The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-12-06
PRESIDENTS MESSAGE
TO CONGRESS-
Continued From First page.l

bonds and use gold for their payment.
We are maintaining the parity of all
the money issued or coined by author
ity OF the Government. We are doing
these things with the means at hand.
Happily NJ the present time we are
not compelled 10 resort to loans to sup,
ply gold 1t has been done in the pasr,
however. and may have TO be done
in the future Ii hehooves us. therefore,
to provide at once the best means 10
meet the emergency when il arises, and
the best means arc those which are the
most certain and economical. Those
now authorized have the virtue neither
of directneSS nor economy. We have
already eliminated one of the causes of
our financial plight and embarrassment
during the years 1898, 1894, 1895 and
1896 Our receipts now equal our eX-
nenditures; deficient revenues no longer
create 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 a parity with each other,
which is the repeatedly declared policy
of the United States.
I'm this connection | repeat my form
err recommendations that a portion of
the gold holdings shall be placed in a
trust fund from which greenbacks shall
he redeemable upon presentation, but
when once redeemed shall not there
after be paid out except for gold
HANNA'S GRAB HUNCHED.
The strengthening of an American
,.s,4 tod
is no lack of constitutional authority
for legislation which shall give to the
country maritime strength commensur-
ate with its industrial achievements and
with its rank among nations OF the
earth. The President is satisfied the
Judgment Of the country favors the
policy of aid to our merchant marine,
which will broaden our commerce and
mark this and uphuild our sea carrying
capacity for the product of agricultural
and manufacture: which. with the i'm
crease of our navy, means much more
work and wages TO our counrrymen,
as we'll as safeguard to American in
terests in every part of the world.
The Trusts.
The President next discusses the
question of trusts, on which he says:
Combinations of capital organized In
to trusts TO control conditions of trade
among our citizens, to stihe competition,
limit PRODUCTION, and determine the prices
of products used and consumed by the
people, are justly provoking public dis
cussion, and should early claim the at
tention of the Congress.
THE Industrial Commission, created
by the act of Congress of June 18th,
1898 has been engaged in extended
hearings upon the disputed questions in
yolyed in the subject of combinations in
restraint of trade and competition.
They have not yet completed their in
vestigation of this subject, and the con-
illusions and recommendations at which
they may arrive are undetermined.
The subject is one giving rise to
many divergent views as to the nature
and variety or cause and extent of the
injuries to the public which may result
from large combinations concentrating
more or less numerous enterprises and
establishments, which previously to the
formation of the combination were car
ried on separately.
1T is universally conceded that COM
binations which engross or control the
market of any particular kind of mer-
chandise or commodity necessary to the
general community, by suppressing nar-
Hral and ordinary competition, whereby
prices are unduly enhanced to the general
consumer. are obnoxious not only to the
common law, but also to the public well
fare. There must be remedy for the
evils involved in such organizations
If the present law can be extended
more certainly to control or check these
m0nopolies or trusts. it should he done
without delay Whatever power the
Congress possesses over this most inn
portant subject should be promptly as
certained and asserted.
THE PRESENT TRUST LAW.
The President quotes from President
Harrison's message Of December Bird,
1880, on this subject, and adds:
An act to protect trade and COM
merce against unlawful restraints ana
monopolies was passed by Congress OH
the End Of July, 1880. The provisions
of this statute are comprehensive and
stringent. 1t declares every contract
or combination. in the form Of "A trust
or otherwise. or conspiracy in the re-
straint of trade or commerce among the
several States or with foreign nations.
10 De unfdNIul. 1T defl0nlInafeS as Il
criminal every person who makes any
such contract or engages in any such
combination or conspiracy. and provides
Il punishment by fine or Imprisonment.
1T invests the several circuit courts of
the United States with jurisdiction 10
prevent and restrain violations Of the
act. and makes it the duty Of the sew
eral United States district attorneys,
under the direction of the Attorney Cen
eral, to institute proceedings in equity
10 prevent and restrain such violations.
1t further confers upon any person who
shall be injured in his business or prop.
erty by any other person or corporation
by reason Of anything forbidden or de-
clared to be unlawful by the act the
power therefor in any cirllit court of the
United States without respect TO tho
amount in controversy, and TO recover
fhree-fold the damages by him sus
tanned and the costs of the suit includ
ing reasonable attorney fees. Tt vii
be perceived that the act is aimed a
every kind of combination in the nature
OF a trust or monopoly in restraint Of
Interstate or international commerce
THE prosecution by the United State,
of offenses under the act of 1890 ha