t 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
have been urged by my predecessor and will be urged by me. On the other
hand, the administration is pledged to legislation looking to a proper
federal supervision and restriction to prevent excessive issues of
bonds and stock by companies owning and operating interstate commerce
railroads.

Then, too, a reorganization of the Department of Justice, of the Bureau
of Corporations in the Department of Commerce and Labor, and of the
Interstate Commerce Commission, looking to effective cooperation of
these agencies, is needed to secure a more rapid and certain enforcement
of the laws affecting interstate railroads and industrial combinations.

I 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 departments concerned in their
enforcement.

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