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 impossible to do so by import
duties, new kinds of taxation must be adopted, and among these I