St. Johnsbury Caledonian. [volume] (St. Johnsbury, Vt.) 1867-1919, 1899-12-06
THE PRESIDENTS MESSAGE.

fixed by the act of Jan. IA, 1875. While
there Is now no commercial fright which
withdraws gold from the government.
but, on the contrary, such widespread
confidence that gold seeks the treas
ury, demanding paper money in ex-
change, yet the very situation points to
the present as the most fitting time to
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 to loans to supply
gold. 1t has been done in the past how
ever, and may have to be done in the
future. 1t behooves 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. Those now au-
thoriZed have the virtue, neither of d.
rectness nor economy. We have already
eliminated one of the causes of our
financial plight and embarrassment dur
ing the years 1893 1884, 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 parity with each other, which is the
repeatedly declared policy of the United
States.
In this connection, repeat my former
recommendation that a portion of the
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
trial achievements and with its rank
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 un-
equaled in our records of those of any
other power. We shall fail to realize
our opportunities, however, If we com
placently regard only matters at 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 forme
year in all our history, and the measure
of our dependence upon foreign shippin!
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 a factor in ma
tional defense and as one of the sures
and speediest means of obtaining 70
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 merchan
marine involves in large measure GU
continued industrial progress and tn
extension of our commercial triumphs
THE CONTROL OF TRUSTS.
Combinations of capital organize
into trusts to control the conditions {
trade among our citizens are justly pre-
voking public discussion, and shout
early claim the attention of the congress
The industrial commission, engaged
extended hearings upon the subject
combinations in restraint of trade an
competition, have not yet complete
their investigation. The subject is or
giving rise to many divergent views {
to the extent of the injuries to the pull
lie which may result from large con
binations concentrating more or LEI
numerous enterprises and establish
ments. 1t Is universally conceded tn;
combinations which engross or contr
the market of any commodity neoessal
TO the general community by suppress
ing natural and ordinary competitic
whereby prices are unduly enhanced
the general consumer are obnoxious n
only to the common law, but also to t
public welfare. There must be remet
for the evils involved in such organic
lions. If the present law can be e.
tended more certainly to control or che
these monopolies or trusts, 1t should
done without delay.
An act to protect trade and cor
merce against unlawful restraints al
monopolies was passed by congress
the End of July, 1890. The provisions
this statute are comprehensive al
stringent. 1t declares every contra
or combination, in the form of tru
or otherwise. to be unlawful. 1t q
dominates as criminal every pers'
who makes any such contract or engag
Ia lon mira