
any Industrial dispute, while at the same
time it may be possible to explain to the
average citizen who objects to class dis
tinctions that no such Intention exists.
Our position is clear and unequivocal. We
are anxious to prevent even an appearance
of injustice to labor In Issuing injunctions,
not in a spirit of favoritism to any set of
our fellow citizens, but in the interests of
justice to all. The reason for exercising
or refusing to exercise the power of in
junction must not be found In the character
of the persons who inflict the injury. The
man who has a business which is unlawfully
Injured is entitled to the remedies which
the law has given, no matter who in
dicted the Injustice, otherwise we shall have
class legislation, unjust In principle and
likely to sap the foundations of a free
government.
Injunction Notice and Hearing.
I come now to the question of notice
before issuing an injunction. It is a fun
damental rule of genera! jurisprudence that
no man shall be affected by a judicial pro
ceeding without notice and hearing. This
rule, however, has sometimes had an ex
pression in the Issuing of temporary re
straining orders commanding a defendant.
In effect, to maintain the status quo until
a hearing. . Such a process should issue
only In rare cases, where, the threatened