The Durham recorder. [volume] (Durham, N.C.) 1879-19??, 1909-03-05
TAFTS INAUGURAL ADDRESS.
(Continued from first page.)

" avail lHSusciNSS VI lhooS hSehouo
of combining capital and effort DEEM
ed necessary to reach the highest de-
gree of economic efficiency, at the
same time differentiating between
combinations based upon legitimate
economic reasons and those formed
with the intent of creating monopol-
les and artifically controlling prices.
The work of formulating into prac-
teal shape such changes is creative
work Of the highest order and re-
quires all the elaboration possible in
the interval. believe that the amend
ments TO be proposed are just as nee
lessary In the protection of legitimate
business as in the cliaching 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 promise of the
platform upon which | was elected, /
shall call congress into extra session
to meet on the fifteenth day of March.
in order that consideration may be
At once given to bin revising the
Dingley act.
This should secure an adequate re-.
venue 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. protec-
ton by tariff equal to the difference
between the cost of production abroad
and the cost of production here, and
have provision which shall put into
force, upon executive determination of
certain facts. higher or maximum
tariff against those countries whose
trade policy toward us equitable re-
quires such discrimination.
II Is thought that there has been
such a change in conditions since the
enactment Of the Dingley act. draft
ed on a similarly protective principle.
that the measure of the tariff above
stated will permit the reduction of
rates il certain schedules and will re.
quire the advancement OF few, II any.
REVISED TARIFF WILL RESTORE
CONFIDENCE.
The proposal 10 revise the tariff
made in such an authoritive way as
10 lead the business community to
count upon ii necessarily halts all
those branches OF business directly
affected, and as these are most i'm
poriant II disturbs the whole business
- 49, nr,,ntwy ~ ;r s.nnarnfsvafx- ran
essary. therefore. that tariff bill be
drawn in good faith in accordance
with promises made before the cleo
ton by the party IN power. and as
promptly passed as due consideration
will permit.
II is not that the tariff is more i'm
portant in the long run than the per-
\ fecting of the reforms in respect to
antitrust legislation and interstate
commerce regulation, but the need for
action when the revision OF the tariff
has been determined upon is more i'm
mediate TO avoid embarrassment Of
business. To secure the needed speed
in the passage OF the tariff bill, II
would seem wise to attempt no other
Legislation at the extra session. |
venture this as suggestion only. for
the course to be taken BY congress.
upon the call Of the executive, ID
wholly within its discretion.
MUST WIPE CIT THE 100000.
900 DEFICIT.
In the making Of tariff bill the
prime motive il taxation. and the se
curing thereby Of a revenue. Due
largely to the business depression
. which followed the financial panic 81
! 1907. the revenue from customs and
! other sources has decreased TO suci
an extent that the expenditures fol
the current fiscal year viii exceed th'
: receipts BY si00.00o.000. II Is i'm
. peratiye that such a deficit shall no
continue. and the trainers Of the tariff
bill must Of course have In mind TIL
: total revenues likely to be produced
, III II, and 80 arrange the duties as 4
secure an adequate income.
Should ii be impossible 10 do 50 b!
0 import duties. new kinds OF taxation
! must Be adopted. and among these
recommend a graduated inheritance
TAX as correct In principle and as Ger
tain and easy Of collection.
J The obligation on the part Of thos
responsible for the expenditure mad
to carry on the government. TO be q
y economical as possible. and 10 max
: the burden Of taxation as light a. pos
sible. II plain and should BE- affirme,
N every declaration Of government
2 policy. This Il especially true whel
: We are face 20 face with heavy ds
felt But when the desire to win III
popular approval leads 70 the cnttln
on Of expenditures really needed I
make the government effective. an
j 10 enable II 10 accomplish IL propa
objects the result Is as much to b
I condemned as the waste Of geyerr
e ment funds in unnecessary expend
fure. The scope or a modern govern
men; IN what |; can and ought to .,
: complish for It's people has been VII
4 fned far and beyond the principle
: laid down BY the old lalssez fair
school or political writer's. and I'll
widening has met popular approval
!, In the department Of agricultur