The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-12-06
PRESIDENTS MESSAGE READ.


Jan. il, 1850. W lille there 1S now no COM
Tnercial fright which withdraws god from
the government, but on the contrary. such
widespread confidence that gold seeks the
treasury demanding paper money in ex-
change, yet the very situation points 70
the present as the most fitting time to
make adequate provision to insure the con
tinuance OF the gold standard, and OF pub
lie confidence in the ability and purpose
OF the government to meet all its Oblga-
lions in the money, which the civilized
world recognizes as the best. The finan-
cial transactions of the government are
conducted upon a gold basis We receive
gold when We sell United States bonds
and use sold for their payment. We are
maintaining the parity Of all the money
issued or coined by authority OF the gov
erument. We are doing these things with
the means at hand. Happily at the pres
ent time we are not compelled to resort
10 loans to supply gold. 1t has been done
i'm the past, however and may have TO be
done in the future. II behooves US. there
fore, to provide az once the best means to
meet the emergency when il arises, and
the best means are those which are the
most certain and economical. Those now
authorized have the virtue neither Of di-
rectness nor economy. We have already
eliminated one Of the causes of our nnan-
cial plight and embarrassment during the
years, 1893, 1894. 1895 and 1896 Our re-
ceipts now equal our expenditures; def
cient revenues no longer create alarm. Let
us remove the only remaining cause by
comforting the fun 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 a parity with
each other. which is the repeatedly de-
clared policy of the United States.
In this connection ! repeat my former
lon IF bo
gold holdings shall be placed in trust
fund, from which greenbacks shall be re-
deemed upon presentation, but when once
redeemed, shall not thereafter be paid out
except for gold"
The strengthening of an American mer-
chant marine is suggested. There is no
lack of constitutional authority for legis-
lation which shall give TO the country
maritime strength, commensurate with its
industrial achievements, and with its rank
among the nations of the earth. The Pres
ident Is satisfied the judgment of the coun-
try favors the policy of aid to our mer-
chant marine, which will broaden our
commerce and markets and upbuild our
sea-carrying capacity for the product of
agricultural and manufacture; which, with
the increase of our navy, means much
more work and wages to our countrymen,
as well as a safeguard TO American inter-
ests in every part Of the world.
Trusts Are Provoking.
The President next discusses the question
of trusts, on which he says:
denominations of capftal organ
fzed into trusts to control the con-
ditiOns of trade among our citizens.
to stihe competition, limit produce
ton, and determine the prices of
products used and consumed by the
people, are Justly provoking public
and should early claim
the attention of the Congress.
1.-THE Industrial Commission, created by
the act of the Congress Of June Is, 1893
has been engaged in extended hearings
upon the disputed questions involved 10
the subject of combinations in restraint
of trade and competition. They have not
yet completed their investigation of this
subject, aud 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
rlety 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
1t is universally conceded that combl-
nations which engToss 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 consumer.
are obnoxious not only to the common law
but also to the public welfare
"There must be remedy for the
evils involved I'm such organixn-
lions. II the present law can be ex-
tended more certainly to control or
check these monopoIies or trnsts
II should be done without delay.
Whatever power the Congress nos
sesses over this most important sinh
ject should be promptly ascertained
and asserted.
The President quotes from President
Harrison's message Of Dec. 8. 1889. on This
subject, and adds:
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 stat
ute are comprehensive and stringent. 1t
declares every contract or combination. i'm
the form of trust or otherwise. or con-
merce among the several states or with
foreign nations, to be unlawful. 1t de-
dominates as a criminal. every person who
makes any such contract or engages in anv
SUCH combination or conspiracy, and pro
Vides punishment by fine or imprison-
ment. 1t invests the several Circuit
Courts of the United States with jurisdic-
ton to prevent and restrain violations Of
the act. and makes 1t the duty of the sew
eral United States District Attorneys un-
der the direction of the Attorney General.
10 institute proce edings in equity to pre-
vent and restrain such violations. II fur
ther confers upon any person, who shall
be injured in his business or property. by
any other person or corporation, by rea-
son Of anything forbidden or declared TO
De unlawful by the act, the power to sue
therefor In any Circuit Court in the United
States, without respect to the amount in
controversy, and to recover three-fold
damages by him sustained and the costs
Of the suit. including reasonable attorney
ices. 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 cornrnero