n such a way as to furnish a warning to others who may be
likewise disposed.

The annual report of the Commissioners will be duly transmitted, and
I commend the important matter they have in charge to the careful
consideration of the Congress.

The Interstate Commerce Commission has during the last year supplied
abundant evidence of its usefulness and the importance of the work
committed to its charge.

Public transportation is a universal necessity, and the question of just
and reasonable charges therefor has become of vital importance not only
to shippers and carriers, but also to the vast multitude of producers
and consumers. The justice and equity of the principles embodied in the
existing law passed for the purpose of regulating these charges are
everywhere conceded, and there appears to be no question that the policy
thus entered upon has a permanent place in our legislation.

As the present statute when enacted was in the nature of the case more
or less tentative and experimental, it was hardly expected to supply a
complete and adequate system. While its wholesome effects are manifest
and have amply justified its enactment, it is evident that all desired
reforms in transportation methods have not been fully accomplished.
In view of the judicial interpretation which some provisions of this
statute have received and the defects disclosed by the efforts made for
its enforcement, its revision and amendment appear to be essential, to
the end that it may more effectually reach the evils designed to be
corrected. I hope the recommendations of the Commission upon this
subject will be promptly and favorably considered by the Congress.

I desire to recur to the statements elsewhere made concerning the
Government's receipts and expenditures for the purpose of venturing upon
some suggestions touching our present tariff law and its operation.

This statute took effect on the 28th day of August, 1894. Whatever may
be its shortcomings as a complete measure of tariff reform, it must be
conceded that it has opened the way to a freer and greater exchange of
commodities between us and other countries, and thus furnished a wider
market for our products and manufactures.

The only entire fiscal year during which this law has been in force
ended on the 30th day of June, 1896. In that year our imports increased
over those of the previous year more than $6,500,000, while the value
of the domestic products we exported and which fo