[156] Governor Woodrow Wilson was the Democratic nominee. Seeing Roosevelt as the greater electoral threat, Wilson spent little time attacking Taft, arguing that Roosevelt had been lukewarm in opposing the trusts during his presidency, and that Wilson was the true reformer.[157] Taft contrasted what he called his "progressive conservatism" with Roosevelt's Progressive democracy, which to Taft represented "the establishment of a benevolent despotism."[158]

Electoral vote by state, 1912. States won by Taft are in red.
Reverting to the pre-1888 custom that presidents seeking reelection did not campaign, Taft spoke publicly only once, making his nomination acceptance speech on August 1.[159] He had difficulty in financing the campaign, as many industrialists had concluded he could not win, and would support Wilson to block Roosevelt. The president issued a confident statement in September after the Republicans narrowly won Vermont's state elections in a three-way fight, but had no illusions he would win his race.[160] He had hoped to send his cabinet officers out on the campaign trail, but found them reluctant to go. Senator Root agreed to give a single speech for him.