Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1899-12-05
PRESIDE EkT'S
MESSAGE.

n j
I of January A. 1875. While there is now
no commercial fright which withdraWs
| gold from the government, but, on the
| contrary, such widespread confidence
| that gold seeks the treasury, demanding
paper money in exchange, yet the very
| situation points to the present as the
most fitting time to make adequate pro-
vision to insure the continuance of the
| gold standard and of public confidence
| in the ability and purpose of the gov
ernment to meet all it's obligations in
| the money which the civilized world
| recognizes as the best. The financial
| transactions of the government are con-
Quoted upon gold basis. We receive
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
| government. We are doing 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, however, and
| may have to be done in the future. 1t
behooves us, therefore, to provide at
once the best means to meet the emer-
gency 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 di-
| rectness or economy. We have already
| eliminated one of the causes of our
| financial plight and embarrassment
during the years 1893, 1894. 1895 and 1896.
| Our receipts now equal our expendi-
lures; deficient revenues no longer Gre
ate alarm. Let us remove the only re-
manning cause by comforting the full
| a nd necessary power on the secretary OF
the treasury and impose upon him the
| duty to uphold the present gold stand
ard and preserve the coins of the two
metals ON a parity with each other,
which is the repea tedly declared policy
| of the United States.
In this connection I repeat my former
| Recommendations that portion of the
gold holdings shall be placed in 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 CONNER
cial trade and the strengthening of our
power upon the sea invites the immedi-
ate action of congress. Our national de-
velopment will be one-sided and unsat-
| isfactory so long as the remarkable
| growth of our inland industries re-
mains unaccompanied by progress on
| the seas. There is no lack of constitu-
| tional authority for legislation which
| strength commensurate with it's indus
trial achievements and with it's rank
among the nations of the earth.
The other great nations have not hes.
itated to adopt the required means tt
| develop their shipping as factor in ma
| tional defense, and as one OF the sures1
| and speediest means of obtaining fol-
| their producers a share in foreign mar
| kets.
The expense is as nothing compared
| to the advantage to be achieved. The
| establishment of our merchant ma
| rine involves in large measure oul
continued industrial progress and the
extension of our commercial triumphs
I am satisfied the judgment of the coun
try favors the policy of aid to our mer
chant marine, which will broaden oul
commerce and markets and upbuild oul
| ea-carrying' capacity for the product:
| of agriculture and manufacture; which
with the increase of our navy, mean:
men, as well as a safeguard to Ameri
can interests in every part of the world
ANTITRUST LEGISLATION.
Combinations of capital organized in
to trusts to control the conditions o
trade among our citizens, to stifie com
petition, limit production and determin
the prices of products used and con
sumed by the people, are justly provok
ing public discussions, and should earl
claim the attention of the congress
Here follows a quotation from the mes
sage of President Harrison, recon
mending inquiry into trust operations
Likewise a review Of the present lay
on the subject of combinations, whic
the president says is aimed at all trust
and monopolies in restraint of inter
state business. This law has been sue
cessfully enforced against sewers
freight and traffic associations. Th
message of President Cleveland
quoted to the effect, owing to limita
tions in the form of government it
doubtful whether trusts can be treate
adequately through federal action, an
!, that states had full power in the mai
ter. The president says state legisla
tion on monopolies has generally faile'
: and it is hoped means may be found b
, congress to limit injurious combine
tions without damaging useful and nee
!: essary business operations, aiding tt
states to enforce adequate measure
The hope is expressed that no part
the subject will be lightly considered.