My Fellow-Citizens: 我的同胞们：
Anyone who has taken the oath I have just taken must feel a heavy weight of responsibility. If not, he has no conception of the powers and duties of the office upon which he is about to enter, or he is lacking in a proper sense of the obligation which the oath imposes. 任何刚刚宣誓就职的人都会感到肩负重任。如果没有这种感觉，他要么不了解即将就任的职位的权力和职责，要么缺乏宣誓所赋予的义务感。
The office of an inaugural address is to give a summary outline of the main policies of the new administration, so far as they can be anticipated. I have had the honor to be one of the advisers of my distinguished predecessor, and, as such, to hold up his hands in the reforms he has initiated. I should be untrue to myself, to my promises, and to the declarations of the party platform upon which I was elected to office, if I did not make the maintenance and enforcement of those reforms a most important feature of my administration. They were directed to the suppression of the lawlessness and abuses of power of the great combinations of capital invested in railroads and in industrial enterprises carrying on interstate commerce. The steps which my predecessor took and the legislation passed on his recommendation have accomplished much, have caused a general halt in the vicious policies which created popular alarm, and have brought about in the business affected a much higher regard for existing law. 就职演说的职责是概括新政府的主要政策，尽可预见的范围内。我有幸成为杰出的前任总统的顾问之一，并在他发起的改革中给予支持。如果我不将维护和执行这些改革作为我政府的最重要特征，那我就是对自己、对我的承诺、对我当选所依据的政党纲领宣言不忠诚。这些改革旨在抑制投资于铁路和从事州际商业的工业企业的大型资本联合的违法行为和权力滥用。我的前任采取的措施以及根据他的建议通过的立法已经取得了很大成就，使引起公众恐慌的恶性政策普遍停止，并使受影响的企业界对现有法律产生了更高的尊重。
To render the reforms lasting, however, and to secure at the same time freedom from alarm on the part of those pursuing proper and progressive business methods, further legislative and executive action are needed. Relief of the railroads from certain restrictions of the antitrust law have been urged by my predecessor and will be urged by me. On the other hand, the administration is pledged to legislation looking to a proper federal supervision and restriction to prevent excessive issues of bonds and stock by companies owning and operating interstate commerce railroads. 然而，为了使改革持久，并同时让那些采取正当和进步商业方法的人感到安心，需要进一步的立法和行政行动。我的前任曾敦促免除铁路在反托拉斯法下的某些限制，我也将继续这样做。另一方面，政府承诺通过立法，对拥有和运营州际商业铁路的公司进行适当的联邦监督和限制，以防止其过度发行债券和股票。
Then, too, a reorganization of the Department of Justice, of the Bureau of Corporations in the Department of Commerce and Labor, and of the Interstate Commerce Commission, looking to effective cooperation of these agencies, is needed to secure a more rapid and certain enforcement of the laws affecting interstate railroads and industrial combinations. 此外，需要重组司法部、商务部和劳工部下属的公司局以及州际商业委员会，以确保这些机构之间的有效合作，从而更迅速、更确定地执行影响州际铁路和工业联合体的法律。
I hope to be able to submit at the first regular session of the incoming Congress, in December next, definite suggestions in respect to the needed amendments to the antitrust and the interstate commerce law and the changes required in the executive departments concerned in their enforcement. 我希望能够在即将到来的国会第一次常会（12月）上提交关于反托拉斯法和州际商业法所需修正案以及负责执行这些法律的行政部门所需变更的明确建议。
It is believed that with the changes to be recommended American 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. 人们相信，通过即将提出的改革，美国企业可以在可做之事和禁止之事方面获得一定程度的稳定性和确定性，这对所有企业的生存和发展至关重要。这样的计划必须包括人民有权采用那些被认为必要的资本和努力结合方式，以达到最高的经济效率，同时区分基于合法经济理由的联合与旨在创造垄断和人为控制价格的联合。
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. 将这些变革制定成切实可行的方案是最高级别的创造性工作，需要在此期间进行尽可能充分的审议。我相信，即将提出的修正案在保护合法企业方面与巩固那些恰当地以我前任名字命名的改革同样必要。
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 measure of the tariff above stated will permit the reduction of rates in certain schedules and will require the advancement of few, if any. 一个最紧迫的问题是关税修订。根据我当选所依据的政党纲领承诺，我将召集国会于3月15日召开特别会议，以便立即审议修订《丁利关税法》的法案。这项法案应确保足够的收入，并调整关税，使本国的劳动力和所有产业——无论是农业、矿业还是制造业——都能获得相当于国内外生产成本差异的关税保护，并应规定根据行政部门对某些事实的认定，对那些对我们的贸易政策需要进行此类歧视的国家实施更高或最高关税。人们认为，自制定了类似保护主义原则的《丁利关税法》以来，情况发生了很大变化，上述关税标准将允许在某些税目表中降低税率，而可能不需要提高多少税率。
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. 以如此权威的方式提出关税修订建议，必然会使所有直接受影响的商业部门停滞不前；由于这些部门非常重要，这将扰乱全国的整个商业活动。因此，必须根据执政党在选举前作出的承诺，真诚地起草关税法案，并在适当审议的前提下尽快通过。从长远来看，关税问题并不比完善反托拉斯立法和州际商业监管改革更重要，但在确定进行关税修订后，采取行动的必要性更为紧迫，以避免商业陷入困境。为确保关税法案尽快通过，在特别会议上似乎不宜尝试其他立法。我仅提出此建议，因为国会在行政部门召集下采取的行动完全由其自行决定。
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 recommend a graduated inheritance tax as correct in principle and as certain and easy of collection. 起草关税法案的主要动机是征税并由此获得收入。很大程度上由于1907年金融恐慌后出现的商业萧条，关税和其他来源的收入减少到了如此程度，以至于本财政年度的支出将超过收入1亿美元。必须防止这种赤字继续下去，关税法案的起草者当然必须考虑该法案可能产生的总收入，并相应安排关税以确保足够的收入。如果仅靠进口关税无法做到这一点，就必须采用新的税种，其中我建议采用分级遗产税，这在原则上是正确的，而且征收起来确定且容易。
The obligation on the part of those responsible for the expenditures made to carry on the Government, to be as economical as possible, and to make the burden of taxation as light as possible, is plain, and should be affirmed in every declaration of government policy. This is especially true when we are face to face with a heavy deficit. But when the desire to win the popular approval leads to the cutting off of expenditures really needed to make the Government effective and to enable it to accomplish its proper objects, the result is as much to be condemned as the waste of government funds in unnecessary expenditure. The scope of a modern government in what it can and ought to accomplish for its people has been widened far beyond the principles laid down by the old "laissez faire" school of political writers, and this widening has met popular approval. 负责进行政府支出的人有义务尽可能节约，并使税负尽可能轻，这一点是显而易见的，应该在每一项政府政策声明中予以确认。在面临严重赤字时尤其如此。但是，当赢得公众支持的愿望导致削减真正需要的支出，使政府无法有效运作并实现其适当目标时，其结果与浪费政府资金进行不必要的支出同样应该受到谴责。现代政府在能够而且应该为人民完成的事务方面的范围，已经远远超出了旧的"自由放任"政治作家学派所确立的原则，这种扩大得到了公众的认可。
In the Department of Agriculture the use of scientific experiments on a large scale and the spread of information derived from them for the improvement of general agriculture must go on. 农业部必须继续大规模开展科学实验，并传播由此获得的信息，以改善总体农业状况。
The importance of supervising business of great railways and industrial combinations and the necessary investigation and prosecution of unlawful business methods are another necessary tax upon Government which did not exist half a century ago. 对大型铁路和工业联合体的业务进行监督，以及对非法商业方法进行必要的调查和起诉，是半个世纪前不存在的另一项必要的政府负担。
The putting into force of laws which shall secure the conservation of our resources, so far as they may be within the jurisdiction of the Federal Government, including the most important work of saving and restoring our forests and the great improvement of waterways, are all proper government functions which must involve large expenditure if properly performed. While some of them, like the reclamation of arid lands, are made to pay for themselves, others are of such an indirect benefit that this cannot be expected of them. A permanent improvement, like the Panama Canal, should be treated as a distinct enterprise, and should be paid for by the proceeds of bonds, the issue of which will distribute its cost between the present and future generations in accordance with the benefits derived. It may well be submitted to the serious consideration of Congress whether the deepening and control of the channel of a great river system, like that of the Ohio or of the Mississippi, when definite and practical plans for the enterprise have been approved and determined upon, should not be provided for in the same way. 实施旨在保护我们资源的法律——只要这些资源在联邦政府的管辖范围内，包括拯救和恢复我们的森林以及大幅改善水道的最重要工作——都是政府的正当职能，如果要妥善执行，必须涉及大量支出。虽然其中一些项目，如开垦干旱土地，可以自负盈亏，但其他项目的好处是间接的，不能指望它们自负盈亏。像巴拿马运河这样的永久性改善工程，应作为一个独立的企业来处理，并应由债券收益支付，债券的发行将根据所获得的利益在当代和后代之间分配其成本。当一项伟大河流系统——如俄亥俄河或密西西比河——的河道疏浚和控制计划已经获得批准和确定时，是否应该以同样的方式提供资金，这一点值得国会认真考虑。
Then, too, there are expenditures of Government absolutely necessary if our country is to maintain its proper place among the nations of the world, and is to exercise its proper influence in defense of its own trade interests in the maintenance of traditional American policy against the colonization of European monarchies in this hemisphere, and in the promotion of peace and international morality. I refer to the cost of maintaining a proper army, a proper navy, and suitable fortifications upon the mainland of the United States and in its dependencies. 此外，如果我们的国家要在世界各国中保持应有的地位，并在维护传统的美国政策以反对欧洲君主国在本半球的殖民化、促进和平与国际道德方面行使应有的影响力，政府的某些支出是绝对必要的。我指的是维持一支适当的军队、一支适当的海军以及在美国大陆及其属地建设适当防御工事的费用。
We should have an army so organized and so officered as to be capable in time of emergency, in cooperation with the national militia and under the provisions of a proper national volunteer law, rapidly to expand into a force sufficient to resist all probable invasion from abroad and to furnish a respectable expeditionary force if necessary in the maintenance of our traditional American policy which bears the name of President Monroe. 我们应该拥有一支组织良好、配备精良的军队，能够在紧急情况下与国民民兵合作，并根据适当的国家志愿法的规定，迅速扩编为足以抵抗所有可能的外国入侵的力量，并在必要时提供一支体面的远征部队，以维护以门罗总统命名的传统美国政策。
Our fortifications are yet in a state of only partial completeness, and the number of men to man them is insufficient. In a few years however, the usual annual appropriations for our coast defenses, both on the mainland and in the dependencies, will make them sufficient to resist all direct attack, and by that time we may hope that the men to man them will be provided as a necessary adjunct. The distance of our shores from Europe and Asia of course reduces the necessity for maintaining under arms a great army, but it does not take away the requirement of mere prudence--that we should have an army sufficiently large and so constituted as to form a nucleus out of which a suitable force can quickly grow. 我们的防御工事仍处于部分完成状态，人员配备不足。然而，在几年内，大陆和属地海岸防御的通常年度拨款将使它们足以抵抗所有直接攻击，届时我们可能希望人员配备也将作为必要的附属设施得到提供。我们的海岸与欧洲和亚洲的距离当然减少了维持庞大常备军的必要性，但这并没有消除基本的谨慎要求——我们应该拥有一支足够大且构成合理的军队，作为一支能够迅速发展的适当力量的核心。
What has been said of the army may be affirmed in even a more emphatic way of the navy. A modern navy can not be improvised. It must be built and in existence when the emergency arises which calls for its use and operation. My distinguished predecessor has in many speeches and messages set out with great force and striking language the necessity for maintaining a strong navy commensurate with the coast line, the governmental resources, and the foreign trade of our Nation; and I wish to reiterate all the reasons which he has presented in favor of the policy of maintaining a strong navy as the best conservator of our peace with other nations, and the best means of securing respect for the assertion of our rights, the defense of our interests, and the exercise of our influence in international matters. 关于军队所说的一切，对于海军来说更是如此。一支现代化的海军不可能临时拼凑。它必须在需要使用和运作的紧急情况出现之前就已建成并存在。我杰出的前任在许多演讲和咨文中，以强大的力量和引人注目的语言阐述了维持一支与我国海岸线、政府资源和对外贸易相称的强大海军的必要性；我愿重申他提出的所有支持维持强大海军政策的理由，这是我们与其他国家和平的最佳保护者，也是确保尊重我们权利主张、维护我们利益以及在国际事务中行使我们影响力的最佳手段。
Our international policy is always to promote peace. We shall enter into any war with a full consciousness of the awful consequences that it always entails, whether successful or not, and we, of course, shall make every effort consistent with national honor and the highest national interest to avoid a resort to arms. We favor every instrumentality, like that of the Hague Tribunal and arbitration treaties made with a view to its use in all international controversies, in order to maintain peace and to avoid war. But we should be blind to existing conditions and should allow ourselves to become foolish idealists if we did not realize that, with all the nations of the world armed and prepared for war, we must be ourselves in a similar condition, in order to prevent other nations from taking advantage of us and of our inability to defend our interests and assert our rights with a strong hand. 我们的国际政策始终是促进和平。我们将在充分意识到战争无论成功与否都必然带来可怕后果的情况下进入任何战争，当然，我们将尽一切努力，在符合国家荣誉和最高国家利益的前提下避免诉诸武力。我们支持一切手段，如国际法院以及为在所有国际争端中使用而订立的仲裁条约，以维护和平并避免战争。但是，如果我们不意识到世界上所有国家都在武装和准备战争，我们必须处于类似的状态，以防止其他国家利用我们和我们无法用强有力的手段维护利益和主张权利的弱点，那我们就是对现有状况视而不见，让自己成为愚蠢的理想主义者。
In the international controversies that are likely to arise in the Orient growing out of the question of the open door and other issues the United States can maintain her interests intact and can secure respect for her just demands. She will not be able to do so, however, if it is understood that she never intends to back up her assertion of right and her defense of her interest by anything but mere verbal protest and diplomatic note. For these reasons the expenses of the army and navy and of coast defenses should always be considered as something which the Government must pay for, and they should not be cut off through mere consideration of economy. Our Government is able to afford a suitable army and a suitable navy. It may maintain them without the slightest danger to the Republic or the cause of free institutions, and fear of additional taxation ought not to change a proper policy in this regard. 在东方可能因门户开放问题和其他问题而产生的国际争端中，美国能够维护其利益不受损害，并确保其正当要求得到尊重。然而，如果人们知道她从不打算用任何东西来支持其权利主张和利益维护，而仅仅是口头抗议和外交照会，那么她将无法做到这一点。因此，陆军、海军和海岸防御的费用应始终被视为政府必须支付的费用，不应仅仅出于经济考虑而削减。我们的政府有能力负担一支适当的军队和一支适当的海军。维持它们不会对共和国或自由制度事业造成丝毫危险，对额外征税的恐惧不应改变这方面的适当政策。
The policy of the United States in the Spanish war and since has given it a position of influence among the nations that it never had before, and should be constantly exerted to securing to its bona fide citizens, whether native or naturalized, respect for them as such in foreign countries. We should make every effort to prevent humiliating and degrading prohibition against any of our citizens wishing temporarily to sojourn in foreign countries because of race or religion. 美国在西班牙战争及其后的政策使其在各国中获得了前所未有的影响力地位，应不断努力确保其真正的公民——无论是本土出生还是归化公民——在外国受到应有的尊重。我们应尽一切努力防止因种族或宗教原因对任何希望暂时在外国停留的公民施加侮辱性和有辱人格的禁令。
The admission of Asiatic immigrants who cannot be amalgamated with our population has been made the subject either of prohibitory clauses in our treaties and statutes or of strict administrative regulation secured by diplomatic negotiation. I sincerely hope that we may continue to minimize the evils likely to arise from such immigration without unnecessary friction and by mutual concessions between self-respecting governments. Meantime we must take every precaution to prevent, or failing that, to punish outbursts of race feeling among our people against foreigners of whatever nationality who have by our grant a treaty right to pursue lawful business here and to be protected against lawless assault or injury. 对于无法与我们的人口融合的亚洲移民，我们要么在条约和法规中加入禁止性条款，要么通过外交谈判达成严格的行政规定。我真诚希望我们能够继续在不必要的摩擦和自尊政府之间的相互让步下，尽量减少此类移民可能产生的弊端。同时，我们必须采取一切预防措施，防止或在发生时惩罚我国人民中针对任何国籍外国人的种族情绪爆发，这些外国人根据我们的授权拥有条约权利，可以在这里从事合法业务并受到保护免受非法袭击或伤害。
This leads me to point out a serious defect in the present federal jurisdiction, which ought to be remedied at once. Having assured to other countries by treaty the protection of our laws for such of their subjects or citizens as we permit to come within our jurisdiction, we now leave to a state or a city, not under the control of the Federal Government, the duty of performing our international obligations in this respect. By proper legislation we may, and ought to, place in the hands of the Federal Executive the means of enforcing the treaty rights of such aliens in the courts of the Federal Government. It puts our Government in a pusillanimous position to make definite engagements to protect aliens and then to excuse the failure to perform those engagements by an explanation that the duty to keep them is in States or cities, not within our control. If we would promise we must put ourselves in a position to perform our promise. We cannot permit the possible failure of justice, due to local prejudice in any State or municipal government, to expose us to the risk of a war which might be avoided if federal jurisdiction was asserted by suitable legislation by Congress and carried out by proper proceedings instituted by the Executive in the courts of the National Government. 这使我指出当前联邦管辖权中的一个严重缺陷，应该立即予以纠正。我们通过条约向其他国家保证，我们允许进入我国管辖范围内的其臣民或公民将受到我国法律的保护，但现在我们将履行这方面国际义务的责任留给了不受联邦政府控制的州或城市。通过适当的立法，我们可以而且应该将在联邦法院强制执行此类外国人条约权利的手段交给联邦行政部门。如果我们作出保护外国人的明确承诺，然后以履行承诺的责任在于不受我们控制的州或城市为由来解释未能履行承诺，这将使我们的政府处于懦弱的地位。如果我们要作出承诺，就必须使自己有能力履行承诺。我们不能允许因任何州或市政府的地方偏见而可能导致的司法失败，使我们面临如果国会通过适当立法并由行政部门在国家政府法院提起适当程序来主张联邦管辖权就可以避免的战争风险。
One of the reforms to be carried out during the incoming administration is a change of our monetary and banking laws, so as to secure greater elasticity in the forms of currency available for trade and to prevent the limitations of law from operating to increase the embarrassment of a financial panic. The monetary commission, lately appointed, is giving full consideration to existing conditions and to all proposed remedies, and will doubtless suggest one that will meet the requirements of business and of public interest. 即将到来的政府任期内要进行的改革之一是修改我们的货币和银行法，以确保用于贸易的货币形式具有更大的弹性，并防止法律限制加剧金融恐慌的困境。最近任命的货币委员会正在充分考虑现有条件和所有拟议的补救措施，并无疑将提出一项符合商业和公共利益要求的建议。
We may hope that the report will embody neither the narrow dew of those who believe that the sole purpose of the new system should be to secure a large return on banking capital or of those who would have greater expansion of currency with little regard to provisions for its immediate redemption or ultimate security. There is no subject of economic discussion so intricate and so likely to evoke differing views and dogmatic statements as this one. The commission, in studying the general influence of currency on business and of business on currency, have wisely extended their investigations in European banking and monetary methods. The information that they have derived from such experts as they have found abroad will undoubtedly be found helpful in the solution of the difficult problem they have in hand. 我们可以希望，报告既不会体现那些认为新制度的唯一目的应该是确保银行资本获得大回报的人的狭隘观点，也不会体现那些希望大幅扩大货币发行而很少考虑其即时赎回或最终安全规定的人的观点。没有哪个经济讨论话题像这个话题这样错综复杂，如此容易引起不同意见和教条式言论。委员会在研究货币对商业的总体影响以及商业对货币的影响时，明智地扩展了对欧洲银行和货币方法的调查。他们从在国外找到的专家那里获得的信息，无疑将有助于解决他们手头的难题。
The incoming Congress should promptly fulfill the promise of the Republican platform and pass a proper postal savings bank bill. It will not be unwise or excessive paternalism. The promise to repay by the Government will furnish an inducement to savings deposits which private enterprise can not supply and at such a low rate of interest as not to withdraw custom from existing banks. It will substantially increase the funds available for investment as capital in useful enterprises. It will furnish absolute security which makes the proposed scheme of government guaranty of deposits so alluring, without its pernicious results. 即将到来的国会应迅速履行共和党纲领的承诺，通过一项适当的邮政储蓄银行法案。这不会是不明智或过度的家长式做法。政府的还款承诺将提供私人企业无法提供的储蓄存款诱因，且利率如此之低，不会从现有银行吸引储户。这将大幅增加可用于有用企业投资的资本资金。它将提供绝对安全，这使得拟议的政府存款担保计划如此诱人，而没有其有害结果。
I sincerely hope that the incoming Congress will be alive, as it should be, to the importance of our foreign trade and of encouraging it in every way feasible. The possibility of increasing this trade in the Orient, in the Philippines, and in South America are known to everyone who has given the matter attention. The direct effect of free trade between this country and the Philippines will be marked upon our sales of cottons, agricultural machinery, and other manufactures. The necessity of the establishment of direct lines of steamers between North and South America has been brought to the attention of Congress by my predecessor and by Mr. Root before and after his noteworthy visit to that continent, and I sincerely hope that Congress may be induced to see the wisdom of a tentative effort to establish such lines by the use of mail subsidies. 我真诚希望即将到来的国会能够充分认识到我国对外贸易的重要性，并以一切可行的方式鼓励它。任何关注此事的人都知道，在东方、菲律宾和南美洲增加这种贸易的可能性。美国与菲律宾之间自由贸易的直接影响将显著体现在我们的棉花、农业机械和其他制成品的销售上。我的前任以及鲁特先生在访问南美洲大陆前后，都已提请国会注意在北美和南美之间建立直达轮船航线的必要性，我真诚希望国会能够认识到通过使用邮件补贴进行初步尝试建立此类航线的明智之处。
The importance of the part which the Departments of Agriculture and of Commerce and Labor may play in ridding the markets of Europe of prohibitions and discriminations against the importation of our products is fully understood, and it is hoped that the use of the maximum and minimum feature of our tariff law to be soon passed will be effective to remove many of those restrictions. 农业部以及商务部和劳工部在消除欧洲市场对我国产品进口的禁令和歧视方面可以发挥的作用非常重要，人们希望即将通过的关税法中的最高和最低关税条款将有效消除其中许多限制。
The Panama Canal will have a most important bearing upon the trade between the eastern and far western sections of our country, and will greatly increase the facilities for transportation between the eastern and the western seaboard, and may possibly revolutionize the transcontinental rates with respect to bulky merchandise. It will also have a most beneficial effect to increase the trade between the eastern seaboard of the United States and the western coast of South America, and, indeed, with some of the important ports on the east coast of South America reached by rail from the west coast. 巴拿马运河将对我国东部和远西部之间的贸易产生最重要的影响，并将大大增加东部和西部海岸之间的运输设施，并可能彻底改变大宗货物的跨大陆运费。它还将对增加美国东海岸与南美西海岸之间的贸易产生极其有益的影响，实际上也包括通过铁路从西海岸到达的南美东海岸的一些重要港口。
The work on the canal is making most satisfactory progress. The type of the canal as a lock canal was fixed by Congress after a full consideration of the conflicting reports of the majority and minority of the consulting board, and after the recommendation of the War Department and the Executive upon those reports. Recent suggestion that something had occurred on the Isthmus to make the lock type of the canal less feasible than it was supposed to be when the reports were made and the policy determined on led to a visit to the Isthmus of a board of competent engineers to examine the Gatun dam and locks, which are the key of the lock type. The report of that board shows nothing has occurred in the nature of newly revealed evidence which should change the views once formed in the original discussion. The construction will go on under a most effective organization controlled by Colonel Goethals and his fellow army engineers associated with him, and will certainly be completed early in the next administration, if not before. 运河的建设工作正在取得最令人满意的进展。运河作为船闸式运河的类型是在国会充分考虑了咨询委员会多数和少数派的冲突报告以及战争部和行政部门对这些报告的建议后确定的。最近有人建议，地峡发生了一些事情，使船闸式运河不如报告提出和政策确定时所设想的那样可行，这导致一个由合格工程师组成的委员会访问地峡，检查船闸式运河的关键——加通大坝和船闸。该委员会的报告显示，没有出现任何新发现的证据性质的事情，应该改变最初讨论中形成的观点。建设工作将在由戈瑟尔斯上校及其同事陆军工程师控制的最有效的组织下继续进行，肯定会在下届政府任期早期完成，如果不是更早的话。
Some type of canal must be constructed. The lock type has been selected. We are all in favor of having it built as promptly as possible. We must not now, therefore, keep up a fire in the rear of the agents whom we have authorized to do our work on the Isthmus. We must hold up their hands, and speaking for the incoming administration I wish to say that I propose to devote all the energy possible and under my control to pushing of this work on the plans which have been adopted, and to stand behind the men who are doing faithful, hard work to bring about the early completion of this, the greatest constructive enterprise of modern times. 必须建造某种类型的运河。已经选择了船闸式。我们都赞成尽快建造它。因此，我们现在不能在我们授权在地峡开展工作的人员背后制造麻烦。我们必须支持他们，代表即将到来的政府，我想说，我提议尽我所能并在我控制范围内的所有精力，按照已采用的计划推进这项工作，并支持那些正在忠实、努力地工作以早日完成这项现代最伟大建设性事业的人们。
The governments of our dependencies in Porto Rico and the Philippines are progressing as favorably as could be desired. The prosperity of Porto Rico continues unabated. The business conditions in the Philippines are not all that we could wish them to be, but with the passage of the new tariff bill permitting free trade between the United States and the archipelago, with such limitations on sugar and tobacco as shall prevent injury to domestic interests in those products, we can count on an improvement in business conditions in the Philippines and the development of a mutually profitable trade between this country and the islands. Meantime our Government in each dependency is upholding the traditions of civil liberty and increasing popular control which might be expected under American auspices. The work which we are doing there redounds to our credit as a nation. 我们在波多黎各和菲律宾的属地政府正在取得令人满意的进展。波多黎各的繁荣持续不减。菲律宾的商业状况并非尽如人意，但随着允许美国与该群岛之间自由贸易的新关税法案的通过——对糖和烟草有一些限制，以防止对国内这些产品的利益造成损害——我们可以指望菲律宾的商业状况得到改善，并发展出两国之间互利的贸易。与此同时，我们在每个属地的政府都在维护公民自由的传统，并增加人们在美国主持下可能期望的民众控制。我们在那里所做的工作为我们国家增光添彩。
I look forward with hope to increasing the already good feeling between the South and the other sections of the country. My chief purpose is not to effect a change in the electoral vote of the Southern States. That is a secondary consideration. What I look forward to is an increase in the tolerance of political views of all kinds and their advocacy throughout the South, and the existence of a respectable political opposition in every State; even more than this, to an increased feeling on the part of all the people in the South that this Government is their Government, and that its officers in their states are their officers. 我满怀希望地期待着南方与该国其他地区之间已经存在的良好关系得到加强。我的主要目的不是改变南方各州的选举投票。那是次要考虑。我期待的是在南方各地对各种政治观点的容忍度和倡导有所增加，在每个州都存在一个值得尊重的政治反对派；更重要的是，南方所有人民都更加感到这个政府是他们的政府，政府在他们州的官员是他们的官员。
The consideration of this question can not, however, be complete and full without reference to the negro race, its progress and its present condition. The thirteenth amendment secured them freedom; the fourteenth amendment due process of law, protection of property, and the pursuit of happiness; and the fifteenth amendment attempted to secure the negro against any deprivation of the privilege to vote because he was a negro. The thirteenth and fourteenth amendments have been generally enforced and have secured the objects for which they are intended. While the fifteenth amendment has not been generally observed in the past, it ought to be observed, and the tendency of Southern legislation today is toward the enactment of electoral qualifications which shall square with that amendment. Of course, the mere adoption of a constitutional law is only one step in the right direction. It must be fairly and justly enforced as well. In time both will come. Hence it is clear to all that the domination of an ignorant, irresponsible element can be prevented by constitutional laws which shall exclude from voting both negroes and whites not having education or other qualifications thought to be necessary for a proper electorate. The danger of the control of an ignorant electorate has therefore passed. With this change, the interest which many of the Southern white citizens take in the welfare of the negroes has increased. The colored men must base their hope on the results of their own industry, self-restraint, thrift, and business success, as well as upon the aid and comfort and sympathy which they may receive from their white neighbors of the South. 然而，如果不提及黑人种族及其进步和现状，对这个问题的考虑就不可能完整和充分。第十三修正案确保了他们的自由；第十四修正案确保了正当法律程序、财产保护和追求幸福的权利；第十五修正案试图确保黑人不会因为是黑人而被剥夺投票权。第十三和第十四修正案已普遍得到执行，并实现了其预期目标。虽然第十五修正案在过去没有得到普遍遵守，但它应该得到遵守，今天南方立法的趋势是制定符合该修正案的选举资格。当然，仅仅通过一项宪法法律只是朝着正确方向迈出的一步。它还必须得到公平和公正的执行。假以时日，两者都会实现。因此，所有人都清楚，通过宪法法律排除没有教育或其他被认为是适当选民所必需的资格的黑人和白人投票，可以防止无知、不负责任的因素的统治。因此，无知选民控制的危险已经过去。随着这一变化，许多南方白人公民对黑人福利的关注增加了。有色人种必须将希望寄托在自己的勤劳、自我克制、节俭和商业成功上，同时也寄托在他们南方白人邻居可能给予的帮助、安慰和同情上。
There was a time when Northerners who sympathized with the negro in his necessary struggle for better conditions sought to give him the suffrage as a protection to enforce its exercise against the prevailing sentiment of the South. The movement proved to be a failure. What remains is the fifteenth amendment to the Constitution and the right to have statutes of States specifying qualifications for electors subjected to the test of compliance with that amendment. This is a great protection to the negro. It never will be repealed, and it never ought to be repealed. If it had not passed, it might be difficult now to adopt it; but with it in our fundamental law, the policy of Southern legislation must and will tend to obey it, and so long as the statutes of the States meet the test of this amendment and are not otherwise in conflict with the Constitution and laws of the United States, it is not the disposition or within the province of the Federal Government to interfere with the regulation by Southern States of their domestic affairs. There is in the South a stronger feeling than ever among the intelligent well-to-do, and influential element in favor of the industrial education of the negro and the encouragement of the race to make themselves useful members of the community. The progress which the negro has made in the last fifty years, from slavery, when its statistics are reviewed, is marvelous, and it furnishes every reason to hope that in the next twenty-five years a still greater improvement in his condition as a productive member of society, on the farm, and in the shop, and in other occupations may come. 曾经有一段时间，同情黑人争取更好条件的北方人试图给予他们选举权，作为一种保护，以对抗南方普遍的情绪来强制行使选举权。这一运动被证明是失败的。剩下的是宪法第十五修正案以及让各州规定选民资格的法规接受符合该修正案测试的权利。这对黑人来说是一个巨大的保护。它永远不会被废除，也永远不应该被废除。如果它没有通过，现在可能很难通过；但有了它作为我们的基本法，南方立法的政策必须并且将会倾向于遵守它，只要各州的法规通过该修正案的测试，并且不与美国宪法和法律相冲突，联邦政府就没有意愿或权力干涉南方各州对其内政的监管。在南方，聪明、富裕和有影响力的阶层中，支持黑人工业教育和鼓励该种族成为社区有用成员的感觉比以往任何时候都更强烈。回顾统计数据，黑人在过去五十年中从奴隶制中取得的进步是惊人的，这为希望在未来二十五年内他们作为社会生产成员在农场、商店和其他职业中的状况得到更大改善提供了一切理由。
The negroes are now Americans. Their ancestors came here years ago against their will, and this is their only country and their only flag. They have shown themselves anxious to live for it and to die for it. Encountering the race feeling against them, subjected at times to cruel injustice growing out of it, they may well have our profound sympathy and aid in the struggle they are making. We are charged with the sacred duty of making their path as smooth and easy as we can. Any recognition of their distinguished men, any appointment to office from among their number, is properly taken as an encouragement and an appreciation of their progress, and this just policy should be pursued when suitable occasion offers. 黑人现在是美国人。他们的祖先多年前违背自己的意愿来到这里，这是他们唯一的国家和唯一的旗帜。他们已经表明自己渴望为它而活、为它而死。面对针对他们的种族情绪，有时遭受由此产生的残酷不公正待遇，他们确实值得我们深切的同情和帮助。我们肩负着神圣的职责，尽我们所能为他们铺平道路。对他们杰出人物的任何认可，从他们中间任命任何职位，都被正确地视为对他们进步的鼓励和赞赏，这种公正的政策应该在适当的场合得到推行。
But it may well admit of doubt whether, in the case of any race, an appointment of one of their number to a local office in a community in which the race feeling is so widespread and acute as to interfere with the ease and facility with which the local government business can be done by the appointee is of sufficient benefit by way of encouragement to the race to outweigh the recurrence and increase of race feeling which such an appointment is likely to engender. Therefore the Executive, in recognizing the negro race by appointments, must exercise a careful discretion not thereby to do it more harm than good. On the other hand, we must be careful not to encourage the mere pretense of race feeling manufactured in the interest of individual political ambition. 但是，对于任何种族来说，如果在一个种族情绪如此普遍和尖锐的社区中，任命该种族的一名成员担任地方职务，以至于干扰被任命者轻松和顺利地处理地方政府事务，那么通过这种任命给予该种族的鼓励是否足以抵消可能引发的种族情绪的复发和加剧，这一点值得怀疑。因此，行政部门在通过任命认可黑人种族时，必须谨慎行事，以免弊大于利。另一方面，我们必须小心不要鼓励仅仅是为了个人政治野心而制造的种族情绪借口。
Personally, I have not the slightest race prejudice or feeling, and recognition of its existence only awakens in my heart a deeper sympathy for those who have to bear it or suffer from it, and I question the wisdom of a policy which is likely to increase it. Meantime, if nothing is done to prevent it, a better feeling between the negroes and the whites in the South will continue to grow, and more and more of the white people will come to realize that the future of the South is to be much benefited by the industrial and intellectual progress of the negro. The exercise of political franchises by those of this race who are intelligent and well to do will be acquiesced in, and the right to vote will be withheld only from the ignorant and irresponsible of both races. 就个人而言，我没有丝毫种族偏见或情绪，认识到它的存在只会在我心中唤起对那些不得不承受或遭受其害的人更深的同情，我质疑可能加剧它的政策是否明智。同时，如果不采取任何措施阻止，南方黑人和白人之间的友好关系将继续增长，越来越多的白人将逐渐意识到南方的未来将从黑人的工业和智力进步中受益匪浅。该种族中有智慧和富裕的人行使政治权利将得到默许，投票权将只对两个种族中无知和不负责任的人保留。
There is one other matter to which I shall refer. It was made the subject of great controversy during the election and calls for at least a passing reference now. My distinguished predecessor has given much attention to the cause of labor, with whose struggle for better things he has shown the sincerest sympathy. At his instance Congress has passed the bill fixing the liability of interstate carriers to their employees for injury sustained in the course of employment, abolishing the rule of fellow-servant and the common-law rule as to contributory negligence, and substituting therefor the so-called rule of "comparative negligence." It has also passed a law fixing the compensation of government employees for injuries sustained in the employ of the Government through the negligence of the superior. It has also passed a model child-labor law for the District of Columbia. In previous administrations an arbitration law for interstate commerce railroads and their employees, and laws for the application of safety devices to save the lives and limbs of employees of interstate railroads had been passed. Additional legislation of this kind was passed by the outgoing Congress. 还有一个我想提及的问题。这个问题在选举期间引起了很大争议，现在至少值得一提。我杰出的前任非常关注劳工事业，对他们争取更好条件的斗争表现出最真诚的同情。在他的推动下，国会通过了确定州际承运人对其雇员在就业过程中遭受伤害的赔偿责任的法案，废除了同事规则和关于共同过失的普通法规则，代之以所谓的"比较过失"规则。国会还通过了一项法律，确定政府雇员因上级过失在政府工作中受伤的赔偿。国会还通过了哥伦比亚特区的模范童工法。在前几届政府中，已经通过了州际商业铁路及其雇员的仲裁法，以及为州际铁路雇员提供安全设备以拯救生命和肢体的法律。即将离任的国会还通过了更多此类立法。
I wish to say that insofar as I can I hope to promote the enactment of further legislation of this character. I am strongly convinced that the Government should make itself as responsible to employees injured in its employ as an interstate-railway corporation is made responsible by federal law to its employees; and I shall be glad, whenever any additional reasonable safety device can be invented to reduce the loss of life and limb among railway employees, to urge Congress to require its adoption by interstate railways. 我想说，尽我所能，我希望推动制定更多此类立法。我坚信，政府应该像联邦法律规定的州际铁路公司对其雇员那样，对在其雇佣中受伤的雇员负责；只要能够发明任何额外的合理安全设备来减少铁路雇员的伤亡，我将乐于敦促国会要求州际铁路采用。
Another labor question has arisen which has awakened the most excited discussion. That is in respect to the power of the federal courts to issue injunctions in industrial disputes. As to that, my convictions are fixed. Take away from the courts, if it could be taken away, the power to issue injunctions in labor disputes, and it would create a privileged class among the laborers and save the lawless among their number from a most needful remedy available to all men for the protection of their business against lawless invasion. The proposition that business is not a property or pecuniary right which can be protected by equitable injunction is utterly without foundation in precedent or reason. The proposition is usually linked with one to make the secondary boycott lawful. Such a proposition is at variance with the American instinct, and will find no support, in my judgment, when submitted to the American people. The secondary boycott is an instrument of tyranny, and ought not to be made legitimate. 另一个引起最激烈讨论的劳工问题已经出现。那就是联邦法院在工业纠纷中发布禁令的权力。对此，我的信念是坚定的。如果可以剥夺法院在劳工纠纷中发布禁令的权力，那将在劳工中创造一个特权阶层，并使他们中无法无天的人免受所有人为保护其业务免受无法无天入侵所必需的最重要补救措施。商业不是可以通过衡平禁令保护的财产或金钱权利的主张，在先例或理性上完全没有根据。这一主张通常与使次级抵制合法化的主张联系在一起。这样的主张与美国的本能相悖，在我看来，当提交给美国人民时，不会得到支持。次级抵制是一种暴政工具，不应该合法化。
The issue of a temporary restraining order without notice has in several instances been abused by its inconsiderate exercise, and to remedy this the platform upon which I was elected recommends the formulation in a statute of the conditions under which such a temporary restraining order ought to issue. A statute can and ought to be framed to embody the best modern practice, and can bring the subject so closely to the attention of the court as to make abuses of the process unlikely in the future. The American people, if I understand them, insist that the authority of the courts shall be sustained, and are opposed to any change in the procedure by which the powers of a court may be weakened and the fearless and effective administration of justice be interfered with. 在某些情况下，未经通知发布临时限制令的做法被滥用，为了纠正这一点，我当选所依据的政党纲领建议在法规中制定发布此类临时限制令应遵守的条件。可以而且应该制定一项法规，体现最佳的现代做法，并使法院密切关注这一问题，以使此类程序的滥用在未来不太可能发生。如果我理解美国人民的话，他们坚持维护法院的权威，并反对任何削弱法院权力和干扰无畏有效司法行政的程序变更。
Having thus reviewed the questions likely to recur during my administration, and having expressed in a summary way the position which I expect to take in recommendations to Congress and in my conduct as an Executive, I invoke the considerate sympathy and support of my fellow-citizens and the aid of the Almighty God in the discharge of my responsible duties. 在简要回顾了我任职期间可能出现的问题并概述了我期望在向国会提出的建议和作为行政长官的行为中采取的立场后，我恳请同胞们的体谅和支持，并祈求全能上帝的帮助，以履行我的职责。