The Morris County chronicle. [volume] (Morristown, N.J.) 1877-1915, 1909-03-09
PRESIDENT TAFT'S
INAUGURAL ADDRESS

Urges immediate Revision of til
Tariff, Suggests Postal Saving
Banks, and an Inheritance Tax
Says Progress of Negro Depend
on His Thrift and Industry
Panama Canal Must Be Built Ac
cording to Present Plans.
Washington, D. CATER havins
been sworn in as President, Mr.. Tai
delivered his Inaugural Addres.
/ which is, in part, as follows:
My Fellow Citizens:
Any one who takes the oath I have
just taken must feel heavy weight
OF responsibility. If not, he has NJ
conception of the powers and dutie:
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 administers
ton, so far as they can be anticipated
/ have had the honor to be one OF
the advisers of my distinguished pred
ecessor, and as such, to hold up his
. I should be untrue to myself, to my
promises and to the declarations OF
the party platform upon which I was
elected to office, if did not make the
maintenance and enforcement of
those reforms a most important fea-
ture of my administration. They
were directed to the suppression of
the lawlessness and abuses of power
~ fho h 1uYf of oil
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.
Mr.. Taft expresses the belief that
a reorganization of the Department
of Justice, of the Bureau of Corpora
tions in the Department of Commerce
and Labor, and of the Interstate Com
merce Commission, is needed to Sc
cure more rapid enforcement of the
laws affecting interstate railroads
He says he hopes to submit, at 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.
1t is believed, the Address con-
tinues, 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 plan must in
clude the right of the people to avail
themselves of those methods of COM
bining capital. at the same time diff
Terminating between combinations
based upon legitimate economic rea-
sons and those formed with the in
tent of creating monopolies and arti-
ficially controlling prices. l believe
that the amendments to be proposed
are Just as necessary in the protec-
ton of legitimate business as in the
clinching of the reforms which prop
erly bear the name of my predecessor
On the subject of tariff revision Mr.
Taft says: A matter of most press
ing Importance is the revision of the
tariff. In accordance with the prom
ises of the platform upon which was
elected, I shall call Congress into ex-
ira session, to meet on the 18th day
of March, in order that consideration
may be at once given to a bill revis-
ing the Dingley Act. This should Sc
cure an adequate revenue and adjust
the duties in such 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 discrimination.
The President believes there can
eafely be a reduction in certain sched-
ules while advancement will be re-
CURED in few, If any. The proposed
revision disturbs the whole business
of the country; therefore, it is neces-
sary that the bill be drawn in good
faith and as promptly as possible.
Mr.. Taft because of this urges that
40 other legislation be considered at
tie extra session.
The President states that the re-
vision OF this tariff is for the purpose
of raising sufficient revenue to wipe
out tho years 500, 100000 deficit
Should it be impossible to do so by
import duties, new kinds of taxation
must pc adopted, and among these
Mr. Taft recommends q graduated in
heritance tax, as correct in principle
and as certain and easy of collection.
Mr., Taft says he stands for econ
omy in expenditures but not to an ex-
tent thai will stop effective govern
n emit There must be liberal ex-
penditures for the Department of
Agriculture, the supervision of rail-
ways and industrial corporations, and
che putting of laws in force that will
conserve our resources.
A permanent improvement, like
Che Panama Canal, should be treated
as a distinct enterprise, and should
be paid for by the proceeds of bonds,
the issue of which Will distribute its
cost between the present and future
generations in accordance with the
benefits derived. 1t may we'll be sub
mitted to the serious consideration