The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1899-12-06

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, and
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 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
best means are those which are the most
certain and economical Those now au-
thorized have the virtue, neither of di-
! 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 1896
Our receipts now equal our expendi-
lures; 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 a 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
mercial trade and the Strengthening OF
our power upon the sea invites the inn
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 I'M
euualed 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 homC
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 forme
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
l tated to adopt the required means to de
velop their shipping as a factor in ma
= tional defense and as one of the sures
Af oh TO tut fp
= their producers a share in foreign mar
kets. The expense is as nothing com
= pared to the advantage to be achieved
" The establishment of our merchan
marine involves in large measure on
continued industrial progress and tn
r extension of our commercial triumphs.
THE CONTROL OF TRUSTS.
r Combinations of capital organize
" into trusts to control the conditions {
s trade among our citizens are justly pre-
It vol1ing public discussion, and shoul
early claim the attention of the congress
s The industrial commission, engaged i
o extended hearings upon the subject {
8 combinations in restraint of trade an
IS competition, have not yet complete
d their investigation. The subject is on
e | BlNlIlB IlSG W IliHy dANSl SSiAb VIC No q
to the extent of the injuries to the pull
n lie which may result from large con
l. binations concentrating more or les
- numerous enterprises and establish
n ments. 1t is universally conceded thf
n. combinations which engross or contr
h the market of any commodity necessa1
lie to the general community by suppress
J. ing natural and ordinary competitio
n whereby prices are unduly enhanced
is the general consumer are obnoxious m
r. only to the common law, but also to Il
public welfare. There must be remeC
al for the evils involved in such organic
n lions. If the present law can be e.
a. tended more certainly to control or che
m these monopolies or trusts, it should
H. done without delay
w An act to protect trade and cor
r merce against unlawful restraints al
t. monopolies was passed by congress
n the End of July, 1890. The provisions
or this statute are comprehensive al
30 stringent IT declares every contra