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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