The Roswell daily record. [volume] (Roswell, N.M.) 1903-current, 1909-03-04

OF responsibility. II not, he las no
conception OF the powers n 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 administra-
ton. SO far as they can be anticipated
/ have had the honor to be one of the
advisers of my distinguished prede-
cessor. and as such, to hold up his
hands in the reforms he has initiated.
/ should be untrue to myself, to my
promises and to the declarations OF
the party platform upon which I was
elected to office, II I did not make
b maintenance and enforcement of
those reforms a o important fea-
ture of my administration. They were
directed to the suppression OF the law
lessness and abuses of power of the
great combinations of capital invested
in railroads and in industrial enter
prises carrying on interstate COM
MERGE. The steps which my prede-
cessor took and the legislation pass
ed on his recommendation have &C.
comphshed much have caused a gen.
era1 halt in the vicious policies which
created popular alarm, and have bro't
about in the business affected, a
much higher regard for existing law.
To render the reforms lasting, how
ever, and to ecure at the same time
freedom from alarm on b part Of
those pursuing proper and progress
sfve business methods, further legis-
fafive and executive action are need
ed. Relief of the railroads from GER
tain restrictions of b antitrust law
a been urged by my predecessor
and will be urged by me. On the
other hand, the administration is
pledged t legislation looking to a pro
pei federal supervision and restric-
ton to prevent excessive issues of
bonds and stocks by companies own
ing and operating interstate commerce
railroads.
Then, too a reorganization of the
Department Of Justice, of the Bureau
OF Corporations in the Department of
Commerce and Labor, and of the Inter
state Commerce Commission, looking
to effective cooperation of these ag-
encies, Is needed to secure a
rapid and certain enforcement Of the
laws affecting 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
low AaA t1lS
changes required in the executive de-
partnents concerned In heir enforce
ment.
1t Is believed that with the chang
es to be recommended, American bus
mess can be assured of that measure
OF stability and certainty in respect
to those things that may lbe done n
those that are prohibited which is es-
sentfal to the life and growth of all
hoYafnAeo Gurh q n1or nur1Qf include
b right of b people to avail them
selves OF those methods of combining
capital and effort deemed necessary
to reach the highest degree of econo-
mic efficiency, at b same time diff
erentiating between combinations bias
ed upon legitimate economic
and those formed with the intent of
controlling prices.
The work Of formulating into prac
teal shape such changes is creative
work of the highest order, and re-
equires all the elaboration possible
in the interval. I believe hat the
amendments to be proposed are Just
as necessary In the protection of le-
Ultimate business as in the clinching
Of the reforms which properly bear
the name OF my predecessor.
A matter OF most pressing inpor-
lance is the revision OF the tariff. In
accordance with the promises of the
platform upon which I was elected, l
shall call Congress into extra session,
to meet ON the 18th day of March, in
order that consideration may be at
once given to q bill revising the Ding
ley Act. This should ecu al ade-
Quate revenue and adjust h duties
in such q name 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 a provision which shall
put Into force, upon executive deter
niu1tien Of certain facts, q higher or
maximup tariff against those coun-
tries whose trade policy toward us
e~quitably requires such discrimination
It Is thought that there has been
such . change In conditions since the
enactment of the Dingley Act, drafted
on . similarly protective principle,
that the measure Of the tariff above
sisted VIII permit the reduction Of
rates In certain schedules and will re-
Quire the advancement OF q few, II
any.
The proposal to revise the tariff In
such an authoritative way as to lead
the business community to count up
on necessarily halts all those
branches OF business directly affected,
disturbs the whole business of the
country. 1t is mper1tively necessary. /
therefore that q tariff bill be drawn
IN eod fnzth IN accordance with prom
ines made before the election by the
party no win power. and a. promptly
passed ~ due consideration win per
init II Is not that the tariff IS more