Weekly journal-miner., 1909-03-10

corporations in the department of com
 merce and labor, and of the Interstate Commerce Commission, looking to eff fective cooperation of these agencies is needed to secure a more rapid and
 certain enforcement of the laws af-
 fecting interstate railroads and indus
 trial combinations.
 I hope to be able to submit, at the
 first regular session of the incoming
 congress, in December next, definite
 suggestion in respect to the needed
 amendments to the antitrust and the
 interstate commerce law, and the
 changes required in the executive de-
 partmcnts concerned in their enforce
 ment.
 It is believed that with the changes
 to be recommended, American business
 can be assured of that measure of sta
 bility and certainty in respect to those
 things that may be done and those
 that are prohibited, which is essential
 to the life and growth of all business.
 Sucn a plan must include the right of the people to avail themselves of those
 methods of combining capital and eff
 effort deemed necessary to reach the
 highest degree of economic efficiency, at the same time differentiating be combinations based upon legitimate ec- onomic reasons and those formed with the intent of creating monOpolies and artifcially controlling prices.
 The work of formulating into prac tical shape such changes is creative work of the highest order, and requires all the deliberstion possible in the in terval. I believe that the amendments to be proposed are just as necessary in the protection of legitimate business as in the elinehing of the reforms which properly bear the name of my predecessor.
 A matter of most pressing lmpor- tanee is the revision of the tariff. In accordance with the promises of the platform upon which I was elected, shall call congress into extra session, to meet on the 18th day of March, in order that consideration may be at once given to a bill revising the Din gley Act. This should secure an ade- quate revenue and adjust the duties in such a manner as to afford to labor and 10 all industries in this country, whether of the farm, mine or factory, protection by tariff equal to the differ ence between the cost of production abroad and the cost of production here, and have a provision which shall put into force, upon executive determina- ton of certain facts, q higher or max imum tariff against those countries whose trade policy toward us equitably such discrimination. Ii is hn,,pbt rhaf +hara haC change in conditions since the enact ment of the Dingley Act, drafted on a similarly protective principle. that the measure of the tariff above stated will permit the reduction of rates in cer- tain schedules and will require the ad- vaneement 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, necessary halts all those branches of business directly affected. and as there are most important, it lisutrbs the whole business of the IL is imperatively necessary, therefore, that q tariff bill be drawn in good faith in accordance with prom ses made before the election by the party in power, and as promptly pass ad as due consideration will permit. It IS not that the tariff is more impor- .ant in the long run than the perfect ng of the reforms in respect to anti rust legislation and interstate cOm- nerce regulation. but the need for ac- ion when the revision of the tariff | las been determined upon, is more i'm mediate to avoid embarrassment of | business. To secure the needed speed l n the passage of the tariff bill, it l would seem wise to attempt no other ! eglslation at the extra session. I | 'enture this as suggestion only, for | he course to be taken by congress, up- | III the call of the executive. is wholly | within its discretion.
 In the making of a tanff bill the prime motive is taxation. and the SC urlng thereby of a revenue. Due argely to the business depression which followed the financial panic of gOI, the revenue from customs and ther resources has decreased to such n extent that the expenditures for he current fiscal year will exceed the eceipts by $l00,0O0,OOO. It is imper- tive that such a deficit shall not con AhNs anu AAlt AAhAltlS Ol the LdIlH i'll must of course have in mind the Dtal revenues likely to be produced by !, and so arrange the duties as to se- ure an adequate income. Should it Q impossible to do so by import du- ies, new kinds of taxation must be dopted, and among these I recom- lend a graduated inheritance tax, as orrect in priciple ana as certain and lsy of collection.
 The obligation on the part of those : asponsible for the expenditures made } carry on the government. to be as ;onomical as possible, and to make [ le burden of taxation as light as pos l ble, is plain and should be affirmed g l every declaration of government [ Olicy. This is especially true when 1 e are face to face with heavy deficit. [ ut when the desire to win the popu- I IT approval leads to the cutting off of q expenditures really needed to make l le government effective, and to en- s ole 1t to accomplish its proper objects. C le result is as much to be condemned q 5 the waste of government funds in q necessary eNDendirurp The Sconp