Show r F BUSINESS MUST CONFORM TO LAW LA LAThat Th That t Is Prest Taft Tafts Answer to Wall Street and Its Cry of Panic DEFENDS THE TARIFF BILL BILLIt Jr It the 1 Purl for Tariff H I c Now York Feli the tho en cn q t the law Is not consistent with the present method o of Oil on then It does not speak well wellor Ifor or the present or of conducting and amI tho they must be changed tv t conform to the law ThIll ThIH tJ President r to Wail nil street and Its cr cry of oC panic I It IL WIS made to a cheering nc of oC hundreds or of tonight at the annual Ln coin Oln da day th o of at t the Mr adhered t tO his purpose of oC platform pledges and how they should be kept j It was at the conclusion o of a i Je de n to how the I Penn JIron party Is redeeming Its I that he came to a discussion of oC the law an and Wail Vall street on whIch his lils had b been ln with greatest Interest Tb d that the td mInistration not run amuck k In and alu 11 find and confidence just for fOl the pleasure ot of doing s st one ho contInued hn has the he motho ali as strong as the in 1 0 e I to cultivate and amI strengthen and But the I e was no promise on the part of oC the Republican party to change tim law except to strengthen It ItOC Of OC course the government at Wah R h can be counted on to enforce the law In the best va to n a d destruction ot of public confidence dence In III busIness but that It must enforce the law go goes s without Pre President Taft Iatt did not hesitate to discuss the attacks that have hae beau beell made upon the tho administration and the party part or dang danger r to t Culture success In inthe J j the Ins Insurgent r movement an and other his lis list t Republicans who feared defeat at the In November he d declared red how however i ever Oer should take courage from Crom the do de d condition o of their opponents the Democrats It vas Grant GIant said the president sent who banished his own tear fear In battle by thInkIng how much more afraid tho thoI I enemy was Mr 11 Tart Taft again came to the tho defense of the Pa bill He did not hesitate he said to repeat that It H substantially compiled with the tho party part pledge for or tariff regulation and that through this bill the tho part had set Itself In the right tion toward lower hewer tariffs the party part platform the president spoke ot of posital amendments to the Interstate c law the plank statehood and New and all the of oC no na tural r sources bills to carry carr all nih of oC which promises Into effect were pe pond d ingIn congress and he believed would I be p e PRESIDENT TAFTS ADDRESS President Taft said In part partIr Mr Ir President Gentlemen of at the TIe Ito publican Club and Fellow birthday ot of the man whoso whose memory we celebrate tonight Is an appropriate occasion for tor renewing our expressions of respect and affection or the tho TIe party part and our pledges to keep CC the part which It plays In the theS S history of this country as high and us as III It was during the OT oJ Abraham Lincoln The which he hail to ro ge rom geas m as presIdent the political storms which the tho party part lund to weather r the nr U tA In thu tho party varty It lf between the anti cry ry element clemen and those who were mst In observing the constitutional constitutional limitations arc most Interesting t a serve sene to dwarf and mini the tite trials through which the tho Re an party part Is now passing and re restore restore store a sense senile of oC proportion to those who allow themselves to be daunted and discouraged In the face of alaS a hors of popular confidence thought to be 00 In Indicated Indicated 1 Icy the tone o of the press In what respect has the rIte Republican part fa II ell In Its conduct or of the got gov and the of laws IMS I perform Its duty It was returned to power a 01 ago alo November by bya a vcr large majority after aCter a cam campaign In which It made certain promises In It its platform and those promises It has either r substantially complied with or It Is to perform within the ses lon or of Congress REPUBLICAN PROMISES Iet Us take tako up these promises In order In the tho platform of last cal U upon which the tho campaign waS wasI I lucide appears the following plank In to the The Republican party part declares un for fol the revision ot of the tho tariff taner by n a special session eRslon o of Congress home Imme I dUlly following the or of orthe the neXt and commends the thes s steps to this end anti In the work ork assigned to the appropriate corn coin or of Congress which are ari now not In InI investigating I tho operation and effect of exIsting schedules In nit nil tariff I tion the true of protection is 11 4 best b by the Imposition or of orI I t stich duties as will e c Ual the difference the cost or of production at home nod and with a t profit to American Industries Ve Vc Vei t i favor 1101 tilt the Mt of maximum maximumS S and mInimum rates to tie he administered t b by th under lImitations limitation fixed 1 In tito tho law lap th tim to be avail available able ahle to t dl h 13 for elan In Countries against American merlc n goods mitering their and the mini minimum mum to represent the normal measure of eton at the aim and pur 11 lo ot the Ule U policy beIng not muot nl to ii preserve without excessive ulu ties tIJI that security against corn com composition position to which American antI anel are on en titled tithed but also to maintain tIme the hl bight h of living or of the tho of this count country who are nIC the most dl di root reet h of at the protectIve GS tern tem Between Botteen th United States and thic we believe In u a free Cree tn In or of prod products uc II with such fluch himi lotions as to sugar and tobacco as aswill will vili afford adequate protection to do domestic mastic interests DID REVISE THE TARn TARIFF We e did revise the tariff It is s sible to revise the tariff without await time the participatIon In the tho formation of the schedules o of those pro producers whose business will be affected b by n a change Thin In 18 the Inherent dif IlIf In the thue revision or adoption of a tariff b by our representative Rys system em Nothing wall wait express expressly said sahl In the plat platform platform form that this revision was to be a downward revision rite Implication that It was to be generally downward ho ever was fairly given shen b by the tho tact fact that there thoro who uphold n a protective systEm defend It b by the claim that aft after er an industry has been established b by out foreign competition the domestic competItion lead head to the reduction In price so all as to make the tho original high tariff u ar arIn In the new tariff there were Ga 61 do de 20 increases and 1150 Items of oC the dutiable list unchanged but this did not represent the fall fair proportion In inmost most Inot of the reductions and tim tho In Increases creases because the duties were do de decreased creased on those articles which had t a consumption value of nearl nearly while the they were increased d on those articles which had a consumption of oC hess than Of OC the Increases the consumption value of those affected which are arc ot of luxurIes Ies to wit Silks wines whites liquors per pcr perfumeries and like articles amounted to nearly while the increase not on articles of luxury affected was but o of consumption I repeat therefore that this was t a revision It was wa not don donward ward ard with reference to silks or liquors or cottons In the nature ot of luxuries It was vas downward In re speet to nearl nearly all other articles ox capt woolens which vere not affected at all Certain Certainly It WIt tas not promised that the rates of oC luxuries should be reduced The Tho revenues wore failing off there thero was a deficit promIsed and It was wa essential that the revenues sh shOuld uld be 10 increased It was no viola violation tion or of the promise to Increase the tho revenues by Increasing the tax on lux luxuries url uries 5 provided there thero was wa downward revision on all other articles ONE SUBSTANTIAL DEFECT The one substantial defect In corn com compliance with tide the promIse premise of the plot form torm was the tho failure to reduce wool woolens woolens ens Does Docs that defect so eo color the action of oC the Republican party ns as to tomake tomake make It a broach breach of oC faith loading heading to toitA its itA condemnation I do not think so 50 Parties aro like men Revisions arc like the work of at menth are not perfect The change chango which this tarl tariff effected marked a change chango downward In the rate rato ot of duties and It WM was a recognition by the tho party that the time hall had come when Instead of oC Increasing duties that tho they should decrease them that the party recognized In Its platform and in much ot of what It did that tho proper measure of protection was the difference In the cost ot of pro production of oC articles hero and abroad Including a fall fair profit to the manufacturer There was a dispute as to what that difference I is and It was recognized In th the change chang ot of all the du cJu duties ties downward was this the tho case on the materials that enter Into the tho turo of paper and pa paper pOI per Itself The reduction on print pa paper paper per WM vas from Crom 6 to or about 37 pe PC cent There was l a real difference ot of opinIon Ion on the question of oC the fact whether new dut duty co correctly measured the difference In this the cost of oC production ot of print paper abroad and prInt paper at home It affected the counting rooms of the thue newspapers ot of the country and Invited the attention of at the tho newspaper proprietors who had assocIated them themselves themselves selves together like other Interests for tor forthe th the purpose ot oC securing a reduction ot of the tite tariff The failure to make a larg larger or er reduction showed itself Itsel clearly In Inthe inthe the editorial columns ot of a great num number number ber of the whatever their party The Tho amount ot of mis misrepresentation misrepresentation representation to which the tho tariff bill billas was as huts novel never been exceed exceeded ed ad In this count country and It will doubtless tal take p the tho actual operation of the tariff bill for several years ears to show to the tho country exactly what the legislation and Its effect are It Is perhaps too early to Institute the tare fairest t compari sans eons between the tho bill billand billand and the bill which preceded It but the thu bill has been In opera opert operation tion now for six months and figures ar are at hand from which wo we may make malte a reasonable Inference first as to whether It Is n a revision downward and second as to Its capacity for pro producing producing revenue for It must be borne bornt In mind that the pa passage sage ot of the law was demanded not only for tor the tite pur purpose po pose o of changing rates rateR In their ef eC feet upon the industries of oC the coun country country try hut but also tor or the purpose of at In Increasing Increasing creasing trade revenues and time the sue RUC ces of the tho measure Is to bo be judged by Its results In both these there respects AVERAGE RATE OP DUTY Dury The bureau ot of statistics is authority to 01 I the statement that during the tho first six months of the operation of oC tho Payne law which haul has just ended the tho average rate of oC d duty t paid on all dutiable able imports was 2109 per cent ad valorem The average rate of dut duty paid on all Imports for the thue same six month for or tile the tour four preceding years ears under the Dingle Dingley law Willi This how hint the reduction In the tho I Payne law II is per cent of the tho value o of th goods or that the reduction I below 1 the previous tariff rates Is I 12 per percent cent showing a revision of this extent In those goods which arc aro Rut But this is 15 not ot nil all Under the Payne la law per cent Of the tho gross gros Im Imports ports lorts for tor the lust last six months have hae been entered free froe w while lIo under the four the six years preceding for tor saute same months the tho tree free list amounted to per cent or of the total importations so thero was not onla only a reduction of dut duton duty on Imports ot of about 12 per percent percent cent hut also nn an enlargement of about the saniO percentage or of the free list For the of revenUe the tho IJ no I lot Is III oven maIo 1000 RU nn Improve Improvement ment on the tho Dingley bill During the tho six months that the Payne pane tariff was In force from Au Aug r 5 to the tho night of Fat ob li 1 the receIpts amounted to Under the Wilson Gorman German tariff the average was Under the Wilson tariff the tho nth I o aa 13 Under the tho tariff th tho was 21 i 36 while under the tho Payne tariff the monthly average ha has been or OO per cent greater than the month I average under the tho Wilson and 26 per cent cont greater ater than the monthly average under the tho tariff Ot Of course as the count country In population the customs receipts in increase crease but even considering the population lotion lation the tho to In the tho tariff re receipts h been marked Under the Wilson tariff the toms tonis receipts per capita worn were und under r tho th Dingle tariff The act has done Justice to the Islands II by giving them free trade with the thc United States More titan all thIs the now new tariff act has provided for the appointment o of I a tariff board to ImpartIal evi evidence dence upon which when a revision ot of the thue tarIff shall seem wIse wo we Mull have havo at hand data from rom which can be determined with some degree or of ac accuracy accuracy curacy the difference between the tho cost costor or of producing articles abroad anti and the cost ot or producing them In this countr country The Tho great difficulty tn in hearing and the tariff bill Itil was the tho absence of satisfactory and credible evidence on either side of tho Issues all as to low or high tariffs The importer I on the tho one hand time manufacturer on the tho other were present to give their fallible judgments affected by their own pecuniary Interests as to the facts under investigation Mon Ien who were I struggling to 1101 the truth wore great greut I perplexed b by the conflicting testimony testimony mony TARIFF Tue tariff bill authorizes the tho president dent to expend In persons person to assist him In administering thu tho maximum amid minimum clause clauso and to assist him him and other officers of oC the government In tho of oC the tariff lots law I have havo ed cd this to mean that thiat I mu may use usa the tho board under this poWer polor not I ani only to look Into the tho foreign tariffs but also to examine the question with respect to each Item In our tariff bill what the cost ot of production ot of the tho merchandise Is and what Its cost is III abroad This Is not an cas easy task for Cor impartial experts and It requires a largo large force I expect to apply to Con Congress gross gress this year for to organize n a force torce which the Investigation tion ma may go O on and the thc results be re rc recorded corded for Cor the use uso or of the executive und anti Conr Congress sR when the they desire to avail them themselves ot of the record In this wa vay nil any subsequent revision ma may lie be car carried ried ned on with the tho aId ot of Iota data secured I officially and without regard to its Ils I argumentative effect upon the ques question lion tion of raising or lowerIng duties Tal Taken on as n a therefore I lont dont hesitate to repeat that tho cnn can party part has substantially complied with Its Ils promise In respect to the tariff o nd that It has set Itself strongly In Inthe inthe the right direction toward lower tariffs anti and furnished the means b by which such lower tariffs can properly and safely be fixed An InvestIgation hy huy the tho tarl |