. 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 suggestion only,
for the course to be taken by Congress, upon the call of the Executive,
is wholly within its discretion.

In the mailing of a tariff bill the prime motive is taxation and the
securing thereby of a revenue. Due largely to the business depression
which followed the financial panic of 1907, the revenue from customs and
other sources has decreased to such an extent that the expenditures for
the current fiscal year will exceed the receipts by $100,000,000. It is
imperative that such a deficit shall not continue, and the framers of
the tariff bill must, of course, have in mind the total revenues likely
to be produced by it and so arrange the duties as to secure an adequate
income. Should it be