The Birmingham age-herald., 1909-03-05
Inaugural Address Of
 President ". Fl. Taft

My Fellow Citizens-Any one who takes the oath l have just taken must feel a heavy weight of responsibility. Ii not he has no conception of the pow CTS and duties of the office upon which he is about to enter, or he is lacking in @ 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. I have had the honor to be one of the advisers of my distinguished predecessor, and as such, to hold up his hands in the re- forms he has initiated. should be un- true to myself, to my promises and to the declarations of the party platform upon which 1 was elected to office, if did not make the maintenance and en- forcement of those reforms a most im- portant feature of my administration. They were directed to the suppression of the lawlessness and abuses of power of the great combinations of capital in- vested in railroads and in industrial en- terprises carrying on interstate commerce. The steps which my predecessor took and the legislation passed on his rec ommendation have accomplished much, have, caused a general halt in the vicious policies which created popular alarm, and have brought about in the business af- fected a much higher regard for exist ing law.
 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. Relief of the railroads from certain restrictions of the antitrust law has been urged by my predecessor ar, xxrfl1 lD Bxrr nV ha nT h. CT hand, the administration is pledged to legislation looking to a proper federal supervision and restriction to prevent ex- cessive issues of bonds and stocks by companies owning and operating inter state commerce railroads.
 Reorganization Work.
 Then too, a reorganization of the de- partment of jusuce, of the bureau of cor porations in the department of commerce and labor and of the interstate commerce commission, looking to effective co-opera- tion of these agencies, is needed to secure a more rapid and certain enforcement of the laws affecting interstate railroads and industrial combinations.
 1 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 ex- ecutive departments concerned in their enforcement.
 It 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 pro hibited, which is essential to the life and growth of all business. Such plan must include the right of the people to avail themselves of those methods of combining capital and effort deemed necessary to reach the highest degree of economic eff ficiency at the same time differentiating between combinations based upon legit- innate economic reasons and those formed with the intent of creating monopolies and artifcially controlling prices.
 The work of formulating into practical shape such changes is creative work of the highest order, and requires all the deliberation possible in the interval. 1 be- leve that the amendments to be proposed are just as necessary in the protection of legitimate business as in the clinch- ing of the reforms which properly bear the name of my predecessor.
 Revision of Tariff.
 A matter of most pressing importance is the revision of the tariff. In accord ance with the promises of the platform upon Wfl1cn 1 was eleCleu, l SIldll Cdll Congress into extra session, to meet on the 18th day of March, in order that consideration may be at once given to a bill revising the Dingley act. This should secure an adequate revenue and adjust the duties in such manner as to af- ford 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 certain facts, a higher or maximum tariff against those countries whose trade policy toward us equitably requires such discrimination It is thought that there has been such 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 permit the reduction of rates in cer- tain schedules and will require the ad- vancement of few, if any.
 The proposal to revise the tariff made in such an authoritative way as to lead the business community to count upon it, necessarily halts all those branches of business directly affected, and as these are most important, it disturps the whole business of the country. It is imperative ly necessary, therefore, that a tariff bill be drawn in good faith in accordance with promises made before the election by tLe party in power, and as promptly passed as due consideration will permit. 1t is not that the tariff is more important in the long run than the perfecting of the reforms in respect to antitrust legisla- ton and interstate commerce regulation, but the need for action when the re- vision of the tariff has been determined uron is more immediate to avoid em- barrassment of business. To secure the needed speed in the passage of the tariff bill it would seem wise to attempt no other legislation at the extra session. I venture this as a suggestion only, for the course to be taken by Congress, upon the call of the executive, is wholly within it's discretion.
 Taxation Is Tariff Basis.
 IT. the making of tariff bill the prime r-otive is taxation and the securing there by of revenue. Due largely to the business depression which followed the fiji sncial panic of 1907, the revenue from customs and other sources has decreased to such an extent that the expenditures for the current fiscal year will exceed the receipts by s100, 900. It is impera- tive that such deficit shall not continue, and the framers of the tariff bilr must of course have in mind the total revenues likely to be produced by it, and so ar range the duties as to secure an adequate income. Should 1t be impossible to do so by import duties. new kinds of taxation must be adopted, and among these recommend a graduated inheritance tax, as correct in principle and as certain and easy of collection.
 The obligation on the part of those re- sponsible for the expenditures mace to carry on the government to be as eco nomical as possible. and to make the burden of taxation as light as possible, is plain and should be affirmed in every