The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1909-03-18

Following is the inaugural address
OF President William Howard Taft,
who became the twenty-sixth presl-
dent of the United States on March
4th:
My Fellow Citizens-Any one who
takes 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 obliga-
ton which the oath imposes.
The Office Of an inaugural address Is
to give a 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 ad-
visers of my distinguished predecessor
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 l was elected to
Office If l did not make the mainte
nance and enforcement of those re-
forms most important feature Of my
administration. They were directed to
the suppression Of the lawlessness and
abuses Of power of the great combina-
tions of capital invested in railroads
and in Industrial enterprises carrying
OF Interstate commerce. The steps
which my predecessor took and the
legislation passed on his recommends
ton 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 n the same time
freedom from alarm on the part Of
those pursuing proper md 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 legis-
lation looking to a proper federal SUI
pervision and restriction to prevent ex-
cessive issues of bonds and stocks by
companies owning and operating inter
state commerce railroads.
Then, too, q 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.
1 hope to be able 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
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 i'll respect to
those things that may be done and
those that are prohibited, which is
essential to the life and growth of
Il, nj ,I,,
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-
ating between combinations based
upon legitimate economic reasons and
those formed with the intent of Great
ing monopolies and artifcially control
ling prices.
The work of formulating into prac-
teal shape such changes is creative
work OF the highest order and require
all the deliberation possible in the in
terval. l believe that the amendment
to be proposed are just as necessary in
the protection of legitimate business as
in the clinching Of the reforms which
properly bear the name of my predc
cessor.
Revision of the Tariff.
a matter of most pressing impO:
lance IS the revision of the tariff
accordance with the promises of Il
platform VI IN which l was elected
shall call congress into extra sessi.'
to meet on the 18th day Of March, IL
order that consideration may be a
once giver to a bill revising the Ding
ley act. This should secure an ade
quate revenue and adjust the duties il
snch manner 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 differ
ence between the cost of production
abroad and the cost Of production her,
and have provision which shall pu
into force, upon executive determine
ton Of certain facts, a higher or maxi
mum tariff against those countrie
whose trade policy toward US equitabl.
requires such discrimination. 1t i
thought that there has been such
change in conditions since the enact
ment Of the Dingley act, drafted on
similarly protective principle, that tn
measure Of the tariff above stated viii
permit the reduction of rates in certain
schedules and will require the ad
yancement of few, if any.
The proposal to revise the tarii
made in such an authoritative way a
to lead the business community t
count upon it necessarily halts a.
those branches Of business directl
affected. and as these are most i'm
portant it disturbs the whole bushes
or the country. 1t is imperatively nee
essary, therefore. that q tariff bill