The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-12-06
Points to the Universal Prosperity
of the Nation.

|
| market and in payment of debts" the sec
rotary of the treasury he given additional
power and charged with the duty 10 sell
| United States bonds, and to employ such
| other effective means as may be necessary
| to these ends. The authority should include
| the power to sell bonds on long and short
| time, as conditions may require, and should
provide for rate of interest lower than that
| fixed by the act of January Il, 1875.
| While there is not now commercially the
| right which wlthdraws gold from the gov
| eminent. but on the contrary such wide
. spread confidence that gold seeks the treas
| ury, demanding paper money in exchange,
| yet the very situation points to the present
| as the most fitting time to make adequate
provision to issue the continuance of the
gold standard, and of public confidence in
| the ability and purpose of the government
to meet all of 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 payment. We
| are maintaining the parity of all the money
| issued or coined by the authority of the
| government We are doing these things
with the means at hand. Happily at the
| present time we are not compelled to re-
| sort to loans to supply gold. 1t has been
| done in the past, however. and may nave
| to be done in the future 1t behooves us,
/ 49,
to meet the emergency when 1t arises, ana
| the best means are those which are the
most certain and economical.
| Those now authorized have the virtue
| neither of directness or economy. we nave
already eliminated one of the causes OF
| our financial plight, and embarrassment
| during the years 1898, 1884, 1895 and 1880
| Our receipts now equal our expenditures
! deficient revenues no longer create alarm
| Let us remove the only remaining cause
1 F,,1
| err on the secretary OF the treasury and I'M
| pose upon him the duty to uphold the pres
| ent gold standard and preserve the COINS
| of the two metals on parity WIN eaT ,
| other which is the repeatedly declared pom
| cy of the United States.
| In this connection i repeat my loiHet
/ recommendations that portion OF the gola
| holdings shall be placed In trust lullu,
| from which greenbacks shall be redeemed
| upon presenta ton, but when once reueein
| ed shall not thereafter be paid out except
| for gold
A Merchant Marine
| The value of an American merchant ma,
| rine to the extension of Our commercial
| trade and the strengthening of our power
| upon the sea invites the immediate actioi
of congress- Our national development WIN
| be one sided and unsatisfactory SO iohs as
| the remarkable growth of our inland lho"s-
| tries remains unaccompanied by progress
on the seas There is no lack OF constltu-
| tional authority for legislation Whleh shaii
| give to the country marltlIne tieneth
| Commensurate with its industrial aehieVe-
| ments and with it's rank among the ia
tons Of the eartn ,4.o,
The past year has recorded eXceptiohai
| activity in our ship yards, and promises Oh
| continual prosperity in ship pullaihs az
| abundant. Advanced legislation for the
| protection of our seamen has peeh ehacteu.
| Our coast trade under regulations Wisely
1 ,fY,er of III,
| and since shows results for the past hscal
| wear uneoualled in our records and those
| of any other power We shall fail TO rea-
| lie our opportunities, however, IL we COM
| placently regard only matters at nome ana
| blind ourselves to the necessity ofsecurlng
our share in the valuable carrying trade or
| the world
| Last year American vessels transported
| smaller share of our exports and imports
| than during any former year In all our MS
| tory, and the measure of our dependence
| upon foreign shipping was painfully mani
| tested to our people. Without any choice
| of our own, but from necessity, the depart
| ments of the government charged with mil
| itary and naval operations in the East and
| West Indies had to obtain from foreign
| flags merchant vessels essential for those
| operations.
The other great nations have not hesi-
| tated to adopt the required means to de-
| veop their shipping as a factor in nation
al defense, and as one OF the SureSt ana
| speediest means of obtaining for their pro-
| ducers a share in foreign markets. Like
| vigilance and effort on our part cannot ran
| to improve our situation, which Is regarded
| with humiliation at home and with surprise
| abroad. Even the seeming sacrihces,
| which at the beginning may be involved,
| will be offset later by more than equiva-
| lent gains.
| The expenditure is nothing when COM
| pared to the advantage to be achieved. The
| re-es Establishment of our merchant marine
| involves in large measure our continued
! Industrial progress and the extension of
our commercial triumphs. ! am satisfied
| the Judgment of the country favors the
| policy of aid to our merchant marine,
1 which will broaden our commerce and mar
| kets and upbuild our sea carrying capacity
for the products of agriculture and manu-
| facture which, with the increase of our
| navy, means more work and wages to our
| countrymen, as well as a safeguard to
| American interests in every part of the
| world
Trusts and Combines
| Combinations of capital, organized into
| trusts, to control the conditions of trade
| among our citizens to Stiffen competition,
| limit the production, and determine the
| prices of products used and consumed by
| the people are justly provoking public dis
| cussion and should early claim the atten-
| ton of congress
4
| act of congress of June 49, 1898, has been en-
| gagged on the extended hearings upon the
| disputed questions involved in the subject
| of combinations in restraint of trade and
/ competition. They have not yet completed
| their investigation of this subject, and the
| conclusions and recommendations at which
| they may arrive are undetermined
| The subject Is one giving rise to many
| diverse views to the nature of pari-
| ty, cause and extent of the injuries to the
| public which may result from large combi-
| nations concentrating more or less numer-
Gus enterprises and establishments which
| previous to the formation of the combina-
| ton were carried on separately.
1t is universally conceded that combina-
lions which engross, or control, the mar
! ket of any particular kind of merchandise,
| or commodity. necessary to the general
| community by suppressing natural and or
| binary competition whereby prices are I'M
| duly enhanced to the general consumer, are
obnoxious not only to the common law but
| also to the public welfare. There must be
| a remedy for the evils involved In such or
/ v.tuo he ca,,t 10 ha