The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1899-12-06
THE PRESIDENTS
ANNUAL MESSAGE

ver-and the equal power OF every dol
lar at all times in the market a I'd in
the payment of debts, the secretary of
the treasury be given additional power
and charged with the duty to sell
United States bonds and to employ
such other effective means as may be
necessary to these ends. The suthor-
ity should include the power to sell
bonds on long and short time. as con-
ditions may require, and should pro-
vide for rate of interest lower than
that fixed by the Act of January Ia,
1875. While there Is now no CONNER
ctal 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 stu-
alton points to the present as the most
fitting time to make adequate nrovis-
ion to insure the continuance of the
gold stan dard and of public confidence
in the ability and purpose of the gov
ernment to meet all its obligations in
the money which the civilized world
recognizes as the best. The financial
transactions of the government are
conducted upon a gold basis. We re-
ceive 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 author
lly OF IIe government. we are uOlnG
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. II behooves us. therefore,
to provide at once the best means to
meet the emergency when it arises, and
the best means are those which are the
most certain and economical. Those
h.
OF directness nor economy. We have
already eliminated one of the causes
of our financial plight and embarrass-
ment during the years 1893, 1894. 1895
and 1896. Our receipts now equal our
expenditure, deficient revenues no
longer create alarm. Lei US remove
the only remaining cause by conferring
the tull and necessary power in the
SECRETARY of The treasury and impose
upon him the duty to uphold the pres
ent gold standard and preserve the
coins Of the two metals on a parity
with each other, which is the repeated
ly declared policy of the United States.
In this connection I repeat my for
mer recommendation that a portion of
the gold holdings shall be placed in a
trust fund from which greenbacks shall
De redeemed upon presentation, but
when once redeemed shall not here
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 congress. Our ma
tonal development will be one sided
and unsatisfactory so long as the re-
markable growth of our inland indus
tries remains unacCom9anied by pro-
grt SIS on the seas. There Is no lack of
constitutional authority for legislation
Whlch snail give to the country mar
itlme strength commensurate with its
lhdustrial achievements and with its
rank among the nations of the earth
Inc past year has recorded excep-
tlonal activity in our shipyards, and
the promises of continual prosperity in
shipbullding 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 government
ana since. shows results for the past
hscal year unequalled in our records or
those or any other power. We shall
fal to realize our opportunities how
ever. II 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
transported a smaller share of our eX-
ports and imports than during any for
Mer year in all our history, and the
measure of our depend lence upon for
eiSn shipping was painfully manifested
to our people. Without any choice of
our own, but from necessity, the de-
partments of the government charged
with military and naval operations in
the East and West Indies has to OBJ
tain from foreign hags merchant yes
SeIs essential for those operations.
The other great nations have not
hesltated to adopt the required means
to develop their shipping as factor in
haNona! defense and as ore of the
surest and speediest means of obtain
ing for their producers share in for
elgn markets. Like vigilance AID eff
fort on our part cannot fail to improve
our situation, which is regarded with
at home and with surprise
abroad. Even the seeming SACRIFICES.
which at the beginning may be in
volved. will be offset later by more
than equivalent gains. The expense is
as nothing compared to the advantage
to be achieved. The re-establishment
Of our merchant marine involves in a
large measure our continued Industrial
progress and the extension of our COM
mercial triumDhs. | am satisfied the
policy of aid to our merchant marine,
which Will broaden our commerce and
mark as an uphuilder our sea-carrying
for the products of agricul- |
ture and manufacture, which, with the !
Increase of our navy, mean more work !
ana WAGES to our countrymen, as well /,
as safeguard to American interests |
in every part Of the world.
The Trusts.
Combinations of capital organized /
into trusts to control the conditions of |
rade among our citizens, to stifle COM I
petition, limit production, and deter !
mine the prices of products used and ,
by the people, are Justly pro- /!
voking public discussion, and should |
early claim the attention of the con- |
Sress.
The industrial commission, created |
by the Act of Congress of June is, 1898. /
las been engaged in extended hearings |
lpon the disputed questions involved /
N the subject of combinations in re-
straint of trade and competition. They .
nave not yet completed their i1vesti- |
cation or this subject, and the con-
lusions and recommendations at which |
they may arrive are undetermined,
The subject is one giving rise 20 |
many divergent views as to the nature
and variety, or cause and extent, Of ,
he injuries TO the public which NAV |
'esult for the large combinations con-
more or less numerous en-
erprisos and establishments, which
previously to the formation of the COM
,ination were carried on separately.
1t is universally conceded that COM
inations which engross or control the
market OF any particular kind of mer-
handise or commodity necessary to
he general community, by suppressing
atural and ordinary competition,
Whereby prices are unduly enhanced
o the general consumer, are obnoxious
rot only to the common law, but also
D the public welfare. There must be