The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1899-12-06

there IL now no commercial ffight wnich
UIthdraws gold from the government,
but, on the contrary, ouch widespread
confidence that gold seeks the treas
ury. demanding paper money In ex-
change yet the very situation points 20
the present as the most fitting time 10
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 10 loans to supply
gold II has been done in the past. how
ever, 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 anu tCoDUHllCdi. inoet hoN ou-
thorized have the virtue. neither of d.
rectness nor economy. Wehave 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. I repeat my former
recommendations that a portion Of the
F! 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 I'M
| 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
| tr{n with nj
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
| equaled in our records OF those of any
| other power. We shall fail to realize
| our opportunities. however. IL we COM
| placently regard only matters Mt home
| 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 former
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
tated to adopt the required means to de-
velop their shipping as factor in ma
tional defense and as one of the surest
and speediest means of obtaining for
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 merchant
| marine involves in a large measure our
continued industrial progress and the.
extension of our commercial triumphs.
THE CONTROL OF TRUSTS.
Combinations of capital organized
into trusts to control the conditions of
| trade among our citizens are justly pro-
voking public discussion, and should
| early claim the attention OF the congress.
The Industrial commission. engaged in
extended hearings upon the subject of
| combinations in restraint of trade and
| competition, have not yet completed
their investigation. The subject is one
giving rise to many divergent views as
to the extent OF the injuries to the pub
lie which may result from large COM
binations concentrating more or less
numerous enterprises and establish
ments. 1t is universally conceded that
combinations which engross or control
the market of any 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 remedy
for the evils involved in such organiza--
tons. II the present law can be ex-.
tended more certainly to control or check
these monopolies or trusts, 1t should be
done without delay.
An act to protect trade and COM
| meree against unlawful restraints and
monopolies was passed by congress on
the End of July, 1890. The provisions of
this statute are comprehensive and
stringent. 1t declares every contract
or combination, in the form OF a trust