Daily press. [volume] (Newport News, Va.) 1896-current, 1909-03-05

President Taft's inaugural address
which was delivered in the Senate
chamber yesterday. is given in full
below:
NY Fellcw Citizens:
Any one whG takes the oath | have
lust taken must feel heavy weight
of responsibility. If not. ne has no
conce ption OF the powers and duties
Ct the Office upon which he is about
TO enter, Or he is lacking In a PR per
sense OF the obligation which the
oath implies.
The office of an inaugural address
is 20 give summary outline OF the
main policies Of the new admin,stra'
ton. SO far as they can be antic'-
Gated. | have had the honor t. DC
one of the advisers of my distinguish
ed predecessor, and as such, TO hold
I'D his hands in the reforms ne mas
Initiated. should be untrue to my
self, to MY pomises and the declara'
tons of the party platform upon
which | was elected to office. If ala
not make the maintenance and en-
forcement OF these reforms a most
important feature # my admini3tra-
ton. They were directed to the sup
lresS! = CT the lawlessnesS anu
:..,,.es OF power of the great comSina-
tions Ct capital invested i'll rallr ads
and in industrial enterprises carrying
on interstate commerce. The steSs
which my predecess- took and the
lrgislat!cl passed CT his rec mmer'
daation have accomplished much.
have cynsed a general halt in the VI
cinus policies which created popular
ale IN, and have brought about in the
business affected. much higher re-
gard for existing law.
To render the reforms lasting. now
ever. and TO secure at the same time
freedom .rcn alarm IN the part or
those pursuing proper ard progress
Sive business mcth1d IDS, further ieS'3-
lative AID executive action are
needed. Relief of the railroads from
certain restrictions of the antitrust
law have been urged by my prede-
ccssor and will be urged by me. On
the. other hand. the administration 10
pledged to Legislation looking 10
prc,er federal supervision and res
trjctio, Ct prevent evcessive issues
Of bonds and stocks by companies
owning and operating interstate com
merce railroads.
Then, tcc. Reorganization Of me
department Of justice. of the bureau
Of corporations in the department Oh
comerCe and labor, and Cf the inter
state commerce commission. locking
10 effective cooperation of these
agencies. is needed to secure more
rapid and certain enforcement of the
laws affecting interstate railroads
and industrial combinations.
| hope t, be able to submit. at the,
first regular session o. the incoming
Congress. in December next. definite
suggestions in respect to the NEEDED
amendments to the antitrust and the
interstate commerce law. and the
changes required in the executive de-
partmen.s C-lcerned in their enforce
ment.
It is believed that with the changes
to 20 recommended, American bust
# stability and certainty IN respect
t. those things that may be done
ars.. those that are prohibited. which
is essential to the life and growth
OF all business. Such plan must
include the right Of the people to
avail themselves CT those merhods CT
combining capital and effort deemed
necessary to reach the highest de-
gree Of economic efficiency. at the
sine time differenticting between
combinations based upon leg1t'ma'e
economic reasons and these formed
with the inten, Ct creating mcnopo-
lies and artifcially controlling prices.
The work ~ formulating into prac-
teal shape such changes is creative
w-.k # the highest order. ard re-
auires al the deliberation possible In
the interval believe that the
amendments to he proposed. are just
as necessary in the protection OF
Legitimate business as In the cll?ch'
ing of the ref >rrns which properly
bear the came Of my predecess
Tariff important.
A matter OF most pressing impOr-
lance is III" revision Of the tariff In
accordance. with the promises of the
platform upon which ! was elected.
shall call Congress into extra session,
TO meet on tho 18th day OF March. in
or,er that consideration may be at
once given tn a bill revising the Ding
lev Act. This should secure an ade-
aiate revenue and adjust the duties
in snch n manner as TO afford 10
labor and 10 all industries In this
country. whether Of the farm. mine or
factory protection hy tariff equal to
the difference between the cost of pro
Gu6tion abroad and the cost OF pro
ductiCn here. and have provision
which shall put into force. upon eyccn-