Bellows Falls times. [volume] (Bellows Falls, Vt.) 1856-1965, 1899-12-07

DonQS on long ana SHOTt tiiiie, dp SohoA-
tions may require. and should provide
for a rate of interest lower than that
fixed by the act of Jan. Ia. 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 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, ana
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 a gold basis.
We receive gold when we sell United
States bonds and use gold for their pay
ment. We are maintaining the 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 d.
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 1895.
Our receipts now equal our expendi-
tures 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
duty to uphold the present gold standard
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 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
merciai 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 it's 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
shipbuilding 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 un-
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 factor in ma
tional defense and as one of the surest
and speediest means of obtaining for
their producers 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 large measure our
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 in
cAIGIlueu HEARINGS upon Tie SuUJeCl u
combinations in restraint of trade and
competition, have not yet completed
their investigation. The subject is one
giving rise to many divergent views as
to the extent of the injuries to the pub
lie which may result from large COM
binations concentrating more or less
numerous enterprises and establish
ments. 1t is universally conceded that
combinations which engross or control
the market of any commodity necessary
to the general community by suppress
ing natural and ordinary competition
whereby prices are unduly 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 organiza-
tious. If the present law can be ex-
tended more certainly to control or check
these monopolies or trusts. it should be
done without delay.
An act to protect trade and COM
merce against unlawful restraints and
| monopolies was passed by congress on
the End of July, 1890. The provisions of
this statute are comprehensive and
stringent. 1t declares every contract