Daily Arizona silver belt., 1909-03-05
INAUGURAL ADDRESS LISTENED ID BY
 THOUSANDS
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 islation 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, much higher regard for existing law. Reforms Must Be Lasting. | 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 leg islation looking to & proper federal supervision and restriction to prevent excessive issues of bonds and stocks by companies owning and operating in terstate commerce railroads.
 Then, too, a reorganization of the department of justice, of the bureau of corporations in the department of com merce and labor, and of the interstate commerce commission, looking to eff. fective cooperation of these agencies, is needed to secure more rapid and certain enforcement of the laws affect ing interstate railroads and industrial combinations.
 l 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.
 It is believed that with the changes to be recommended, American business can be assured of that measure of sta bility and certainty in respect to those are prohibited, which is essential to the life and growth of all business. Such a plan must include. the right of the people to avail themselves of those methods of combining capital and eff fort deemed necessary to reach the highest degree of economic efficiency, at the same time differentiating be- tween combinations based upon legiti. mate economic reasons and those form ed with the intent of creating monopo- lies and artifcially controlling prices.
 The work of formulating into prac- tical shape such changes is creative work of the highest order, and requires all the deliberation possible in the in terval. I believe that the amendments 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 prede- cessor.
 Tariff Revision.
 A matter of most pressing importance e is the revision of the tariff. In 'ac- cordance with the promises of the plat form upon which l was elected, l shall call congress into extra session, to meet on the 18th day of March, in order that consideration may be at once given to bill revising the Dingley act. This should secure an adequate revenue and adjust the duties in such manner as to afford to labor and to all industries of 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 provision which shall put into force, upon execu- 1 tive determination of certain facts, a higher or maximum tariff against those countries whose trade policy toward us equitably requires such discrimination. It is thought that there has been such change in conditions since the enact ment of the Dingley act, drafted on a similarly protective principle, that the measure of the tariff above stated will permit the reduction of rates in certain schedules and will require the advance. ment of few, if any
 The proposal to revise the tariff made in such an authoritative way as to lead the business community to count upon it, necessarily halts all those branches of business directly affected, and as these are most important, it disturbs the whole business of the country. It is imperatively necessary, therefore, that tariff be drawn in good faith in accordance with promises made before the election of the party in power, and as promptly passed as due consideration will permit. It is not that the tariff is more important in the long run than tIt Ol lhC III ItSpcSt to antitrust legislation and interstate commerce regulation, but the need for action when the revision of the tariff has been determined upon, is more inn mediate to avoid embarrassment of business. To secure the needed speed in the passage of the tariff bill, it would seem wise to attempt no other legislation at the extra session. I ven ture this as a suggestion only, for the course to be taken by congress, upon the call of the executive, is wholly within it's discretion. In the making of a tariff bill, the prime motive is taxation, and the secur- ing thereby of revenue. Due largely to the business depression which follow ed the financial panic of 1907, the rev enue from customs and other sources has decreased to such an extent that the expenditures for the current fiscal year will exceed the receipts of $100,- 000,000 It is imperative that such q deficit shall not continue, and the framers of the tariff bill must of course have in mind the total revenues likciy to be produced by it, and so arrange the duties as to secure an adequate in coma Shonld if ha i'm nocsih1a to do cn