The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1899-12-08

banking act and urges that NATIONAL
banks oe authorized to organize with =
capital Of SIS. zoe. He says that IN rs
earlier history the national banking ast
seemed TO prove a reasonable avenue
Through which needful additions TO thu
circulation could from time to time d.
made. Changing conditions have ap-
parently rendered Il now imperative
10 that end. The high margin in bond
securities required. resulting from large
premiums which government bonds
commanded in market or the tax on
note issues, or both. opera ting together
appear TO be the influence which impair
it's publac utility. The attention OF con-
gress is invited to this important mat
ter with the view OF ascertainine
whether or not such reasonable modif-
cations can be made In the national
banking act as will render It's service in
the particulars here referred 10 more
responsible to the peoples needs.
ARD.
Concerning the gold standard. ths
president says:
Il urgently recommend that TO sup
port existing gold standard, and 10
maintain the parity in value OF the
coins of the two metals (gold and sfa-
ver) and the equal power OF every doe-
lar at all times in the market and In
OF the treasury be given additional
power and charged with the duty to
sell United States bonds and to employ
such other effective means as may be
necessary to these ends. The authority
should include the power to sell bonds
on long and short time. as conditions
may require, and should provide for O
rate OF interest lower than that fixed
by the act of January IA. 1875. While
there is now no commercial fright
which withdraws gold from the gov-
ernment but, on the contrary, such
widespread confidence that gold seeks
the treasury demanding paper money
in exchange, yet the very situation
points TO the present as the most 1T
ting time TO make adequate provision
TO insure the continuance OF the gold
standard and OF public confidence In
the ability of the government 10 meet
all its obligations in the money which
the civilized world recognizes as the
best.
The financial transactions OF the
government are conducted upon n gold
basis. We receive god when we seH
United States bonds and use gold for
their payment. We are malnt a In ng the
parity Of all the money issued or coln-
ed by authority Of the government We
are doing these things with the mears
at hand. Happily at the present time W
are not compelled to resort TO loans To-
supply gold. 1t has been done In tho
past. however, and may have to be done
in the future. 1t behooves us. there
fore, to provide at once the best means
to meet the emergency when It ariseo.
and the best means are those which
are the most certain and economical
Those now authorized have the virtue
neither OF directness nor economy. We
have already eliminated one Of tho
causes Of our financial plight and EN-
DArraSSTnPnt
1895 and 1896. Our receipts now eQuaa
our expe enditures: deficient revenues no
longer create alarm. Let US remove
the only remaining cause by couferr-
Ing the fun and necessary power on the
secretary OF the treasury and impose
upon him the duty to uphold the pres
ent 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 / repeat my for
mer recommendations that a portion
OF the gold holdings shall be placed
In trust fund from which greenbacks
shall be redeemed upon presenta alton.
but when once redeemed shaff not
thereafter be paid out except for gold"
TO STRENGTHEN OUR MERCHANT
MARINE.
The strengthening of an American
merchant marine liz suggested There
Is no lack OF constitutional authority
Tor legislation which shah give to the
country maritime strength cormen-
surate with Its industrial achievements
and with its rank among nations OF rhe
earth. The President Is satisfied the
Judgment OK the country favors the
poiicy OF aid to our merchant marine
TRUSTS AND COMBINES.
Tne president next discusses rhs
question Of trusts on which he SAYS:
CoHfoinations Of capital ,rgau.xa-
tions OF trade among our citizens IN
stifie competition. limit production. and
determine the prices OF products a sed
ano consumed by the people. are Justly
provoking public discussion and sbonia
early claim the attention OF the con-
gress.
The Industrial commission, created
py the act OF the congress OF Juna m
1873 has been engaged in extenaa6
Meanings upon the disputed Question,
involved In the subject OF combina tton.
IN restraint of trade and comprtItIon
ihey nave not yet completed their in
Vesugation OF this subject, and the
conclusions and recommendations ar
winch they may arrive ara undeter-
mined.
The subject is one giving r4.. 60
many divergent views as 10 the nafnre
ana variety or cause and extent of fo,.
injuries TO the pubic which NAV rezule
from large combinat tions concentra FIN,
more or less numerous enterprises ana
estaoilsnme nts, which previously to ths
rfec on separately.
j; IL universally conceded thar corn
pinations which engross or control ,h.
market or any particular kind OF rner-
Nontinned on Fourth page.)