The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1899-12-13
national banks be authorized to organ.
lze with capital Of $96. 600.

national banks be authorized to organ
lze with capital Of $s5. 900.
I urgently recommend that to sup
port the existing gold standard and &c
maintain "the parity in value OF the
coins Of the two metals (gold and Sill
ver), and the equal power OF every dol
lar at all times in the market and in the
payment of debts" the secretary of the
treasury be given additional power and
charged with tho duty to sell United
States bonds and to employ such other
effective means as may be necessary tt
those ends.
Our Merchant Marine.
The value of an American merchant
marine to the extension OF our CONNER
cial trade and the strengthening OF oul
power upon tho sea invites the lmme
diate action of congress. Our natlona
development will be one.sided and un'
satisfactory, so long as the remarkable
growth Of our inland industries remalns
.unaccompanied by progress on the seas
There is no lack of constitutional au
thority for legislation which shall give
to the country maritime strength com
msnsurate with its industrial achieve
ments and with its rank among the
nations OF the earth.
Tho past year has recorded excep
tional activity in our shipyardk and
promises of continual prosperity in shlI
building arc abundant. Advanced legis
lation for the protection Of our seamer
has been enacted. Our coast trade
under regulations wisely framed at the
beginning of the government and since
shows results for the past year that are
unsquallsd in our records and those Of
any other power. We shall fail te
realize our opportunities. however, II
we complacently regard only matters
1T homo and blind ourselves to the ne
osssity Of securing our share in the
valuable carrying trade of the world.
Last year American vessels trans
ported . smaller share Of our exports
and imports than during any former
year in all our history, and the meas
ure Of our dependence upon foreign
shipping was painfully manifested tt
our people. Without any choice of oul
own, but from necessity, the depart
msnts of the government charged WITH
military and naval operations in the
East and West Indies had to obtain
from foreign flags merchant vessels
essential to these operations.
Tho other great nations have not hes
itated to adopt the required means tt
develop their shipping as factor II
national defense, and as one OF the
surest and speediest means OF obtaining
for their producers share In foreign
markets. Like vigilance and effort or
our part cannot fail TO improve our sit
uation, which is regarded with humilia
ton at homo, and with surprise abroad
Even the seeming sacrifices, which al
the beginning may be involved. will bs
Offset later by more than equlvalen'
gains. ..- ....s
Question Of Trusts.
Combinations of capital organized
into trusts to control the conditions o.
trade among our citizens, to stide com
petition, limit production and determin'
tho prices of products used and con
sumed by tho people. are justly pro 1ok
ing public discussion and should early
claim the attention of the congress.
The industrial commission created by
the act of congress Of June Is, 1895, hal
been engaged in extended hearings upor
the disputed questions involved in the
subject of combinations in restraint o'
trade and competition. They have mo-
yet completed their investigations o.
this subject and the conclusion ant
recommendations at which they may
arrive are undetermined. The subjec
is one giving rise to many divergent
views az to the nature and variety Of
cause and extent of tho injuries to ths
public which may result from large
combinations concentrating more OF
less Numerous enterprises and establish
ments which previously to the forma
ton of the combination were carried
separately.
Il is universally conceded that combi
nations which engross or control th'
market OF any particular kind of NOR
chandise or commodity necessary to ths
general community, by suppressing nat
ural and ordinary competition, whereby
prices are unduly enhanced to the gen
oral consumer, are obnoxious not only
to tho common law, but also to the pub
lilo welfare. There must be q remedy
for the evils involved in such organiZa
tions. II the present law can bs OK
tended more certainly to control o.
check these monopolies or trusts, i
should be done without delay. What
ever power the congress possesses ovsl
this most important subject should bt
promptly ascertainsd and asserted.
1t is apparent that uniformity Of leg
islstion upon this subject in tho several
states 10 much to bs desired. It is to bt
hoped that inch uniformity founded ir
. wise and Just discrimination between
what is injurious and what is, usefu
and necessary in business operationi
may be obtained and that means may
be found for the congress within th'
limitations of its constitutional power
80 AZ to supplement an effective code o.
state legislation 80 to mako q complst.
system of laws throughout the United
States adequate to compel general OBJ
ssrvancs Of the salutary rules to whiot
I have referred.
The whole question is 80 important
and farrsaohing that I am sure no par
Of it will bs lightly considered, but
every phase of it will have the studied
elaboration Of congress resulting II
wise and judioious action.
- -. The Nicaragua Canal.
The Nicaragua canal commission
which had bssn engaged upon tho worl
Of examination and survey for rout'
across Nicaragua, having completed itI
labors and made its reports, was dis
solved on May 81, and on Juno 10 new
commission, known as the isthmiar
canal commission. was organized undsl
the terms of tho act approved March 8
1899. for tho purpose of examining tn
American isthmus with view to do
termining the most practicable anc
feasible route for a ship canal acros