The French Broad hustler. [volume] (Hendersonville, N.C.) 1896-1912, 1909-03-11
Ny Fellow Citizens :

have just taken must feel q heavy
weight of responsibility. If not, be
has no conception of the powers and
dtEIes of the Office upon which he is
about to enter, or he is lacking in q
proper sense of the obligation which
the oath imposes.
/ should be untrue to myself
to my promises and to the d~eclara.
lions of the party platform upon
winch l was elected to office, and
to may distinguished predecessor
whose reforms are conspicuous if
dId not make the maintenance ande en-
torcement of those reforms a most
important feature of my administra-
tlon. They We're directed to the sup
preston of the lawkssness and
abuses of power of the great com
blnatlons of capital invested in rail.
roads and in industrial enterprises
carrying on interstate The
steps which my predecessor took and
The legislation passed on his recon-
mendatlon have accomplished much.
nave caused a general halt in the
VICIOUS policies which created pop
ular alarm, and have brought about
IN the business affected, a much high
er regard for existing law.
To render the reforms lasting,
however, and to secure at the same
time freedom from alarm on the part
OF those pursuing proper and pro-
gresslve business methods, further
legislative and executive action are
needed. Relief of the railroads from
certain restrictions of the antitrust
law have been urged by my predeceS-
o and will be urged by me. On
1he other hand, the administration is
pledged to legislation looking to a
proper federal supervision and re-
str1ct1on to prevent excessive issues
OF bonds and stocks by companies
owning and operating interstate COM
merce railroads.
Then, too, a reorganization of the
department of Justice, of the Blu
reau of Corporations in the Depart
ment of Commerce and Labor and
of the Interstate Commerce Commits
sion looking to effective cooperation
OF. these agencies, Is needed to secure
a more rapid and certain enforce
ment of the laws affecting interstate
railroads and industrial combina-
fions.
I hope to be able to submit, at the
nrst 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.
Such plans must be formulated as
will include the right of the people to
Svail themselves Of those methods of
combining capital and effort deemed
necessary to reach the highest de-
gree of economic efficiency, at the
same time diferentiating between
combinations based upon legitimate
economic reasons and those formed
with the intent of creating monopo-
lies and artifcially controlling prices.
The work of formulating into prac-
teal shape such changes in creative
york of the highest order, re-
quires all the deliberation possible
in the interval. l believe that the
amendments to be proposed are just
as necessary N the protection of
legitimate business as N the clinch-
ing of the reforms which properly
bear the name of my predecessor.
Revision of the Tariff.
A matter of most pressing impor-
lance is the revision of the tariff. In
accordance with the promise of the
platform upon which 1 was elected,
I shall call Congress into extra ses-
sion, to meet on the 18th day of
March, in order that consideration
may be at once given to a bill re-
vising the Dingley Act. This should
secure an adequate revenue and ad-
just the duties in such a manner as
70 afford to labor and to all indus
tines 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
q provision Ghich shall put in force
upon executive determination of GER
tain facts, a higher or maximum
tariff against those countries whose
trade policy toward us equitabIy re-
quires such discrimination. It is
thought that the. tariff above stated
will permit the reduction Of rates in
certain schedules and will require the
advancement of few, if any.
It is i~mparatively necessary that a
tariff bill be drawn in good faith in
accordance with promises made be-
fore the election by party in power.
and as promptly passed as due consid-
GRAFTON will permit, 1t is not that the
tariff is more important in the Ionp
run than the perfecting of the re
forms in respect to antitrust leois-
1ation and interstate commerce rpoTI-
~1ation, but the need for action when
the revision of the tariff has been
determined upon is more immediate
to avoid embarrassment of business.
Graduated Inheritance Tax,
1t is imperative that the deficit of the
past year, of 500, 100000 shall not