Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1899-12-08

confidence that gold seeks the treas
ury, demanding paper money in ex-
change, yet the very situation points to
the present as the most fitting time to
make adequate provision to insure the
continuance of the gold standard, and
of public confidence in the ability and
purpose of the government to meet all
its obligations in the money which the
civilized world recognizes as the best
The financial transactions of the govern
ment are conducted upon gold basis.
We receive gold when we sell United
States bonds and use gold for their pay
ment. We are maintaining bhe parity
Of all the money issued or coined by au-
thority of the government. We are do
Ing these things with the means at hand
Happily at the present time we are not
compelled to resort to loans to supply
gold. 1t has been done in the past, how
ever, and may have to be done in the
future. 1t behooves us, therefore, to
provide at once the best means to meet
the emergency when 1t arises, and the
best means are those which are the most
certain and economical. Those now au-
thorized have the virtue, neither OF di-
rectness nor economy. We have already
eliminated one of the causes Of our
financial plight and embarrassment dur
ing the years 1898, 1894, 1895 and 1896.
Our receipts now equal our expendi-
lures; 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
m w 70 a c q n
and preserve the coins of the two metals
on parity with each other, which is the
repeatedly declared policy of the United
States.
In this connection, repeat my former
recommendations that 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
marine to the extension of our COM
mercial trade and the strengthening of
our power upon the sea invites the i'm
mediate action OF the congress Our
national development will be one-sided
and unsatisfactory so long as the re-
markable growth of our inland indus
tries remains unaccompanied by prog
ress on the seas. There is no lack of
constitutional authority for legislation
which shall give to the country maritime
strength Commensurate with its indus
trial achievements and with its rank
among the nations OF the earth.
The past year has recorded eXcep-
tional activity in our shipyards and the
| promises of continual prosperity in
shlpbuilding are abundant. Advanced
legislation for the protection of our sea-
men has been enacted. Our coast trade,
under regulations wisely framed at the
beginning of the government and since,
shows results for the past fiscal year I'M
] equaled in our records of those of any
other power. We shall fail to realize
our opportunities, however, If we COM
placently regard only matters at home
and blind ourselves to the necessity of
securing our share in the valuable carry
ing trade of the world.
Last year American vessels trans
ported a smaller share of our exports
and imports than during any former
year in all our history, and the measure
of our dependence upon foreign shipping
was painfully manifested to our people
The other great nations have not hest
tated to adopt the required means to de-
velop their shipping as a factor in ma
tional defense and as one of the surest
and speediest means of obtaining fol-
their producers a share in foreign mar.
kets. The expense Is as nothing COM
pared to the advantage to be achieved
The re-establishment of our merchant
marine involves In a large measure oui
continued industrial progress and the
extension of our commercial triumphs.
THE CONTROL OF TRUSTS.
Combinations of capital organized
into trusts to control the conditions OF
trade among our citizens are justly pro-
voking public discussion, and should
early claim the attention of the congress
The industrial commission, engaged II
extended hearings upon the subject o.
combinations in restraint of trade and
competition, have not yet completed
their investigation. The subject is one
giving rise to many divergent views al
to the extent of the injuries to the pub.
lie which may result from large com
binations concentrating more or lesi
numerous enterprises and establish
ments. 1t is universally conceded thai
combinations which engross or contro
the market of any commodity necessary
to the general community by suppress
ing natural and ordinary competition
whereby prices are unduly enhanced t
the general consumer are obnoxious no
only to the common law, but also to tn
public welfare. There must be a remed!
for the evils involved in such organiza
lions. II the present law can be ex
tended more certainly to control or checl
these monopolies or trusts, 1t should b,
done without delay.
An act to protect trade and com
merce against unlawful restraints anC
monopolies was passed by congress OF
the End of July, 1890. The provisions o
stringent. 1t declares every contrac
or combination, in the form of a trus
or otherwise, to be unlawful. 1t de
dominates as a criminal every person
who makes any such contract or engage
In any such combination or conspirac
and provides punishment by fine o
Imprisonment. 1t invests the severa
circuit courts of the United States wit
Jurisdiction to prevent and restrain VIC
lations of the act. The act is aimed a
every kind of combination in the natur
of a trust or monopoly in restraint @
interstate or international commerce.
The prosecution by the United State
of offenses under the act of 1890 has bee