Delaware gazette and state journal., 1899-12-07

rate of interest lower than that fixed |
by the act of January 14th, 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 tho present as the most fit-
ting time to make adequate provision
to insure continuance of the gold
standard and of public confidence in
the ability and purpose Of the govern
ment to meet all its obligations in the
money which the civilized world recog-
nizes as the best. The financial trans
actions 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
arc maintaining the parity of all the
money issued or coined by authority of
the government. We arc doing these
things with the means Mt hand. Hap
PLY at the present time we arc 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,
10 provide Mt once, the hest means to
meet the emergency when it arises,
and tho best means are those which
arc the most certain aud economical.
These now authorized have tho virtue
neither OF directness nor economy We
have already eliminated one of the
causes of our financial plight and en-
barras5ment during the years 1883.
1884, 1895. and 1896. Our receipts now
eluai our expenditures; deficient
revenues no longer create alarm. Let
us remove the only remaining cause by
comforting the full ard necessary power
on the Secretary OF the Treasury and
impose upon MIN the duty 10 Uphold
the present god 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.
liz 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 raid out except for gold.
AID FOR THE MERCHANT MARINE.
| The value of an American merchant
marine TO the extension of our COM
| mercial trade and the sti iene thening 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 pro
gress on the seas. There is no lack OF
constitutional authority for legislation
which shall give to the country mari.
time strength commensurate with its
industrial achievements and with its
rank among nations of the earth.
The past year has recorded ex-
ceptiona activity in our shipyards.
and the promises of continual pros
| Eerity in ship building are abundant.
| Advanced legislation for the protection
of our seamen has been enacted. Our
coast trade, under regulations wisely
framed at the beginning of the govern
ment and since, shows results for the
past fiscal year unequaled in our
records of those of any other power
We shall fail to realize our oppor-
tunities, however, If we complacently
regard only matters at home and blind
ourselves to the necessity of securing
our share in the valuable carrying
trade of the world.
Last year American vessels trans
ported a smaller share of our experts
and imports than during any former
year in ali oui history, and the measure
of our dependence upon foreign ship.
Eing was painfully manifested to our
people. Without any choice of our own,
but from necessity, the departments Of
the government charged with military
and naval operations in the East anC
West Indies, had to obtain from foreign
flags merchant vessels essential fol
those operations.
, The other great nations have no
hesitated to adopt the required mean.
to develop their shipping as factor
, in national defence and as one of thu
snrest and speediest means of obtaining
for their producers share in foreign
? markets. Like vigilance and effort OF
our part cannot fail to improve ou
: situation, which is regarded witt
humiliation at home and with surpris
abroad. Even the seeming sacrifices
which at the beginning may be in
: volyed, will be Offset by more, thai
i equivalent gains,
The expenses is as nothing comparet
' to the advantages to bo achieved. Th
. re- establishment of our merchant ma
@ rine involves in a large measure on
J, continued industrial progress and tn
: extension of our commercial triumphs
! | am satisfied the judgment of til
u country iavors the policy of aid to ou
u merchant marine, which will broade
: our commerce and markets and III
build our sea carrying capacity for til
!, products of agriculture and manu-
a Iacture; which with the increase {
y our navy, mean moro work and wage
IS to our countrymen as well as safe
% guard to American interests in ever
% part of the world.
70 TUE RESTRAINT OF TRUSTS.
= Combinations of capital organize
v into trusts to control the conditions
J. trade among our citizens, to stifle con
II mine the prices of products used an
consumed by the people, are justly pre-
yoking rublic disculsion, and shoul
q early claim tho attention of the Coz
y gress.
= by the act of the Congress of Jut
y 18Th, 1883, has been engaged in o,
tended hearings upon the dispute
y questions involved in the subject
y combinations in restraint of trade al
, competition. They have not yet con
pIeted their investigation of this sui
y ject, and the conclusions and recon
Il mendations at which they may arriv
y are Undetermined.
- The subject is one giving rise
!. many divergent views as to the natu
- y and variety OF cause and extent of u
- injuries to the public which may resu
!, from large combinations concentratir
~ moro OF less numerous enterprises al
~ establishments, which previously
Al L.