The evening herald. [volume] (Shenandoah, Pa.) 1891-1966, 1899-12-05
PRESIDENTS MESSAGE
READ IN CONGRESS |
The Chief Executive Outlines Our Philippine Mission,
and Says the United States Has Observed
Neutrality in the Transvaal-r1ust
Keep Faith With Cuba.

conditions may require. and should
provide for rate of interest lower
than that fixed by the act of Jan. "a,
1875. While there is now no com
mercial fright which withdraws gold
from the government, but, on the con-
trary, such widespread confidence that
gold seeks the treasury demanding
paper money in exchange, 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 conf
dence in the ability and purpose OF
the government to meet all its obliga-
tions in the money which the civilized
world recognizes as the best
The financial transactions of the
government are conducted upon a 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 authority OF the government.
We are doing these things with the
means at hand. Happily at the pres
ent time we are not compelled to re-
sort to loans to supply gold. II has
been done in the past, however, and
may have to be done in the future. 1t
behooves us. tn. vide 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 now
authorized have the virtue neither of
directness nor economy. We have al
ready eliminated one Of the causes OF
our financial plight and embarrassment
HWfV IA
1896, Our receipts now equal our ex-
pendltures; deficient revenues no
longer create alarm. Let us remove
the only remaining causes by confer
ring the full and necessary power on
the secretary Of the treasury and i'm
pose 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 Uni
ted States
In this connection l repeat my for
mer recommendation 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 paid out except for gold.
Value of IA 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
immediate action of the congress. Our
national development will be one
sided and unsatisfactory so long as the
remarkable growth Of our inland in
dustries remains unaccompanied by
progress on the seas. There is no
lack OF constitutional authority for
legislation which shall give to the
country maritime strength commen-
surate with its industrial achievements
and with its rank among the nations
of the earth. The past year has re-
corded exceptional activity in our ship
yards, and the promises of continual
prosperity in shipbuilding are abund-
ant Advanced legislation for the pro-
lection of our seamen has been en-
acted. Our coast trade, under reguIa-
tions wisely framed at the beginning
OF the government and since, shows re-
suits for the past fiscal year unequal
ed in our records Of those of any other
power, We shall fail to realize our
opportunities however, II we com
PLEASANTLY regard only matters at
home and blind ourselves to the neces-
! sity of securing our share in the val
liable carrying trade of the world.
A Chapter on Trusts,
Combinations of capital organized
| into trusts to control the conditions of
trade among our citizens, to stifle COM
petition, limit production and deter
mine the prices of products used and
consumed by the people are justly
provoking public discussion, and
should early claim the attention of
the congress.
The industrial commission, created
| by the act of the congress Of June 49,
! 1898, has been engaged In extended
hearings upon the disputed questions
| involved in the subject of combina-
tions in restraint of trade and COM
petition. They have not yet completed
their investigation of this subject, and
the conclusions and recommendations
at which they may arrive are unde-
| termined
It Is universally conceded that COM
binations which engross or control the
market OF any particular kind of mer-
chandise or 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
ca remedy for the evils evolved in such
organizations. If the present law can
be extended more certainly to con-
troll or check these monopolies OF
trusts 1t should be done without delay
Whatever power the congress pos
sesses over this most important sub
ject should be promptly ascertained
and asserted.
President Harrison's message oi
Dec. g. 1889, is then quoted, and Presi.
dent Mckinley proceeds:
An act to protect trade and com,
merce against unlawful restraints and
u Continued on Third Page.)