The times., 1899-12-06

financial transactions Of the Government
are conducted upon a gold basis. We re-
ceive gold when We sell United States
bonds and use gold for their payment. We
are maintaining the parity of all the money
issued or coined by authority Of the Gov
eminent We are doing these things with
the means at hand. Happily at the pres
ent time we are not compelled to resort
20 loans TO supply gold. 1t has been done
in the past, however. and may have to be
done IN the future. It behooves us, there
fore to provide at once the best means to
meet the emergency when it arises and the
, best means are those which are the most
certain and economical. Those now au
thOriZed have the virtue neither of direct
ness nor economy, We have already elm
mated one of the causes of our financial
plight and embarrassment during the years
1893, 1894, 1885, and 1896 Our receipts
now equal our expenditures; deficient reve-
nues no longer alarm. Let US remove the
only remaining cause by comforting the full
and necessary power on the Secretary OF
the Treasury and impose upon him the duty
to uphold the present gold standard and
preserve the coins Of the two metals on
parity with each other. which is the re-
peatedly declared policy of the United
States.
In this connection ! repeat my former
+ recommendations that q portion OF the gold
holdings shall be placed in a trust fund
from which greenbacks shall be redeemed
upon presentation, but when once redeemed
shall not thereafter be paid out except
for gold
The Merchant Marine.
The value of an American merchant ma
rine TO the extension Of our commercial
trade and the strengthening of our power
upon the sea invites the immediate action
Of the Congress Our national develop
ment VIII be one-sided and unsatisfactory
so long as the remarkable growth of our
inland industries remains unaccOmpanied
! by progress on the seas. There is no lack
Of constitutional authority for legislation
which shall give to the country maritime
strength commensurate with its industrial
achievements and with its rank among the
nations Of the earth.
The past year has recorded exceptional
activity in our shipyards, and the prom
ises of continual prosperity in shipbuild-
ing are abundant Advanced legislation
for the protector Of our seameu has been
enacted. Our coast trade, under reguIa-
uOns wisely framed at the beginning Of
the Government and since, shows results
for the past fiscal year unequaled in our
records or those Of any other power We
shall fail to realize our opportunities, how
ever, if we complacently regard only mat
ters a home and blind ourselves 10 the
necessity of securing our share in the val
liable carrying trade Of the world.
Last year American vessels transported
/ a smaller share Of our exports and i'm
ports than during any former year in all
our history, and the measure Of our de
pendenCe upon foreign shipping was pain
fully manifested to our people. Without
any choice OF our own. but from necessity
f - rv1rs Of oh
ed with military and naval operations in
the East and West Indies had to obtain
( from foreign flags merchant vessels es-
sential for those operations.
The other great nations have not hesi-
tated 10 adopt the required means 10 de-
velOp their shipping as a factor in ma
tiOnal defence and as one OF the surest
and speediest means Of obtaining for their
! producers a share in foreign markets. Like
/ vigilance and effort on our part cannot
fail to improve our situation which is re-
( garded with humiliation at home and with
( surprise abroad. Even the seeming sacri-
fees, which at the beginning may be in
volyed. viii be offset later by more than
/ equivalent gains
The expense is as nothing compared 10
/ the advantage 10 be achieved. The re-es-
tablishment of cur merchant marine in
! wolves in q large measure our continued
industrial progress and the extension of
( our commercial triumphs. l am satisfied
! the Judgment of the country favors the
policy OF aid 10 our merchant marine,
( which will broaden our commerce and
markets and upbuild our sea-carrying ca
pacity for the products OF agriculture and
manufacture; which, with the increase OF
our navy. mean more work and wages to
I our countrymen, as well as a safeguard
TO American interests in every part of the
] world.