Semi-weekly herald., 1909-03-08
TAFT'S ADDRESS

feel heavy weight of responsibility
If not he has no conception of the
powers and duties of the office upon
lneking in proper sense of the obli
cation which the oath imposes.
The office of an inaugural address
is to give a summary outline of the
main policies of the new admnistra
ton, so far as they can be anticipated
have had the honor TO be one of the
advisers of my distinguished predo.
- essor, and as such, to hold up his
hands in the reforms he has initiated.
| should be untrue to myself. to my
Anromises and ot the declaration of the
party platform upon which l was elect
ed to office. If | did not make the main
tenance. and enforcement of these re-
forms 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
Industrial enterprises carrying on in
terstate commerce. The steps which
my predecessor took and the legisla
tlon passed on his recommendation
have accomplished much, have caused
general halt in the vicious policies
which created popular alarm, and have
brought about in the business affected
much higher regard for existing
law.
ITO 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.
Relief of the railroads from certain
restrictions of the antitrust law has
been urged by my predecessor and
viii be urged by me. On the other
hand. the administration is pledged
10 Legislation looking TO proper fed
rfal supervision and restriction to pre-
vent excessive issues of bonds and
stocks by companies owning and op
Grating interstate 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 af-
fecting Interstate railroads and indus
trial combinations.
Il 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
partments concerned in their enforce
ment.
Iski believed that with the changes
TO be- recommended. American bust
ness can be assured of that measure
of stability and certainty In respect
txthose things that may be done and
those that are prohibited, which is es-
sential to the life and growth of all
business. Such n plan must include
the right of the people to avail them
selves of those methods of combining
capital and effort deemed necessary 10
reach the highest degree of economic
efficiency, at the same time differen-
tiating between combinations based
upon legitimate economic reasons and
those formed with the intent Of ere
n
trolling prices.
THE work of formulating into prac-
tical shape such changes is creative
work of the highest order, and re
quires all the deliberation possible in
the interval ] believe that the amend
ments TO be proposed are Just as nee
essary in the protection OF legitimate
business as in the clinching OF the re-
forms which properly bear the name
of my predecessor.
"a matter of most pressing import
ance is the revision of the tariff In
accordance with the promise of the
platform upon which was elected, /
shall call congress into extra session
to meet on the 18th day of March. in
order that consideration may be at
once given TO n bill revising the Ding.
ley act.
"This should secure an adequate
revenue and adjust the duties in such
a manner as to afford to labor and to
all industries in this country, whether
OF the farm, mine OF factory. protec.
ton 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 executive determination oI
certain facts, higher or maximum
tariff against those countries who's,
trade policy toward us equitably re
quires such discrimination.
1T is thought that there base beer
such a change In conditions since tn,
enactment of the Dingley act, drafted
on similarly protective principle, tina
the measure Of the tariff above statet