Fort Mill times. [volume] (Fort Mill, S.C.) 1892-current, 1909-03-11

on His Thrift and Industry
| Panama Canal Must BE Built Ac-
cording TO Present Plans.
Washington, ID. C.-After 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 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 n proper
sense OF the obligation which the oath
imposes.
The Office OF an Inaugural Address
is to give summary outline of ;hc
man policies of the new administra-
tion. so far as they can be anticipated
| have had the honor to be one of
the advisers OF my distinguished pred
ecessor. and as such. to hold up his
hands III the reforms he has initiated
L should be untrue to myself. to my
promises and to the declarations of
the party platform unon which | was
elected 10 office. if / did not make the
maintenance and enforcement of
those reforms n most imuortant fea-
ture of my administration. They
were directed to the suppression of
the lawlessness and abuses of power
OF the great combinations of canital
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 =
general halt in the vicious nolicics
which created popular alarm. aud
have brought about in the business
affected n much higher regard for
existing law
Mr.. Taft expresses the belief that
n reorgani2ation of tho Department
OF Justice. Of the Bureau OF Corpora
tinns lin nc Department of Commerce
and Labor. and OF the Interstate Com
merce Commission. IS needed to Sc
cure more rapid enforcement OF the
laws affecting Interstate railroads
and industrial combinations
We SAYS he homes 20 submit. Mt ne
fi:st regular session of the incoming
Congress. in December next. dednite
suggestions in r"suect to the needed
amendments 10 the antitrust and the
interstate commerce law.
It is believed. rho Address con-
ttnuos. that with the changes to he
recommended. American business
can he assured OF that measure of
stability and certainty in respect to
those things that may be done and
those that arc prohibited. which is
essential 10 tho life and growth OF
all business. Such plan must in
ciude the right OF tho people to avail
themselves OF those methods of COM
bining capital. at the same time diff
ferentiaring between combinations
based upon legitimate economic rea-
sons and hose formed with the in
tent OF creating monoDolies and arti-
ficiaily controlling prices I believe
that the amendments to be proposed
are just as necessary in the protec-
tion Of legitimate business as in the
clinchinG Of the reforms which prom
erlv bear the name of NV predecessor.
On the subject Of tariff revision Mr..
TAFT says: a matter of most press
ing Importance is the revision of the
faritf. In accordance with the prom-
,SeS OF the plarrorm UDon which | was
elected, | Shall call Congress into eX-
ira session. to meet on the 18th day
/ OF March. in order that consid Grafton
may be at once given to a bin revis-
ing the Dingley Act. This should Sc
cure an adequate revenue and adjust
the duties in such a manner as to
in this country, whether OF the farm.
mine or factory. protection by tariff
equal 10 the difference between the
cost of production abroaC and the
cost of production here, and have Il
provision which shall nut into force.
upon executive determination of GER
tain facts. n higher or maximum tariff
against those countries whose trade
policy toward us equitably requires
such discrimination.
The President believes there can
safely be reduction in certain sched-
ules while advancement Will be re-
Quired in few. il any The propCsed
lewiston disturbs the whole business
of the country; therefore. it is neces-
sary that the bill be drawn in good
1aith and as promptly as possible
Mr.. Taft because of this urges that
no other legislation be considered at
t." extra session
The President states that the re-
vision OF this tarift is for the purpose
OF raising sufficient revenue to wine
cut the years $1O0.000.0OO deficit.
Should it he impossible to do so by
import duties, new kinds OF taxation
must Ie adopted. and among these
Mr.. Taft recommends graduated in
he"itance tax, rs correct in principle
and rs certain and easy o. collection.
Mr. Taft saws he stands for econ
omv in expenditures but not 20 an OK
tent tha@ will stou effective govern
II ent. There must he liberal ey-
penditures fer the DpUsrtmpnt NJ
Agriculture. Ine supervision OF rail
ways and industrial cornoyat.ons. and
the putting of laws in force that will
conserve our resources.
permanent Improvement. like
The Psrama Canal. sfoall be trea.cd
as distinct enterprise. and snould
be paid fcr by the proceeds Of bonds.
the issue OF which will distribute its
cost between the present and future
generations IN accordance with the
t~neAts derived. X may we'll be SUB
mitted to the serious consideration
lettings About sports.