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. It is thought that there has
been such a change in conditions since the enactment 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 advancement 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 a tariff bill be drawn in good
faith in accordance with promises made before the election by 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 the
perfecting of the reforms in respect to antitrust legislation and
interstate commerce regulation, but the need for action when the
revision of the tariff has been determined upon is more immediate 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 venture this as a sug