The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1909-03-05
snsciaI e rhr journal,

aUgural address President Taft said:
Ny FeAow CItizens-Any one who
takes the oath l have just taken must
feel heavy weight Of responsibility.
If not. he has no conception Of the
powers and duties OF the Office upon
which he Is about 10 enter or he is
lacking in proper sense OF the obliga-
ton which the oath imposes.
The Office OF an inaugural address is
to give 4 summary outline Of the main
policies Of the new administration so
far as they can be anticipated l have
had the honor To be one Of the adj
visers of my distinguished predecessor
and as such to hold up his hands in
the reforms he has initiated. 1 should
be untrue to myself, 10 my promises
and TO the declarations OF the party
platform upon which was elected to
office II I did not make the mainte
nance and enforcement Of those re-
forms a most important feature Of my
administration. They were directed to
the suppression Of the lawlessness and
abuses OF power of the great cOmbina-
lions 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 recommends
zion have accomplished much, have
caused a general halt in the vicious
policies which created popular alarm
and have brought about In 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 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 will
be urged by me- On the other hand,
the administration is pledged to legls-
Iation looking to a proper federal su-
pervision and restriction 10 prevent ex-
cessive issues OF bonds and stocks by
companies owning and operating inter
state commerce railroads.
Then, too. 4 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 effec-
tive cooperation Of these agencies is
needed to secure more rapid and GER
tain enforcement of the laws affect
ing interstate railroads and industrial
combinations.
I hope to be able 10 submit at the
first regular session OF the incoming
congress in December next definite
suggestions in respect to the needed
amendments 10 the antitrust and the
interstate commerce law and the
changes required in the executive de
partments concerned in their enforce
ment
Good and Bad Trusts"
1t is believed that with the changes
TO be recommended American bust
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 differenti-
atfng between combinations based
lIDon legitimate economic reasons and
those formed with the intent Of Great
ing monopolteS and aFtifciaIly control
Ting prices.
The work OF formula ting into prac-
teal shape such changes is creative
work OF the highest order and requires
all the deliberation possible in the In
tervaI. I believe that the amendments
10 be proposed are Just as necessary 10
the protection Of legitimate business as
in the cHnching OF the reforms which
properly bear the name Of my prede
CessOT
Revision of the Tariff.
y matter Of most pressing impor
lance IS the revision OF the tariff. In
accordance with the promises OF the
platform upon which was elected. l
shall call congress into extra session,
order that consideration may be at
once given 20 a bill revising the Ding
ley act. This should secure an ade-
quate revenue and adjust the duties in
such a manner as to afford to abcr
and 10 all industries in this country,
whether OF the farm. mine or factory,
protection by tariff equal TO the differ
ence between the cost OF production
abroad and the cost OF production here
and have = provision which shall put
into force, upon executive determine
tion Of certain facts. a higher or maxi
mum tRr1fe against those c0uaCr1eS
WAOs4 trade Peltcy towsrS us eqyltshly