Pine Bluff daily graphic., 1909-03-05
TAF77'S
 INAUGURAL. ADDRESS Outlines Policy of
 Administration. PRAISE FOR ROOSEVELT Speech Begins With Advocacy
 ot Predecessors Reforms. 7 MANY QUESTIONS TOUCHED. incoming Presidents Ideas on
 Trusts and Other Matters.

My Fellow Gitizens-~Any one who takes the oath have just taken must feel a heavy weight of responsibility. If not, he has no conception of the powers and duties of tAe office upon which he is about to enter CT hc is lacking ill proper sense of tle oblga- tieu which the oath imposes
 The office of an inau.uras add. ess is to give a summary outlllc If the main policies of the new admiuistrat iou SC far as they can be anticipated. l have had the honor to be one of he ad- visers of my distinguished predecessor and as such to hold up his hands in the reforms lie has initiated. l should ne untrue to myself, to my promises and 60 the declarations of the party plat form upon which was elected 10 office if 1 did not make the mainte l1al1.e ant enforcement of those re. forms 1aost important feature of my administra ton. They were directed to the suppression of the lawlessness and abuses of power of the great combina- tlons of capital invested in railroads and i'll Industrial enterprises carrying on interstate commerce. The steps which my predecessor took and the legislation passed on his reeommenda tion have accomplished much have caused general halt in the vicious policies which created popular alarm and Lave brought about 1n 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 Oh the part Of those pursuing proper and progressive business met hotls 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, Nae administration is pledged to legis- lation looking to q 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, d reorganization of the de partment of justice, of the bureau of corporations in the department of com merce and labor and of the interstate commerce commission looking to etfec- tive cooperation of these agencies is needed to secure q more rapid and cer- tain enforcement of the laws affect ing interstate railroads and industrial combinations.
 l hope to be able to submit at the hrst regular session of the incoming congress ill December next definite suggestions in respect to the needed amendments to the antitrust and the interstate commerce law and the tchanges required in the executive de nartments concerned in their enforce |'ment.
 Good and Bad Trusts"
 It is believed that with the changes to be recommended American busi- ness 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 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 differentl- ating between combinations based upon legitimate economic reasons ana those formed with the intent of creat- ing monopolies and artificially control ling prices.
 The work of formulating into prac- tical shape such changes is creative work of the highest order and requires ali the deliberation possible ill the h. terval. believe that the amendments to be proposed are just as necessary ln . the protection of legitimate business as rk the clinching of the reforms which pyoperly hear ine name of my prede- cessor.
 Revision of the Tariff.
 A matter of most pressing inipor- tance is the revision of the tariff. In accordance with the promises of the platform upo, which l was elected, ] shall cal! congress Into extra session