Daily press. [volume] (Newport News, Va.) 1896-current, 1899-12-06
NEWPORT NEWS, WEDNESDAY, DECEMBER 6, 1879

time be made. Changing conditions
have apparently rendered it now inop-
erative to that end. The high margin
in bond securities required. resulting
from large premiums which COVE rnment
bonds commanded lin market. or the
tax on note issues. or both. operating
together, appear tC be the Influences
which impair its public utility. The at
tcnsion OF Congress is invited to this
Important matter with the view of as
certaining whether or not such reason
able notifications may be made in the
national banking act as will render its
service in the particulars here referred
t" more responsive TO the peoples need.
THE GOLD UNIT OF VALUE
Concerning :he gold standard the
President says: -
Il urgently recommend that to sup
rort the existing gold standard. and T.,
maintain the parity in value of the
coins Of the two metals tgolu and sill
Eer) and the equal power of every doi-
lar AZ all times in the market and in
the payment Of debts. the Secretary OF
thf Treasury be given additional power
and charged With the duly To sell Uni
Ted States bonds and to employ such
ether effective means as may be nee
css;,:y I" these. ends. The authority
Sho3lL include the power to sell bonds
on Ions and short time. as conditions
may require, and should provide for a
rate Of interest lower than that fixed
By the act Of January IA. 1878. While
the is now no commercial triyh,
which Withdraws gold from the gov
eminent. but on the contrary such
widespread confidence that gold seeks
he treasury. demanding paper money
in exchange, Yet the Very Situation
points 10 the crescent as tbs. most fit
lln2 time I" m&l- adequate provision
To insure tn" continuance. Of The gold
standard and OF public con!ident.. in
tn" ability ana purpose OF III. govern
nent to meet all its obligations in tht.
money which The civilized world r..,.og-
i!ixes as the b st. The financial trans.
actions Of the government are conduct
81 upon 4 gold basis. We receive, gold
when we sell United States bonds ana
CSe gold FOR their payment W.. arr.
maintaining thu parity Of all lie money
issued or coined by authority Of thts
government We are doing those things
Win the means 1T hand. Happily at
II" present time we are not compelled
/" resort 70 loans to supply gold 1t
ms been done in the past. however.
and may have Z. be done in tho future
PROVIDE For EMERGENCY.
III behooveS us. therefore. t., provide
II Cnce the hast means TO meet the
emergency when it arises. ana lh.. be.s.
means are those which arc the most
certain and economical. Those now au-
thorized have the virtue neither ,ot d-
RICHNESS nor economy. We nave al
ready eliminated ono Of the causes IF
ouH financial plight and embarrassment
during the years 1928. 1894. 1895 and
sgt Our receipts now equal our cN-
.H''tlu:@s; deficient revenues 10 lon--
~: cate alarm. Let US remove the
only remaining cause by comforting the
:u!l ,.Ad necessary power on the Secra-
';'r> IT the Treasury and impose upon
II y ;he duty to uphold thu presen,
="'l standard and preserve tbs. coins
% tAc two metals on a panty With
each other. which is The repeatedly de-
clnred policy of the United States.
In this connection | repeat-my for
nler recommendations that {; portion
of the gold holdings shall be placed in
4 trust fund fron: which Sreenbacks
shall be redeemed upon presentation
but When one: redeemed shall not
thereafter be paid out except for gold"
THE MERCHANT MARINE.
The strengthening OF an American
merchant marine is suggested. There
is no lack of constitutional authority
for Legislation which shall give to the
country maritime strength cnmmensu-
rate with IT'S industrial achievements
and with it's rank among nations Of the
earth. The President is satisfied the
Judgment of the country favors the
policy of aid To our merchant marine,
which will broaden our commerce. and
markets and upbuild our sea carrying
capacity for the product of agricultural
and Manufacture; which. with the in
crease Of our navy, means much more
work and wages to our country1nen. as
vel! as a safeguard to American in
rerests in every part of the world.
AS TO THE TRUSTS.
The President next discusses the
question of trusts, on which he says:
combinations of capital organized
into trusts to control the conditions OF
trade among our citizens, to stt1e com
patition. 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 Con-
grcss. - ..
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 combinations
in restraint OF trade and competition.
They have not Yet completed their in
ves'lSation Of this subject and the CON
clusicn :.nd rec concentrations al which
they may arrive are undetermined.
The subject is one giving rise TO
many divergent views as to the nature
and variety or cause and extent Of the
injuries TO the public which may result
more or less numerous enterprises and
establishments. which, previously to
the Formation Of the combination We're
carried on separately.
IL is universally conceded that COM
binations which engross or control the
market of any particular kind of
merchandise or commodity necessary
| to the general community by suppress
! ing natural ana, ordinary competition.
Whereby prices are unduly enhanced 70
| the general consumer, are obnoxious
| rot only to the common law. but also
1 t,1t