Taft attributed blame for the recent recession, the Panic of 1907, to stock speculation and other abuses, and felt some reform of the currency (the U.S. was on the gold standard) was needed to allow flexibility in the government's response to poor economic times, that specific legislation on trusts was needed to supplement the Sherman Antitrust Act, and that the constitution should be amended to allow for an income tax, thus overruling decisions of the Supreme Court striking such a tax down. Roosevelt's expansive use of executive power had been controversial; Taft proposed to continue his policies, but place them on more solid legal underpinnings through the passage of legislation.[61]
Taft upset some progressives by choosing Hitchcock as Chairman of the Republican National Committee (RNC), placing him in charge of the presidential campaign. Hitchcock was quick to bring in men closely allied with big business.[62] Taft took an August vacation in Hot Springs, Virginia, where he irritated political advisors by spending more time on golf than strategy. After seeing a newspaper photo of Taft taking a large swing at a golf ball, Roosevelt warned him against candid shots.