The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1909-03-12
WORDS OF Mr.. TAFT
NEW PRESIDENT DELIVERS IN
AUGURAL ADDRESS TODAY.
Outlines the Policy of the Admins
tration; Will Follow in the Foot
steps of His Predecessor in the
Hope of Bringing About Needed
Reforms; Many Questions Touched.


Reforms; Many Questions Touched
My Fellow Citizfns Any enc VI IN
takes the oath 1 have JGSt taken mus
feel a heavy weight 90 rcSp2nsibiiity
If not, he has no coz, option Of The
powers and duties of the Office upoH
which he is about to enter CT he is
lacking in a proper sense CT the Ghli%is-
tion which the oath imposes. !.
The office of, an inaugural address il
to give summary outline of the main
policies of the new administration sc
far as they can lee anticipated. / have
had the honor 10 be one CT he ad-
visers of my distinguished nrede cssor
and as such 10. hold up his haLC.& II
the reforms lie has initiated. | should
be untrue 10 myself, to my promises
and to the declarations of the party
platform upon which / was elected TO
Office If | did not make the mainte
nance and enforcement OF those re-
forms a most important feature of my
administration. They were directed to
the suppression of the lawlessness and
abuses Of power of the great combina-
lions of capital invested in railroads
and in industrial enterprises carrying
on interstate commerce. The steps
which ny predecessor took and the
Ho
ton have accomplished much, have
caused-a general halt IN the vicious
policies which created popular alarm
ana have brought about in the bust
ness affected a much higher regard for
existing law.
Further Action Needed.
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 legis-
lation looking to a proper federal SUI
pervision and restriction to prevent eX-
cessive issues of bonds and stocks by
companies owning and operating inter-
state commerce railroads.
Then, too, reorganization of the de-
partment of justice, of the bureau of
corporations in the department of COM
merce and labor and of the interstate
tive cooperation of these agencies is
needed to secure a more rapid and GER
tain enforcement of the laws affect
ing interstate railroads and industrial
combinations.
I hope to be able 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 and the
changes required in the executive de-
partments concerned in their enforce
ment.
"Good and Bad Trusts."
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
those things that NAV 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 different
ating between combinations based
upon legitimate economic reasons and
those formed with the intent of Great
ing monopolieS and artiicially control
ling prices.
The work Of formulating into prac-
teal shape such changes is creative
work of the highest order and requires
all the deliberation possible in the in
tervaf l believe that the amendments
10 be proposed are just as necessary in
the protection of legitimate business as
in the clinching of the reforms which
properly bear the name of my prede-
cessor.
Revision Of the Tariff.
A matter of most pressing impor-
tance 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 Oh the 18th day Of March, IN
order that consideration may be at
once given 20 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 differ
ence between the cost Of production
abroad and the cost Of production here
and have provision which shall put
Into force, upon executive determine
ton of certain facts, a higher or maxi
mum tariff against those countries
whose trade policy toward us equitably
requires such discrimination 1t is
thought that there has been such a
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 certain
SchadIl1pS and will rnouira the nd