Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1909-03-11
PRESIDENT TAFT'S
INAUGURAL ADDRESS
Main Policies of Administration
Outlined-Will Maintain
ROOsevelts Reforms.
TARIFF REVISION IS PRESSING
A Tariff Bill Must Be Drawn in Accord
ance With Provisions Made
Before Election.

The following is President Taft's
inaugural address:
My Fellow Citizens: Any one who
takes the oath | have just taken must
feel heavy weight of responsibility.
| If not, he has no conception Of the
powers and duties of the Office upon
which he is about to enter, or he is
lacking in a proper sense of the obi
CATION which the oath imposes.
The Office of an inaugural address
| Is to give a summary outline of the
main policies of the new administra-
| ton, SO far as they can be anticipated.
I have had the honor to be one of the
advisers of my distinguished predeces-
| sor, and as such, to hold up his hands
in the reforms he has initiated.
should be untrue to myself, to my
promises and to the declarations of
| the party platform upon which l was
elected to Office, if | did not make the
maintenance and enforcement of these
| reforms a most important feature of
the administration. They were di-
rected to the suppression of the law
| leSSneSs and abuses of the power OF
| the great combinations of capital in
vested in railroads and in Industrial
enterprises carrying on interstate
commerce. The steps which my pred
ecessor took and the Legislation pass
ed on his recommendation have ac-
complished much, have caused a
great halt in the vicious policies
which created popular alarm, and have
brought about, in the business affect
| ed, a much higher regard for existing
| law.
To render the reforms lasting, how
ever, and to secure at the same time
| freedom from alarm on the part of
those pursuing proper and progressive
business methods, further legislative
and executive action are needed Re-
| lief of the railroads from certain re-
strictions of the antitrust law have
been urged by my predecessor and
| will be urged by me. On the other
hand, the administration is pledged to
legislation looking to proper federal
supervision and restriction to prevent
| excessive issue of bonds and stock
| by companies owning and operating
| interstate commerce railroads.
Then, too, a reorganization of the
| department of justice, of the bureau of
corporations in the department of
commerce and labor. and of the inter
state commerce commissnin looking
| to effective cooperation of these agen-
cies, is needed to secure a more rapid
| and certain enforcement of the laws
| affecting intestate railroads and in
| dustrial combinations.
| hope to be able to submit to the
| first regular session of 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-
partments concerned in their enforce
| ment,
1t is believed that with the changes
| to be recommended American bust
ness can be assured of that measure
| of stability and certainty in respect
| to these things that may be done and
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 them
selves of those methods of combining
capital and effort deemed necessary to
reach the highest degree of economic
| efficiency, at the same time differenti-
| ating between combinations based up-
on legitimate economic reasons and
| those formed with the intent of Great
| Ing monopolies and artificially con-
controlling prices.
The work of formulating into prac-
teal shape such changes is creative
| work of the highest order, and re-
| quires all the deliberation possible in
| the interval. I believe that the amend
| ments to be proposed are just as
| necessary in the protection of legit-
| innate business as in the clinching of
| the reforms which properly bear the
| name of my predecessor.
A matter of most pressing import
| ance is the revision of the tariff. In
| accordance with the promises of the
| platform upon which I was elected, I
| shall call congress to extra session,
| to meet on the 18th day of March, In
| order that consideration may be at
| once given to a bill revising the Ding
| ley act. This should secure an ade-
| quate revenue and adjust the duties in
| such a manner as to afford to labor
| and to all industries in this country,
whether Of the farm, mine or factory,
| protection by tariff equal to the diff
| ference between the cost of produc-
| ton abroad and the cost of production
here, and have provision which shall
put into force upon executive deter
| mination of certain facts, a higher or
| maximum tariff against those coun-
tries whose trade policy toward us
equitably requires such discrimina.
ton. 1t is thought that there has
been such change in conditions
| since the enactment of the Dingley
act, drafted on a similarly protective
| principle, that the measure of the
tariff above stated will permit the re-
| duction of rates in certain schedules
and will require the advancement of
few, if any.
The proposal to revise the tariff
made in such an authoritative way as
to lead the business community to
| count upon it necessarily halts all
| those branches of business directly
| affected, and as these are most i'm.
| portant, it disturbs the whole business
of the country. 1t is imperatively nee.
| esSary, therefore, that tariff bill be