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. 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