The Penn's Grove record., 1909-03-05
PRESIDENT TAFTs
INAUGURAL ADDRESS

Declares For a Continuation Of the
Policies of His Predecessor,
Urges Immediate Revision of the
Tariff, Suggests Postal Savings
Banks, and an Inheritance Tax
Says Progress OF Negro Depends
ON His Thrift and Industry
Panama Canal Must Be Built Ac-
cording to Present Plans.
Washington, D. CATER having
been sworn in as President, Mr.. Taft
delivered his Inaugural Address
which is, in part, as follows:
My Fellow Citizens:
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 the office upon which he is about
to enter, or he is lacking in a proper
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.
I have had the honor to be one of
the advisers of my distinguished pred
ecessor, 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 | was
olnafod IN If no 80 r Ala ~ -ooIro H.
maintenance and enforcement of
those reforms a most important fea-
ture rof my administration. They
were directed to the suppression of
the lawlessness and abuses of power
of the great combinations of capital
invested in railroads and in industrial
enterprises carrying on Interstate
commerce. The steps which my
predecessor took and the legislation
passed on his recommendation have
accomplished much, have caused a
general halt in the vicious policies
which created popular alarm, and
have brought about in the business
affected a much higher 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 progress
sive business methods, further legis-
lative and executive action are
needed. Relief Of the railroads from
certain restrictions of the antitrust
law have been urged by my prede-
cessor and will be urged by me. On
the other hand, the administration is
pledged to legislation looking to a
proper federal supervision and re-
striction to prevent excessive issueg
of bonds and stocks by companies
owning and operating interstate COM
merce railroads.
Mr.. Taft expresses the belief that
a reorganization of the Department
of Justice, of tie Bureau of Corpora
tions in the Department of Commerce
and Labor, and of the Interstate Com
merce Commission, is needed to Sc
cure a more rapid enforcement of the
laws affecting interstate railroads
and industrial combinations.
He says he hopes 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
~ NOhAluCASC ioNs
1t is believed, the Address con-
tinues, 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 prohibited, which is
essential to the life and growth of
all business. Such a plan must in
clude the right of the people to avail
themselves of those methods of COM
bining capital, at the same time diff
Terminating between combinations
based upon legitimate economic rea-
SONS and those formed with the in
tent of creating monopolies and arti-
ficially controlling prices. I believe
that the amendments to be proposed
are just as necessary in the protec-
ton = legitimate business as in the
clinching of the reforms which prop
erly bear the name of my predecessor.
On the subject of tariff revision Mr..
Taft says: A matter of most press
ing Importance is the revision of the
tariff. In accordance with the prom
Uses of the platform upon which I was
elected, I shall call Congress into ex-
ira session, to meet on the 18th day
of March, in order that consideration
may be at once given to a bill revis-
ing the Dingley Act. This should Sc
cure an adequate revenue and adjust
the duties in such a 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 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 GER
tain facts, a higher or maximum tariff
against those countries whose trade
policy toward us equitably requires
such discrimination.
The President believes there can
safely be a reduction in certain sched-
ules while advancement will be re-
CURED in few, if any. The proposed
revision disturbs the whole business
of the country; therefore, it is neces-
sary that the bill be drawn in good
faith and as promptly as possible.
Mr. Taft because of this urges that
no other legislation be considered at
the extra session.
The President states that the re-
vision of this tariff is for the purpose
of raising sufficient revenue to wipe
out the years $100,000,000 deficit.
Should it be impossible to do so by
import duties, new kinds of taxation
must DE adopted, and among these
MI. Taft recommends a graduated in
heritance tax, as correct in principle
and as certain and easy of collection.