The Forest Republican. [volume] (Tionesta, Pa.) 1869-1952, 1899-12-13

S-O,UOJ.
Urged Gold Standard Legislation.
l urgently recommend that to support
the existing gold standard and to main
tain "the parity in value of the coins oi
the two metals lgold and silver) and the
equal power of every dollar at all times in
the market and in the payment of debts"
the secretary of the treasury be given ad-
ditional power and charged with the duty
to sell United States bonds and to employ
such other effective means as may be nee
cssary to these ends. hcauthority should
include the power to sell bonds on long
and short time, as conditions may re-
quire and should provide for rate of in
terest lower than that fixed by the act of
January, II, 1870. While there is now no
commercial 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 in
sure the continuance of the gold standard
and of public confidence in the ability and
purpose of the government to meet al its
obligations in the money which the civil
lized world recognizes as the best. The
financial transactions Of the government
are conducted upon gold basis. We re-
bonds and use gold for their payment. We
ere 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 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. 1t behooves
us, therefore, TO provide at once the best
10, ha ap1sfrn NV xtrhn
arises, and the best means are those which
are the most certain and economical.
Those now authorized have the virtue
neither of directness nor econonomy. 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 expen-
ditures; deficient revenues no longer
create alarm. Let us remove the only re-
manning 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 re-
peatedly declared policy of the United
States.
In this connection l repeat my former
recommendation that portion of the
gold holdings shall be placed in q trust
redeemed upon presentation, but when
once redeemed shall not thereafter be paid
out except for gold.
The message discusses the need of en-
couraging the growth OF our merchant
marine and recommends government aid.
Combinations of capital organized into
trusts to control the conditions of trade
among our citizens, to stifle competition,
limit production and determine the prices
Il, =nI aud .n1 ht-fh hn
people, are justly provoking public dis
cussion and should early claim the atten-
tion Of the congress.
The industrial commission, created by
the act of the congress of June Is, 1898,
has been engaged in extended hearings
upon the disputed questions involved in
subject of combinations in restraint Of
trade and competition. They have not
yet completed their investigation of this
subject and the conclusions and recon-
mendations at which they may arrive are
undetermined.
The subject is one giving rise to many
divergent views as to the nature and va
riety or cause and extent of the injuries to
the public which may result from large
combinations concentrating more or less
numerous enterprises and establishments,
which previously to the formation of the
combination were carried on separately.
Legislation Urged Against Trusts.
1t is universally conceded that combi-
nations which engross or control the mar
ket of any particular kind of merchandise
or commodity necessary to the general
community, by suppressing natural and
ordinary competition. whereby prices are
unduly enhanced to the general con-
sumner, are obnoxious not only to the COM
mon law but also to the public welfare.
hnr ha "a Y fin ls in
volved in such organizations II the
present law can be extended more GER
tainly to control or check these monopO-
lies or trusts, il should be done without
delay Whatever power the congress pos
sesses over this most important subject
should be promptly ascertained and
asserted
President Harrison, in his annual mes
sage of December 3. 1889, says:
Earnest attention should be given by
congress to u consideration of the question
how far the restraint of those combina-
tions of capital commonly called trusts
l. matter of federal jurisdiction. When
organized, as thCy often are, to crush out
all healthy competition and TO monopo-
lie the production or sale OF an article of
commerce and general necessity, they are
dangerous conspiracies against the public
good, and should be made the subject of
An act to protect trade and commerce
against unlawful restraints and monopo-
lies was passed by congress on the 2nd of
July, 1890. The provisions of this statute
are comprehensive and stringent 1t
declares every contract or combine in the
form of trust or otherwise, or conspiracy in
the restraint Of trade or commerce among the
several states or with foreign nations to be
unlawful. 1t denoninates as a criminal every
,.l,
cages in any such combination or conspiracy
and provides a punishment by fine or impris
onment 1t invests the several circuit courts
of the United States with jurisdiction TO pre-
vent and restrain violations of the act and
makes it tine duty of the several United
States district attorneys, under the direction
Of the attorney general, to institute proceed
ings in equity to prevent and restrain such
violations. II further confers upon any per
son who shall be injured in his business or
property by any other person or corporation
by reason of anything forbidden or declared
to be unlawful by the act, the power to sue
therefor in any circuit court of the United
States, without respect to the amount in con.
troversy. and to recover threefold the dam
ages by him sustained and the costs of the
suit, including reasonable attorney fees 1t
will be perceived that the act is aimed at
every kind Of combination in the nature of
trust or monopoly in restraint Of interstate or
international commerce.
Combinc. That Were EroLen ~.
The prosecution hy thr United state, of of
i,nSes under ,lr oct of lNi1 has been lro-
quently r.sp.t ed to in the federal courts and
notable efforts ia the restraint Of interstate
commerce. such as the Trans Missouri Freight
association and the Joint Traffic association
have been successfully opposed and sup
pressed.
President CloYelnnd. in his annunl message