Omaha daily bee., 1909-03-05

heavy weight OF responsibility IL 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 obligation which the oath imposes.
The office Of an inaugural address is to
give a summary outline OF the main policies
OF the new administration, so far as they
can be anticipated. 1 have had the honor
to be one OF the advisers OF my dis
tinguished predecessor, and az such, 10 hold
up his hands in the reforms he has initi-
sted. I should be untrue to myself. TO my
promises and to the declarations Of the
party platform upon which I was elected
TO office, II l did not make the maintenance
and enforcement OF those reforms a most
important feature OF my administration.
They were directed to the suppression OF
the lawlessness and abuses of power OF
the great combinations Of capital invested
In railroads and in Industrial enterprises
carrying on interstate commerce. The
steps which my predecessor took and the
legislation passed on his recommendation
have accomplished much. have caused a
general halt IN the vicious policies which
created popular alarm, and have brought
about in the business affected. a much
higher regard for existing law.
TO render the reforms lasting, however,
and 70 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. Relief of the railroads from GER
tain restrictions OF the antitrust law have
been urged by my predecessor and will be
urged by me. on the other hand, the ad-
ministration is pledged to legislation look
ing to a proper federal supervision and re-
striction TO prevent excessive issues OF
bonds and stocks by companies owning and
operating Interstate railroads.
Then. too, n reorganization of the Depart
ment OF Justice, Of the bureau OF CORPORA
tons in the Department of Commerce and
Labor. and OF the Interstate Commerce
commission, looking to effective corpora
ton Of these agencies, is NEEDED to secure a
more rapid and certain enforcement of the
laws affecting Interstate railroads and in
dustrial combinations.
DeAnite SugeEstiOns in December.
hope to be able to submit. at the first
regular session OF the incoming congress,
in December next, definit suggestions IN
respect to the needed amendments to the
antitrust and the interstate law,
and the changes required in the executive
departments concerned in their enforce
ment.
II is believed that with the changes to be
recommended. American business can be
assured OF that measure OF stability 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. Such a plan must include
the right of the people to avail themselves
OF those methods OF combining capital and
effort deemed necessary 10 reach the high
est degree of economic efficiency, at the
same time differentiating between com
binatfons based upon legitimate economic
reasons and those formed with the intent
of creating monopolies and artificially con-
trolling prices.
The work OF formulating into practical
shape such changes Is creative work of tine
highest order, and requires all the delib-
Grafton possible in the interval. l believe
that the amendments TO be proposed are
Just as necessary in the protection OF legit-
mate business as in the clinching Of the re-
forms which properly bear the name of my
predecessor.
Tariff Most Important.
A matter OF most pressing Importance is
the revision of the tariff. In accordance
with the promises of the platform upon
which ] was elected. l shall call congress
into extra session, to meet on March Is, in
order that consideration may be at once
gwen TO a bill revising the Dingley act.
This should secure an adequate 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
difference between the cost of production
abroad and the cost of production here,
and have a provision which shall put into
force, upon executive determination OF GER
tain facts, a higher or maximum tariff
against those countries whose trade policy
toward us equitably requires such dis
elimination. 1t is thought that there has
been such a 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 per
NIT the reduction of rates In certain
schedules and will require the advancement
OF few, II any.
The proposal to revise the tariff made IN
such an authoritative way as to lead the
business community to count upon Il
necessarily hslts all those branches Of
business directly affected, and as these ars
most Important II uisluTDb the WHOie Dubi
ness OF the country. 1t is imperatively
necessary. therefore, that q tariff bill
be drawn in good faith In accordance will
promises made before the election by tn,
party in power, and as promptly passed al
due consideration will permit. II Is no
that the tariff Is more important in tn
long run than the perfecting Of the reforms
in respect to antitrust legislation and in
terstate regulation, but the neeC
for action when the revision OF the tariff
has been determined upon. Is more immedi
ate 10 avoid embarrassment OF business
To secure the needed speed in the passag,
OF the tariff bill, n would seem wise t.
attempt no other legislation at the extr'
session. j venture this as q suggestion
only. for the course to be taken by con
Eress. upon the call CT the executive. i
wholly within its discretion.
revenue Comes First.
In the making or a tariff bill. the prim
motive is taxation. and the securing thereb
OF a revenue. Due largely to the bushes
depression which followed the ~financia
panic OF 1907. the revenue from customs an
other sources has decreased to such an ex
tent that the expenditures for the curren
fiscal year will exceed the receipts b.
SioO.OOO.0O0 II is imperative that such
deficit shall not continue, and the framer