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. TAFT FOR * Asserts That the Streng Fact That the Party Essential to the R< Declares That 1 Restraining Should R CINCINNATI. Ohio. July 28.?Judg? William H. Taft. in responding to the ad dress of Senator Warner today notifying him of his nomination for the presidency by the republican national convention poke as follows: "Senator Warner and gentlemen of the committee: "I am deeply sensible otf the honoi which the republican national conventior has conferred on me in the nomination which you formally tender. I accept il with full appreciation of the responsibility It imposes. Maintenance of Roosevelt Policies. "Gentlemen, the strength of the repub lican cause in the campaign at hand is in the fact that we represent the policies essential to the reform of known abuses, to the continuance of liberty and true prosperity, and that we are determined, as our platform unequivocally declares, to maintain them and carry them on. For more than ten years this country passed through an epoch of material development far beyond any that ever occurred in the world before. In its course certain evils crept in. Some prominent and influential members of the community, spurred by financial success and in their hurry for greater wealth, became unmindful 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 discriminations by railways, the accumulating evidence of the violation of the anti-trust law by a number of corporations, the overissue of stocks and bonds on interstate railways for the unlawful enriching of directors and for the purpose of concentrating control of railways in one management, all quickened the conscience of the people, and brought on a moral awakening among them that boded well for the future of the country. What Roosevelt Has Done. "The man who formulated the expression of the popular conscience and who led the movement for practical reform was Theodore 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 afW without influence, and he proceeded by recommending legislation and directing executive action to make that principle good in actual performance. He secured the passage of the ao-called rate bill, designed more effectively to restrain excessive and fix reasonable rates, and to punish secret rebates and discrimination* 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 operation of the same statute express companies, sleeping car companies, fast freight and refrigerator lines, terminal railroads and pipe lines, and forbade In future the combination of the transportation and shipping business under one con. ? trol in order to avoid undue discrimination. "President Roosevelt directed suits to be brought and prosecutions to be instituted under the anti-trust law to enforce its provisions against the most powerful of the-industrial corporations, tie 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 recommended the passage of a law, which the republican convention haa since specifically approved, restricting the future issue of stocks and bonds by interstate railways to such as may be authorized by federal authority. He demonstrated 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. to secure equality of all before the law, and to save the country from the dangers of a pluocratlc government, toward which we were fast tending. In this work Mr. Roosevelt has had the support and sympathy of the republican party, and its chief hope of success in the present controversy must rest on 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 his policies. Permanently Securing Progress. "Mr. Roosevelt has set high the standard of.business morality and obedience to law. The railroad rate bill was more useful possibly In the Immediate moral effect of its passage than even in the legal effect of Its very useful provisions. From its enactment dates the voluntary abandonment of the practice of rebates and discriminations by the railroads and the return by their man? agers to obedience to law In the fixing of tarifTs. The pure food and meat Inspection laws and the prosecutions directed by the President under the antl ?>**? + lew hove kaH a aimitow mnrnl A# H UOb 1U W 11U * V> tiWVI C* - - - - (Uv? M. V* feet in the general business community and have made it now the common practice for the great Industrial corporations to consult the law with a view to keeping within its provisions. It has also had the effect of protecting and encouraging smaller competitive compalnes so that they have been enabled to do a profitable business. "But we should be blind to the ordinary working of htWnan nature if we did not recognise that the moral standards set by President Roosevelt will not continue to be observed by those whom cupidity and a desire for financial power may tempt unless th? requisite machinery is introduced intc the law which shall in its practical operation maintain these standards and secure the country against a departure from them. Function of Next Administration. "The chief function of the next admin lstration. in my judgment, is distinct from and a progressive development of, tha which has been performed by Presl dent Roosevelt. The chief function of th< next administration Is to complete ant perfect the, machinery by which thes< standards may be maintained, by whlcl the lawbreakers may be promptly re strained and punished, but which shal operate with sufficient accuracy and dls patch to Interfere with legitimate businesi as little as possible. Such machinery it * -J- a- .at. no; now oaequaic. i nun nic ia? bill, and under all Its amendments, th< burden of the interstate commerce com mission in supervising and regulating th< operation of ttie railroads of this country has grown so heavy that it is utterly lm possible for that trlbimal to hear and dls pose, in any reasonable time, of the many complaints, queries and issues that an brought before it for decision. It ough to be relieved of its jurisdiction as an ex ecutive, directing body, and its function! should be limited to the quasi-judicial in vestigatlon of complaints by individual! and by a department of the governmen charged with the executive business of su pervising the operation of railways. "There should be a classification of tha very small percentage of industrial cor porations having power and opportunity to effect illegal restraints of trade am monopolies, and legislation either induclni or compelling them to subject themselve to registry and to proper publicity regula tlons and supervision of the Departmen of Commerce and Labor. Work of Next Administration. 'Yhe field covered by the Industrie combinations and by the railroads is s< very extensive that the .interests of tlx public ajid the interests of the businessei concerned cannot be properly subserves MALLY ACC rHE REPUB1 jth of the Cause Is in the Represents the Policies sform of Abuses, and the Machinery for Lawbreakers e Perfected. i exempt by reorganisation of bureaus in the . Department of Commerce and Dabor. of Agriculture and the Department of Jus' tice, and a change in the Jurisdiction of ' the Interstate commerce commission. It , does not assist matters to prescribe new duties for the Interstate commerce com. mission which it is practically impossible for it to perform, or to denounce new offenses with drastic punishment, unless ' subordinate and ancillary legislation shall i be passed making possible the'quick en, forcement in the great variety of cases . which are constantly arising of the prin' ciples laid down by Mr. Roosevelt and with respect to which only typical instances of prosecution with the present machinery are possible. Such legislation should and would greatly promote legiti mate business by enabling ttiose anxious l to obey the federal statutes to know Just what are the bounds of their lawful action. The practical constructive and difficult work, therefore, of those who i follow Mr. Roosevelt is to devise the ways i and means by which the high level of , busiiless integrity an? obedience to law , which he has established may be maintained and departures from it restrained 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 railroads may make useful traffic agreements if approved by the commission. This has been strongly recommended by President Roosevelt and will make for the benefit of the business. .rny steal Valuation of Railways. "Some of the suggestions of the democratic platform relate really to this subordinate and ancillary machinery to which I have referred. Take, for instance, the so-called 'physical valuation of railways.' It Is clear that the sum of all rates or receipts of a railway, 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 property, and in fixing what is a 1 fair profit. It Is clear that the physical i value of a railroad and its plant is an ; element to be given weight in determining its full value: but as President Roosevelt | in his Indianapolis speech and the Supreme Court have in effect pointed out, , the value of the railroad as a going concern, including its good will, due to efficiency of service and many other circumstances, may be much 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 a fair profit Is one involving not only the rate of Interest usually earned on normally safe investments, but also a sufficient allowance to ma*e up for the risk of loss both of capital and interest in the original outlay. These considerations will have justified the company in imposing charges high enough to secure a fair income on the enterprise as a whole. The securities at market prices will have passed into the hands of subsequent purchasers from the original investors. Such , circumstances should properly affect the deoision of the tribunal engaged in determining whether the totality of rates charged is reasonable or excessive. To ignore them might so seriously and unjustly Impair settled values as to destroy all hope of restoring confidence and forever to end the inducement for investment in new railroad construction which, in returning prosperous times. Is sure to be essential to our material progress. As Mr. Roosevelt has said in speaking of this very subject: j " 'The effect of such valuation and 1 supervision of securities cannot be re, troactive. 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.' "TJje question of rates and the treatJ ment of railways is one that has two , sides. The shippers are certainly entitled > to reasonable rates; but less is an lnjus tice to the carriers. Good business for the 1 railroads is essential to general pros\ perlty. Injustice to them is not alone int Justice 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 said the proper ' conclusion would seem to be that in attempting to determine whether the entire schedule of rates of a railway is excessive the physical valuation of the road is a relevant and important but not necessarily a controlling factor. ?1 1 i.1 TT--.J rnystCBl Vliuauuu iriupeuy uaeu. "I am confident that the fixing of rates on the principles suggested above would not materially impair the present market values of railroad securities in most cases, for I believe that the normal increase in the value of railroad properties, especially in their terminals, will more than make up for the possible overcapitalization in earlier years. In some cases, i doubtless, it will be found that overcapitalization is made an excuse for excessive rates, and then they should be re[ duced. But the consensus of opinion seems to be that the railroad rates generally in this country are reasonably low. This is i why, doubtless, the complaints filed with the interstate commerce commission 1 against excessive rates are so few as ? compared with those against unlawful discrimination In rates between shippers > and between places. Of course, In the > determination of the question whether l' discrimination is unlawful or not the i physical valuation of the whole road is of > little weight. There Should Be Physical Valuation. "I have discussed this, with some de gree of detail, merely to point out that the valuation by the interstate commerce ^ commission of the tangible property of a " railroad is proper and may from time to time be necessary in settling certain is1 sues which may come before it, and ? that r.o evil or injustice can come from i valuation in such cases, if It be under stood that the result is to be used for a 1 just purpose, and the right to a fair profit - under all the circumstances of the in3 vestment is recognjxed. The interstate s commerce commission has now the power ? to ascertain the value of the physical s railroad property. If necessary, in deter mining the reasonableness of rates. If s the machinery for doing so is not ade i quate, as Is probable, it should be made - so. "The republican platform recommends f legislation forbidding the issue in the * future of Interstate railway Etocks and 1 bonds without federal authority. It may " occur in such cases that the full value of the railway, and. as an element there" of. the value of the tangible property of 8 the railway, would be a relevant and im1 portant factor in assisting the proper * authority to determine whether the stocks and bonds to be issued were to have 4 proper security behind them, and in such * case, therefore, there should be the right ? and machinery to make a valuation of * the physical property. . s National Control of Corporations. j "Another suggestion in respect to subordinate and ancillary machinery 'necessary to carry out republican policies is that of the Incorporation under national law or the licensing by national license or 5 enforced registry of companies engaged * in interstate trade. The fact is that near* ly all corporations doing a commercial I business are engaged in Interstate com NOMINATIO [ET SHOULI . ' ' ' < & > *.s ' " . .-j.-... ... -re ? > . i' / - ' ' j 1 * 4 ffp ^ . A*' k? 'y MB THE TAFT HOME. o they are to be so regarded, general legis> t] lation amending the law Is necessary. * democratic Plank Faulty. "The suggestion of the democratic e platform that trusts be ended by for? bidding corporations to hold more than f. 50 per cent of the plant in any line of >- manufacture is made without regard tp a the possibility of enforcement or the n real evil in trusts. A corporation controlling 45 or 50 per cent of the prodL> ucts may by well known methods frequently effect monopoly and stamp out r- competition in a part of the country as o completely as if it controlled 00 or 70 ). per cent thereof. y Compulsory Sale at Fixed Price. e "The proposal to compel every cor11 poration to sell its commodities at the >f same price the country over, allowing for transportation, is uttterly impracticable. If it can be shown that in order to drive out competition a corporation owning a large part of the plant producing an article is selling in one part a of the country, where it has competi ZEPTS HIS LIGAN TICF Isl IHHRSS^IS'I^ I ff!h& ; Wfc:$ merce, and if they all -were required t take out a federal license or a feders charter the burden upon the Interstat business of the country would become lr tolerable. "It Is necessary, therefore, to devls some means for classifying: and lnsurln federal supervision of such corporation as have the power and temptation to el feet restraints of Interstate trade and mc nopolies. Such corporations constitute very small percentage of all engaged 1 Interstate business. Boosevelt's Proposed Classification "With such classification In view, Mi Roosevelt recommended an amendment t the anti-trust law, known as the Hep burn bill, which provided for voluntar classification and created a strong motiv therefor by granting immunity fror prosecution for reasonable restraints c Interstate trade to all corporations whic would register and submit themselves t the publicity regulations of the Depart ment of Commerce and Dabor. The Democratic Classification. "The democratic platform suggests requirement that corporations in inter state trade having control of 25 per cen of the products in which they deal shal take.out a federal license. This classifies tlon would probably include a great man small corporations engaged in the manu facture of special articles or commoditie whese total value is so inconsiderabl that they are not really within the pur view or real evil of the anti-trust law. "It Is not now necessary, however, t discuss the relative merit of such propc sltions, but it is enough merely to al firm the necessity for some method b which greater executive supervision ca be given to the federal government ove those businesses in which there is a temp tation to violations of the anti-trust lav Amendment of Anti-Trust Law. "The possible operation of the antl trust law under existing rulings of th Supreme Court has given rise to sugges tions for its necessary amendment to pre vent its application to cases which it i believed were never in the contemplatioi of the framers of the statute. Take tw instances: A merchant or manufacture engaged in a legitimate business that cov ers certain states wishes to sell his bus: ness and his good will, and so in tb ormcr nf tVin fiolo nhHaatpb Vifmonlf fn +Vi WI 11*9 Wi. V4iV BWV vv V*? purchaser not to go Into the same busl ness in those states. Such a restraint o trade has always been enforced at com mon law. Again, the employes of an in terstate railway combine and enter upo a peaceable and lawful strike to sccur better wages. At common law" this wa not a restraint of trade or commerce o a violation of the rights of the compan or of the public Neither case ought t be made a violation of the anti-trust lav My own Impression is that the Suprem Court would hold that neither of thes instances are within its inhibition, but, 1 w - - Candidate's Re Should The strength of the rep resent the policies essential The man who formulate ment for practical reform wa In this work Mr. Roosei its chief hope of success in t pie of the country have in th to continue his policies. The chief function of th gressive development of that The question of rates ant pers are certainly entitled to Mr. Roosevelt's policies Unlawful trusts should b persons engaged in mainta prosecution. To take the course suggi entire community, innocent a ' out the specific evil. One important phase of secure for the wage-earner a as shall place him on a level Workmen have the righ 5?r? th?r emnlover's DroDer J"*" tr * of physical duress against the Our position is clear and any injustice to labor in the fellow citizens, but of justia to exercise the power of inju not in the character or class The maintenance of the brace anarchy. The republican platfon which, of course, the governi of principal and interest. The republican platform color * * * It is needles; If I am elected President law be passed requiring a fi by committees and candidate as are constitutionally withii 1 1 '? ! - tors, 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 isattempt* ing an unlawful monopoly, and Justifies y conviction under the anti-trust law; but i- the proposal to supervise the business s of corporations In such a way as to fix e the price of commodities and compel the sale at such price is as absurd and socialistic a plank as was ever inserted o in a democratic political platform, 13 Republican and Democratic Policies. y "The chief difference between the ren publican and the democratic platforms * is the difference which has heretofore r- been seen between the policies of Mr. Roosevelt and those which have been advocated by the democratic candidate, Mr. Bryan. Mr. Roosevelt's policies have e been progressive and regulative; Mr. Bryan's destructive. Mr. Roosevelt has ' favored regulation of the business in s which evils have grown up so as to n stamp out the evils and permit the o business to continue. The tendency of Mr. Bryan's proposals have generally T been destructive of the business with respect to which he is demanding rel form. Mr. Roosevelt would compel the e trusts to\conduct their business in a e lawful mataner and secure the benefits. of their operation and the maintenance '' of the prosperity of - the country, of which they are an important part; while l" Mr. Bryan would extirpate and destroy n the entire business in order to stamp e out the evils which they have practiced. ,r Combination of Capital. y "The combination of capital in largs ? plants to manufacture goods with the e greatest economy is just as necessary e as the assembling of the parts of a maif chine to the economical and more rapid asons Why Republ Be Continued in 1 1 ublican cause in the campaign at h; to the reform of known abuses, d the expression of the popular con; ls Theodore Roosevelt. /elt h?s had the support and sympai he present controversy must rest oi ie sincerity of the party's declaratioi ie next administration, in my judgm< which has been performed by Presi< i the treatment of railways is one 1 reasonable rates, but less is an injui have been progressive and regulativ< ie restrained with all the efficiency ining them should be punished wii ssted by the democratic platform in is it is, in the punishment of the guil the policies of the present adminisi n equality of opportunity and sucl in dealing with his employer, t to strike in a body. What they hi ty, to injure their employer's businei >se who would work for him or deal 1 unequivocal. We are anxious to ] _ + . 4 issuance ox injunctions, not in a spin ; to all of our fellow citizens. The r< inction must be found in the^charao i of the persons who inflict this inji authority of the courts is essential i n recommends the adoption of a pi ment would become responsible to 1 * * * demands justice for all i s to state that I stand with my part] t I shall urge upon Congress, with ling in a federal office of a statement s in elections for members of Congi i the control of Congress. y . N AND TEL ) BE SUPPC . y^?<?gy//voCo?ve5Tv^ z^-ag >rv*'" K "<&"'v V ' y ' -4i -v '"wiL ^ KJfiK.<- /' s. ? : .?t.> \\^ xih^k: tlra&Hi^ jl.- ; HSBBSRBf^il'ilBI^BIl ?a ? ? manufacture of what In old times was made by hand. The government should not interfere with one any 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 beneficial to the public. In the proper operation of competition the public will soon share with th? manufacturer the advantage in eponomy of operation and lower prices. What Is an Unlawful Trust f "When, however, such combinations are not based on any economic principle but are made merely for the purpose of controlling the market, to maintain or raise prices, restrict output and drive out competitors, the public derives no benefit and we have a monopoly. There must be some use by the company of the comparatively great sise of Its capital and "plant and extent of its output, either to coerce persons to buy of It rather than of some 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 before mere aggregation of capital or plant becomes an unlawful monopoly. It Is perfectlyconceivable that In the interest of economy of production a great number of plants may be legitimately assembled under the ownership of one corporation. It Is important, therefore, that such large aggregations 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. * Mere Aggregation of Capital. "In a country like this, where, In good times, there is an enormous floating capital awaiting investment, the period before which effective competition, by construction of new plants, can be introduced Into any business Is comparatively short, rarely exceeding a year, and Is usually even less than that. Existence of actual plant is not. therefore, -necessary to potential competitions. Many enterprises have been organised on the theory that mere aggregation of all, or nearly all, existing plants in a line of manufacture, without regard to economy of production, destroys competition. They have, most of them, gone into bankruptcy. Competition 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 shares with the public, or takes somi illegal method to avoid competition and to perpetuate a hold on the business. Proper Treatment of Trusts. "Unlawful trusts should be restrained with all the efficiency of Injunctive process. and the persons engaged in maintainlican Party National Power and is in the fact that we repscience and who led the raovethy of the republican party, and n the confidence which the peon in its platform that it intends cnt, is distinct from and a prodent Roosevelt. that has two sides. The shipstice to the carriers, e; Mr. Bryan's destructive, of injunctive process, and the th all the severity of criminal * these matters is to involve the Ity, while our policy is to stamp tration has been an anxiety to ti positive statutory protection ave not the right t% do is to inss by use of threats or methods [ with him. prevent even an appearance of It of favoritism to one set of our eason for exercising or refusing ter of the unlawful injury and ury. unless we are prepared to emDstal savings bank system in the depositors for the payment men without regard to race or V squarely on that plank, every hope of success, that a t of the contributions received ness and in such other elections ? ?LS WHY iRTED ATI Contends That the Propos Platform Are Not Only Destructive in Their 1 There Is No Hop Prosperity in It to P< in* them should be punished with all the 01 severity of crtminal prosecution, in order P' that the methods pursued In the operation of their business shall be brought within the law. To destroy them and to eliminate the wealth they represent from the producing capital of the country P' would entail enormous loss, and would ie throw out of employment myriads of ^ workingmen and worklngwomen. Such a result is wholly unnecessary' to the accomplishment of the needed reform, and a will Inflict upon the innocent far greater rf punishment than upon the guilty. a i Policy of Democratic Platform. p, "The democratic platform does not pro- m pose to destroy the plants of the trusts r*j physically, but it proposes to do the same thing in a different way. The business of u{ this country is largely dependent on a Ji protective system of tariffs. The busl- ni ness done by' many of the so-called ?} /trusts' is protected with the other bust- :. nesses of the country. The democratic " platform proposes to take off the tariff r; In all articles coming into competition with those produced by the so-called trusts,' and to put them on the free list. If such a course would be utterly destructive of their business, as is intended, : it would not only destroy the trusts, but all of their smaller competitors. The "] ruthless and impracticable character of Si the proposition grows plainer as its ef- a' fects upon the whole community are re- ?! alised. 1 le Panic of Last Fall. d< "To take the course suggested by the Jj democratic platform in these matters is to Involve the entire community, innocent as e] it is, in the punishment of the guilty. C( while nur nnlirv is in stnmn nut the SDe * "" r IB clflc evil. This difference between the w policies of the two great parties is of especial importance in view of the present p condition of business. After ten years P of the most remarkable material develop- ti ment and prosperity, there came a financial stringency, a panic and an industrial depression. This was brought about not only by the enormous expansion of busl- ti ness plants and business investments tl which could not be readily converted, but also by the waste of capital, in extravagance of living, in wars and other catas- w trophes. The free convertible capital was ?i exhausted. In addition to this, the contt- ]a dence of the lending public in Europe and t In this country had been affected by the tl revelations of irregularity, breaches of n, trust, overissues of stock, violations of U] law and lack of rigid state or national supervision in the management of our hi largest corporations. Investors withheld ni what loanable capital remained available, tj, It became impossible for the soundest tl railroads and other enterprises to borrow p] money enough for new construction or re- f, construction. Restoration of Prosperity. "Gradually business is acquiring a & healthier tone. Gradually 'all wealth , which was hoarded is coming out to be h used. Confidence In security of business h Investments Is a plant of slow growth t, and Is absolutely necessary in order that our factories may all open again, in order c that our unemployed may become em- a ployed, and In order that we may again r have the prosperity which blessed us for t ten years. The identity of the interests d of the capitalist, the farmer, the business t man and the wage earner in the security t and profit of investments cannot be too d greatly emphasised. I submit to those most a Interested, to wage earners, to farmers and ? to business men, whether the introduction into power of the democratic party, with Mr. Bryan at its ?head, and with the busl- ja ness destruction that it openly advocates lr gs a remedy for present evils, will bring ' about the needed confidence for the res- 01 toratlon of prosperity. ai Republican Doctrine of Protection. "The republican doctrine of protection, c( as definitely announced by the republican w convention of this year and by previous ^ conventions, is that a tariff shall be im- ( posed on all imported products, whether n of the factors*, farm or mine, sufficiently tl greet to equal the difference between the P< cost of production abroad and at home, n' and that this difference should, of course, 1* include the difference between the higher wages paid in this country and the wages paid abroad and embrace a reasonable profit to the American producer. A sys- [ tern 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 laboring man. It is the policy of the re- f publican party permanently to continue that standard of living. In 1A07 the Ding- Jj, ley tariff bill was passed, under wttlch we ' have had, as already said, a period of . enormous prosperity. * 8j Necessity for Revision of Tariff. a< ..?L - , , . c< "ine consequent ni<iieria.i ueveiupnieiu B1 has greatly changed the conditions under w which many articles described by the la schedules of the tariff are now produced. fc The tariff in a number of the schedules exceeds the difference between the cost ni of production of such articles abroad and ri at home. Including a reasonable profit to rl the American producer. The excess over that difference serves no useful purpose. but offers a temptation to those who would monopolise the production and sale of such articles In this country to profit by the excessive rate. On the other ? hand, there are some few other schedules In which the tariff is not sufficiently high to give the measure of protection *: which they should receive upon republic- Kj an principles, and as to those the tariff should be raised. A revision of the tariff b, undertaken upon this principle, which is f)at the basis of our present business system, begun promptly upon the Incoming of the new administration and considered 62 at a special session -with the preliminary investigations already begun by the ap- a, propriate committees of the House and tr Senate, will make the disturbance of (0 business incident to such a change as e(little as possible. ji; Democratic Tariff Flan. "The democratic party In its platform has not had the courage of Its previous ee convictions on the subject of the tariff, ** denounced by it in 1904 as a system of the ^ robbery of the many for the benefit of the te few, but it does declare its intention to tli change the tariff with a view to reaching tr a revenue basis and thus to depart from nf the protective system. The introduction *r Into power of a party with this avowed "? purpose cannot but halt tne gradual re- *" covery from our recent financial depression and produce business disaster com- bl pared with which our recent panic and er depression will seem small indeed. ^ Farmer and Bepublican Party. in "As the republican platform says, the 's welfare of the farmer is vital to that of ^ the whole country. One of the strongest pi hopes of returning prosperity Is based on je the business which his crops are to afford. te He is vitally interested In the restraining of excessive and unduly discriminating to railroad rates, in the enforcement of the n< pure food laws, in the promotion of sci- 01 entitle agriculture, and in increasing the of comforts of country life, as by the exten- es sion of free rural delivery. The policies pc of the present administration, which have cY most industriously promoted all these ob- in jects. cannot fail to commend themselves w to his approval; and it is difficult to see how with his intelligent appreciation of be the threat to business prosperity involved re in democratic success at the polls he can hi do otherwise than give his full and hearty ju support to the continuation of the policies lei / % 'he' polls -4 itions of the Democratic Inadequate, But Are rendency, and That k of Restoring Returning :>wer. r the present administration under ranblican auspices. Republicans and Labor. "We come now to the question of labor, ne important phase of the policies of the resent administration has been an anxty to secure for the wage earner an lu&lity of opportunity and such positive jtutory protection as shall place him on level in dealing with his employer. The 'publican party has passed an employ's' liability act for interstate railroads, rid has established an eight-hour law for jvernment employes and on governicnt construction. The essence of the rform effected by the former Is the holltion of the fellow-servant rule and le Introduction of the comparative neg- ' stence theory by which an employe inired in the service of his employer does 01 los? all his right to recover because ' slight negligence on his part. Then lere is the act providing for compensaon for injury to government employes, gether with the various statutes requirig safety appliances upon interstate comlerce railroads for the protection of their nployes. and limiting the hours of their nployment. These are ail instances of le desire of the republican party to do istice to the wage earner. Doubtfess a ore comprehensive measure for compenition of government employes will be iopted In the future; the principle in tch cases has been recognized, and in ie necessarily somewhat slow course of gislation will be more fully embodied in eflnite statutes. nterests of Employer and Employed "The.lnterests of the employer and the nploye never differ except when it )mei to a division of the joint profit of ibor and capital into dividends and ages. This must be a constant source of eriodlcal discussion between the tm? loyer and the employe, as indeed ara le other terms of the employment. Advantage of Union. "To give to employes their proper poston in such a controversy, to enable tern to maintain themselves against mployers having great capital, they may 'ell unite, because in union there ia Lrength, and without it each individual tborer and employe would be helpless, he promotion of industrial peace through le instrumentality of the trade agreeient is often one of the results of such nion when intelligently conducted. "There is a large body of laborers, owever, skilled and unskilled, who are ot organized into unions. Their rights efore the law are exactly the same as lose of the union men, and are to be rotected with the same care and watchllness. > ~ Rights of Labor. "In order to induce their employer Into compliance with their request for hanged terms of employment, workmen ave the right to strike in a body. They ave a right to use such persuasion as hey may. provided it does not reach the oint of duress, to lead their reluctant o-laborers to Join them in their union gainst their employer, and they have a ight, if they choose, to accumulate funds o support those engaged in a strike, to elegate to officers the power to direct he action of the union, and to withdraw hemselves and their associates from eatings with, or giving custom to thosS "1th whom they are in controversy. (That Labor May Not Lawfully Do. "What they have not the right to do to injure their employer's property, to ijure their employer's business by use T threats or methods of physical duress gainst those who would work for him, r deal with him, or by carrying on what sometimes known as a secondary boy>tt against his customers or those "with bom he deals in business. All those ho sympathize with them may unite to Id them in their struggle, but they may, ot through the instrumentality of a ireatened or actual boycott compel third arsons against their will and having o interest in their controversy to coma ) their assistance. These principles have >r a great many years been settled by le courts of this country. ' Threatened unlawful injuries to bust* ?ss, like those described above, can only i adequately remedied by an injunction ? prevent them. The Jurisdiction of a 3urt of equity to enjoin in such cases rises from the character of the injury nd the method of inflicting it and the ict that suit for damages offers no adeuate remedy. The unlawful injury is not sually done by one single act, which tight be adequately compensated for in amages by a suit at law, but 1' is the rejit of a constantly recurring series of rts, each of whicli in itself might not institute a substantial injury or make a jit at law worth while, and all of which ould require a multiplicity of suits at lw. Injuries of this class have since the lundation of courts of equity been preented by injunction. "It has been claimed that injunctions da ot issue to protect anything but property ghts, and that business is not a property ght; but such a proposition is wholly lnjnsistent with a11 the decisions of the uirts. The Supreme Court of the United tales says that the injunction. Is a ?medy to protect property or rights of a scuniary nature, and we may well sublit to the considerate Judgment of all laylen whether the right of a man in his uslness is not as distinctly a right of a wiuniary nature as the right to his horse : his house or the stock of goods on his ieif: and the instances in which injunc* ons to protect business have been upheld V all courts are so many that it is futile rrther to discuss the proposition. "It is difficult to tell the meaning of the ?mocratic platform upon this subject. It lys: ' "Questions of judicial practice hare isen especially in connection with Indus1al rllsnnfps. dppm that fho nnrtiae i all Judicial proceedings should be treat* I with rigid Impartiality, and that in* motions should not be issued In any ises in which Injunctions would not lasu* no Industrial dispute were involved." "This declaration is disingenuous. It 'ems to have*been loosely drawn with le especial purpose of rendering It sus ptlble to one interpretation by one set ' men and to a diametrically opposite inrpretation by another. It does not aver lat injunctions should not Issue in indus* lal disputes, but only that they should it Issue merely because they are Indueial disputes, and yet those responsible r the declaration must have known that > one has ever maintained that the fact lat a dispute was Industrial gave any isls for Issuing an injunction in refer* ice thereto. "The declaration seems to be drawn In s present vague and ambiguous shape order to persuade some people that It a declaration against the Issuing of in. inctions In any industrial dispute, while : the same time It may be possible to exaln to the average plain citizen who ob* cts to class distinctions that no such in* ntlon exists at all. Our position Is clear id unequivocal. We are anxious to pre?nt even an appearance of any Injustice . labor in the Issuance of injunctions, >t In a spirit of favoritism to one set of lr fellow citizens, but of Justice to all > fifteens. The reason for [erelsing or refusing to exercise the >wer of Injunction must be found In the laracter of the unlawful Injury and not the character or class of the persons ho Inflict this Injury. "The man who has a business which Is ing unlawfully Injured Is entitled to the medles which the law has always given m. no matter who has Inflicted the inries. Otherwise, we shall have clasS gislation unjust in principle and likely