The evening world., 1909-03-04


MY Fellow Citizens: Any one who
sakes the oath | have Just taken must
feel a heavy weight Of responsibility
II 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 sense of the obi.
cations which the oath imposes.
The office Of an inaugural ndd-cs So
s to give summary outline of the
main policies Of the new admin!stra.
ton. so far as they can be anticipated
] have had the honor to he ono OF the
sdvisers OF my distinguished prede
eessor, and as such. to hold up his
hands the reforms he has initiated,
! should he untrue to myself, to my
promises and TO the declarations Of the
party platform upon which was elect.
cd to once, II did not make the main.
tsnance and enforcement Of those re-.
forms q most important feature Of my
administration.
They were directed to the suppress.
sion Of the lawlessness and abuses OF
power of the great combinations Of
capital invested in railroads and IN in.
dustrial enterprises carrying on inter.
state commerce, The steps which my
predecessor took and the legislation
passed on his recommendation have
accomplished much, have caused gen.
e:a1 halt in the vicious policies which
created popular alarm. aud have
brought about in the business affected
much higher regard for existing law.
To Make Reforms Lasting.
"Tc render the reforms LISTING, 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. Re.
lief OF the railroads from certain re.
strictions Of the antitrust law have
been urged by my predecessor and VIII
be urged by me On the other hand,
the Administration is pledged to legis.'
iation looking to a proper federal su.
pervision and restriction TO prevent eS.
cessive Issues of bonds AMI stocks by
companies owning and operating inter-
state commerce railroads"
The President said that there must be
a REORGANIZATION OF the Interstate Com.
merce Commission, the Department OF
Commerce and Labor and the Depart.
ment OF Justice to make these reforms
effective, and that he hoped to make
certain suggestions to Congress regard
Ing amendments to present antitrust
and Interstate commerce laws which
would make the reforms fair and rea-
sonable. He continued:
ut Is believed that with the changes
20 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 es-
sential to the life and growth OF all
business.
"such plan must include the right
Of the people to avail themselves OF
those method Of combining capital
and effort deemed necessary to reach
the highest degree Of economic sf-
hcisncy, at the same time difsrsntt-
sting between combinations based
upon legitimate economic reasons and
those formed with the intent OF crs-
sting monopoliss and artiAcially con-
trolling prices
Revision OF the Tariff.
THE work OF formulating into practl-
cal shape such changes Is creative work
OF the highest order, and requires al!
the elaboration possible In the Interval.
] believe that the amendments to ne
proposed are just as necessary In the
protection OF legitimate business ms in
the cllnching of the reforms which
properly bear the name OF my pre-
decessor.
"A matter Of most pressing impor-
lance Is the revision Of the tariff. In
accordance with the promises OF the
platform upon which / was elected, I
shall call Congress into extra session.
to meet on the 18th day Of March. In
order that consideration may be Al once
given to q hill revising the Dinghy Act.
I'm regard to the nature OF the extra
session tariff legislation. President TAFT
said 1t Is held that there has been
such a change Of conditions since the
passing OF the Dingley act that a read
justment Is NECESSARY to preserve to all
forms Of industy. whether OF the fac
tory, farm or mine, a protection equal
to the difference between the cost OF
production here and abroad, and to In.
clude reciprocity provision"
Inasmuch as pending tariff legislation
10 an embarrassment to the orderly
progress Of all DIR businesses. the Presi.
dsnt suggested that the swittest and
most satisfactory result will be attained
by CO. siderlng no other legislation at the
ocminy extra session.
New Kinds Of Taxation.
He then indicated a suggestion for
conservatism in tariff scaling In these
words:
''In the making Of tariff bill the
prime motive is taxation, and the
securing thereby Of a revenue. Due
largely to the business depression |
which followed the financial 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 re-
ceipts by sioooOo.ooO It is impera-
tive that such a deficit shall not con-