The Penn's Grove record., 1899-12-08
THE MESSAGE.
President McKiHley's Review
Of National Affairs Laid
8sluN Congress.
MUST HOLD PHILIPPINES
Declares For Gold Standard and Re-
commeads Congressional Re-
strictIon Of Trusts.

Foreign N~ations- ran-Ameriean Exiii-
WARRINGTON. D.. G. DISQUALIFICATION
McKiniey's message, delivered to the Fifty
sixth Congress on the second day Of the
session, declares emphatically for the re-
tention Of the Philippines, the upholding
Of the gold standard and the building Of
the Nicaragua Canal. He %denounces trusts,
but points out hat legislation to curb
them IS hard to devise.
To the Senate and House Of Representa-
tives:
At the threshold OF your deliberations
you are called to mourn With your c0un-
trymen the death ofvice-P President Hobart,
who passed from this life on the morning
Of November 21st last. His great soul now
pure and elevated, while his public career
wgs ever distinguished by large capacity,
stainless integrity, and exalted motives.
He has been removed from the high office
which he honored and digniied, but his
lofty character, his devotion to duty. his
honesty Of purpose, and noble virtues re-
main with us as a priceless legacy and OK
ample.
The Fifty-sixth Congress convenes In its
first regular session with the country In q
condition OF unusual prosperity, OF univer-
sal good will among the peopiea at home. and
in relations OF peace and friendship with
every government OF the world. Our for
eign commerce has shown great Increase in
volume and value. The combined imports
and exports for the year are the largest
ever shown by a single year in all our his
tory.
The President then quotes figures from
the annual reports OF his Cabinet officers
which bear him out In the above statement.
New Banking Act.
The President finds that under the rapid
development In the industries Of the coun-
try the national banking act Is not q suffl-
Client avenue through which Deedful Addi-
lions to the circulation can from time to
time be made. He therefore asks Congress
to take up this matter with the view oil as
certHlning whether or not such reasonable
notifications can be made as Will render
the acts service In the particulars referred
to more responsive to the peoples needs.
He urges that national banks be authorized
10 organize with a capital OF $4,000.
For Gold Standard.
President Mckinley then proceeds to dis
cuss the standard OF money, and says:
I urgently recommend that to sup
port the existing gold standard and to
maintain the parity In value OF the coins
of the two metals (gold and silver) and the
e .ual power Of every dollar ut all times In
the market and In the payment OF debts,
the Secretary OF the Treasury be given ad-
ditionni power and charged with the duty
TO set United States bonds and to employ
such other effective means as may be neces-
sary to those ends.
The financial transactions OF the Gov
eminent are conducted upon n 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 Gov
eminent, We are doing these things with
the means at hand.
supply Of Gold.
Happily, at the present time We are not
compelled to resort to loans to supply gold.
1t has been lone In the past, however, aud
NAV have to be done In the future, 1t be-
booves us, therefore, to provide at once
the best means to meet the emergency
when 1t arises, and the best means are
those which are the most certain and
economical.
In this connection l repeat my former
recommendations that n portion OF the
gold holdings shaI be placed In q trust
fund from which greenbacks shall bs re-
deemed upon presentation, bnt when ouce
redeemed shall not thereafter be paid out
except for gold.
h Subject OF Trusts.
After an urgent appeal to Congress to
pass some legislation which shall lift the
American merchant marine from Its present
state OF decadenee, President Mckinley
turns his attention to the subject OF trusts
and devotes a great deal Of attention to 1t.
He says:
Combinations Of capital organized into
trusts to control the conditions OF trade
among our citizens, to stifie com petitfon,
limit production and determine the prices
OF products used and consumed BY the peo-
pie, are justly provoking public discussion,
and should early claim the attention Of
Congress.
1t IL universally conceded that combina-
tions which engross or control the market
OF any particular kind OF merchandise or
commodity necessary to the general com
munity by suppressiDg natural and ordi-
nary competition. whereby prices are un-
duly enhanced to the general consumer,
are obnoxious, not only to the common
law. but also to the public welfare.
There must be u remedy for the evils In
volved In such organization, II the pres
emit law can be extended to more certainly
control or cheek these ~monopolies or
trusts, It should be don without delay.
Whatever power the Congress possesses
promptly ascertained and asserted.
Foreign AnAirs.
Following the trust question the Presi-
HQ60t &AA04 w 2Jlotka I0luttu0b, Al1L IG-
viewing the status Of several disputes
which tho government has on hand and
finding them moving toward a successful
settlement.
He Hnds that the Isthmian Canal Com
mission Is making good progress In carry
ing on examinations in Nicaragua aud Da-
rien with u view to establishing a canal
between the Atlantic aud Pacific oceans,
and be asks Congress to help In the work.
Our trade with China has continued to
grow and our commercial rights under ex-
listing treaties have been and will be main
tained. He again urges an appropriation
for a commission to study the commercial
ard Industrial conditions In the Chinese
Empire so that American trade may be en-
lsrged In the Empiree
Next the Paris Exposition IL touched on,
and concerning Germany the President
finds that our relations continue to be
most cordial.
Mr.. Mckinley contends that our system
OF the inspection OF food products for ex-
port Is OF the best, and he hopes that the
German Government will some to realize
this, aud suggests that Congress authorize
an invitation to Germany fn connection
with the pending reciT rocity negotiations
or the constitution OF a joint commission
Of scientific experts and practical men'of
affairs to conduct a searching investfga-
ton Of food products In both countries.
The President hopes that the disputed
question concerning thh Alaskan Canadian
tied.
Neutral In Bo9r-Britsh War.
Touching on the War between Great
Britain aad tbs Beers, the President says:
This government has maintained an al
titude OF neutrality In the unfortunate con-
test between Great Britain and the Boer
States OF Africa. We have been faithful
to the preccpt of avoiding e~ntangiIng al