It is believed that with the changes to be recommended American business
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 a plan must
include the right of the people to avail themselves of those methods of
combining capital and effort deemed necessary to reach the highest
degree of economic efficiency, at the same time differentiating between
combinations based upon legitimate economic reasons and those formed
with the intent of creating monopolies and artificially controlling
prices.
The work of formulating into practical shape such changes is creative
word of the highest order, and requires all the deliberation possible in
the interval. I believe that the amendments 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 predecessor.
A matter of most pressing importance is the revision of the tariff. In
accordance with the promises of the platform upon which I was elected, I
shall call Congress into extra session to meet on the 15th day of March,
in order that consideration may be at once given to a bill revising the
Dingley 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 or factory, protection by tariff
equal to the difference between the cost of production abroad and the
cost of production here, and have a provision which shall put into
force, upon executive determination of certain facts, a higher or
maximum tariff against those countries whose trade policy toward us
equitably requires such discrimination.
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