The Anti-Trust Law

Performed by William H. Taft
Recorded October 1, 1912

When the case of our party is stated for national consideration, it seems strange why there should be any doubt of the conclusion that the electorate will reach in respect to the continuance of the administration in power in Washington. Four years ago we made many promises, all of which we have substantially kept, and the issues which are presented today are issues upon which it would seem that the voters of this country have not changed their minds, and opt not to change them. In the first place, the happiness of the people is more deeply affected by the prosperity and good business that prevail than by any other one condition. A national government cannot create good times; it cannot make the rain to fall, the sun to shine, or the crops to grow. But it can, by pursuing a meddlesome policy attempting to change economic condition and frightening the investment of capital, prevent a prosperity and revival of business which otherwise might have taken place. And in view of the experience of the past, in which we have seen efforts to bring about a change in monetary or economic policies halt enterprise, paralyze investments, and throw out of employment hundreds of thousands of working men, the virtue of having taken no step to interfere with the coming of prosperity and the comfort of the people is one that ought highly to commend an administration and the party responsible for it as worthy of further continuance in power. It has been said against this administration that in the prosecution of the trust law it has needlessly interfered with business and has paralyzed investment. The answer to the charge is first, that as long as the statute is upon the statute book, it’s the sworn duty of the President and his assistant to see that the law is executed, and second, that as he has done so and as prosperity is here and is budding forth on every side in full view of the people of the country, the charge that the administration has interfered with business or the revival of prosperity is refuted. On the contrary, the inference to be drawn is that the country has squared itself to the law as it appears into its enforcement, and it’s coming to know that it is possible to do all business within the law, and that the performance of the promise in respect to the law which has been made by successive party platforms for more than a decade, deserves approval rather than criticism. That there may be supplementary legislation of a character to make easier of the performance of the requirements of the law, I firmly believe. I have made my recommendations as to Federal incorporation as one means of helping along with the greatest corporations that need the charter of the national government properly to perform their function without needless interference of the state, and with a corresponding opportunity to the national government, closely to supervise the operations of these greatest corporations and thus to keep them within the law.