The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-12-15
FAVORS THE WATER WAY
NATIONAL BOARD OF TRADE WANTS
THE NICARAGUA CANAL DUG.
Also Asks for Legislation That Will
Permanently Establish the Gold
Standard-Other Resolutions.


WASHINGTON, Dec. 1.-THE subject
first considered at to-day's meeting of the
National Board of Trade was embodied in
a resolution offered by the New York Board
Of Trade and Transportation, urging upon
Congress the Importance of enacting ma
tiona trademark registration law. This
resolution was adopted On motion of Mr..
Patterson, of Philadelphia, resolution
was adopted to indorse the bill now pend
ing in Congress, providing for naval re-
serve.
The next resolution adopted was designed
to add to the definition of mixed flour in
the internal revenue bill the following
But not to include self-raising -four, to be
used without further admixture of salt,
yeast or baking powder in paper packages
only and not to exceed six pounds in each
package"
From the committee on the control of
monopolies, Mr. Halpen, of Philadelphia, re-
ported the following:
Resolved, That combinations of persons
and capital tending to increase or decreas
of prices of articles required for general
public use and which shall stifie full and
free competition, are to be deprecated.
Resolved, That, SO far it may be con-
sistent with full liberty of trade Congress
is hereby requested to use it's power to pre-
vent such combinations"
In the course of his remarks in favor of
this resolution Mr.. Halpen said that, while
personally he profted from trusts, yet he
saw that they were a public menace and
should be restrained Mr.. Waldo Smith, of
New York, spoke against the proposition.
Mr.. Berry, of Pennsylvania, said that trusts
were an effect and not a cause, and that
they were the result of an effort to maintain
prices. There was temporary remedy and
that was to restrain production. But the
remedy he believed the real one was to in
crease the volume of the currency This
declaration brought forth much good-na-
tured laughter and, after further debate,
the resolution was put to a vote, thirty
four voting in favor of it and nineteen
against it. Two-thirds of the delegates not
voting in favor of the proposition it was
declared lost, under the rules of the board.
Mr.. Hobert made favorable report from
the committee to which had been referred
the resolution from the Cincinnati Chamber
OF Commerce, urging upon Congress the
reduction of the tax on spirits to 20 cents
per proof gallon, which, the report said has
been demonstrated is the highest revenue
reducing rate. 1t was stated that the sec
rotary of the treasury and the internal
revenue officials were earnestly in favor of
these resolutions, on the ground that it was
the only way to minimize fraud in produc-
ton Mr.. Thurber. of New York, favored
the resolution on the ground that the high
er tax tended to increase the amount of
whisky drunk and that the honest distiller
who pays taxes should be protected from
who does not. Mr.. Kline, of Philadelphia,
SAID ne would not object to the tax re-
naming where it is if the tax could be re-
moved from alcohol used in the arts and
sciences The resolution was lost by a vote
of 10 to %.
The first business at the afternoon session
was consideration of the report of the COM
mittee on the Nicaragua canal. The sense
of the board was strongly in favor of the
speedy construction of the canal by the
United States and the exhaustive committee
report was adopted without adverse criti-
cism. In presenting the report Chairman
Haupt said the committee had considered
the question of the greatest moment as an
economic factor in promoting the prosper
ity not only of this country, but of the
Waldo Smith of New York, is chairman
was appointed to present the action of the
board to Congress.
The committee on transportation pre-
scented report which was adopted. recon-
mending large number of amendments to
tne interstate commerce law, including pro-
visions for making the findings of the COM
mission enforceable; requiring absolute pub
licity of all rates; infiicting severe money
mentality airy other than the published
rates, rules or regulations affecting trans
portatlon of persons and property shall be-
come operative or available; bling car
riers to make agreements for the estab-
lishment and maintenance of fair, stable
uniform and lawfully published rates rules
persons property urging greater uni
formity in freight classification and secur-
ing for shippers protection and relief from
existing conditions as appertaining to the
express companies, there being no national
statute which in any manner regulates or
governs the action of these companies.
The committee on banking and currency
reported resolution favoring the gold
standard, which was adopted without dis
custom The resolution offered by the com
mttee follows
We favor legislation that will permanent
Iy establish the gold standard: that will
retire all kind of paper currency issued bv
government q 10 ha
without undue contraction or injury to the
agricultural industry or commercial inter
ests of the country; that will provide for
currency issued by banks in safe propor-
ton to their sound capital and surplus as
the needs OF the country require, under such
governmental supervision and control as
will insure it's redemption in gold at banks
of issue and at the leading monetary CEN
tiers of the United States. We deem this
matter of vital Importance and we urge its
immediate consideration by Congress to the
end that legislation embodying the prin-
clples set forth in these resolutions may be
secured before the next presidential election
and ii special session of Congress be
necessary the magnitude and importance of
action upon the subject demand that such
The report of the American merchant
marine committee received the approval of
the board. This report declared that the
recent large acceSSiOnS to the domain of the
United States had opened up to our citi-
zens new opportunities for enterprise and
that these new conditions together with orr
rapidly increasing export trade rendered
more important than ever before the de-
velopment of our merchant marine engaged
in foreign commerce. The report urges upon
Congress its most earnest consideration
with view to the adoption of such meas
ures as will secure the desired result II
also says in view of the discrimination
against American bottoms by Lloyds and
other foreign corporations invites the at
tention of American underwriters to the
necessitv of providing equal facilities for
American shipping The board also after
considerable debate, adopted a resolution
offered by G. Stuart Patterson. of Philadel-
pha approving the recommendations of the
President and secretary of the treasury on
the subject of the merchant marine