New-York tribune., 1900-09-10


cent interest. which were promptly and patriot
ically taken by our citizens.
TAXATION SHOULD BE REDUCED.
Unless something unforeseen occurs to reduce
our revenues or increase our expenditures, the
Congress at its next session should reduce taxa
tion very materially.
Five years ago we were selling Government
bonds bearing as high per cent interest.
Now we are redeeming them with bond at
par bearing . per cent interest. We are selling
our surplus products and lending surplus
money 10 Europe. One result of our selling to
other nations so much more than have
bought from them during the last three years
IS a radical improvement of our financial rela-
tions. The great amounts of capital which have
been borrowed OF Europe for our rapid ma
teriai development have remained constant
drain upon our resources for interest and dvi-
cends and made our money markets liable TO
constant disturbances by calls for payment
heavy sales of securities whenever moneyed
stringency or panic occurred abroad. We have
now been paying these debts and bringing home
many Of our securities and establishing counter
vailing credits abroad by our loans. and placing
ourselves upon sure foundation Of financial
independence.
In the unfortunate contest between Great
Britain and the Boer States of South Africa the
United States has maintained attitude OF
neutrality In accordance with its we'll known
traditional policy. 1t did not hesitate, however,
when requested by the governments Of the South
African republics. to exercise its good offices
for a cessation of hostilities. II is to be OBJ
served that. while the South African republics
made like request Of other Powers. the United
States is the only which complied The
British Government declined to accept the an
tervention Of any Power
Ninety-one per cent of our exports and I'm
ports carried by foreign ships. For
ocean transportation pay annually to foreign
shipowners over $165,O00000. We ought TO
own the ships for our carrying trade with the
world. and ought 10 build them in American
shipyards and man them with American sailors.
Our own citizens should receive the transporta-
tfen charges now paid TO foreigners. I have
called the attention of Congress to this subject
in my several annual messages. In that Of De-
cenber g. 1897. I said:
AMERICAN MERCHANT MARINE.
Most desirable from every standpoint OF Ma
tional interest and patriotism is the effort TO
tend or foreign commerce. To this end our
merchant marine should be improved and en-
lsrSeo We should do our fun share OF the |
carrying trade of the world. We do not do it |
now We should be the laggard no longer.
In my message Of December ), 1890. said: |
Our National development will be one sided |
and unsatisfactory so long as the remarkable |
growth of inland Industries remains unac- !
conpanied by progress on the seas There is no /
lack o2 constitutional authority for legislation |
which shall give TO the country maritime /
strength commensurate with its industrial |
achievements and with its rank among the ma |
tions Of the earth
The last year has recorded exec ptonal activity |
in our shipyards, and the promises of continual |
prosperity in shipbUilding abundant. Ad- |
Nanced legislation for the protection of sla-
men has been enacted Our coast trade under |
regulations wisely framed at the beginning Of |
me government and since shows results for the |
last fiscal year unequalled In our records or |
those Of any other Power. We shall fail 10 re- |
slize our opportunities. however if COM |
placently regard only matters at home and blind |
ourselves TO the necessity Of securing our share /
IN the valuable carrying trade Of the world. i
! now reiterate these views.
4 subject of immediate Importance to our coun- |
try IS the completion Of a great waterway of |
commerce between the gkt4anttc and Pacific The |
construction of a maritime canal is now more |
than ever Indispensable to that intimate and |
ready communication betwee~ our eastern and |
western seaports demanded by the annexation |
Of the Hawaiian Islands and the expansion Of |
our influence and trade in the Pacific
Our National policyT mnTB s4mperatively than |
ever calls for its completion and control by this
Government. and it is believed that the next |
session Of Congress, after receiving the full re-
port Of the Commission appointed under the act
approved March 2, 1899, will make provisions
for the sure accomplishment of this great work
-
Combinations of capital which control the
market in commodities necessary to the gen
eral use Of the people, by suppressing natural
and ordinary competition. thus enhancing prices
10 the general consumer, are obnoxious TO the
common law and the public welfare. They are
dangerous conspiracies against the public good
aad should be made the subject Of prohibtory
or penal legislation Publicity will be a helpful
influence TO check this evil. Uniformity of leg
islation in the several States should be secured.
Discrimination between what is injurious and
T"hat is useful and necessary in business op-
erntions is essential to the wise and effective
treatment OF this subject Honest cooperation
of capital is necessary to meet new business
conditions and extend our rapidly increasing
foreign trade. but conspiracies and combina-
tons intended TO restrict business create mo-
nopoiies and control prices should be effectively
restrained
The best service which can be rendered to
labor is to afford it an opportunity for steady
2hd Fernuneratve employment and give ii every
encouragement for advancement. The policy
mat suoserves this end is the true American
policy The last three years have been more
satisfactory to American workingmen than
many preceding years. Any change OF the pres
ent Industrial or financial policy Of the Govern
ment would be disastrous to their highest in
terests. With prosperity at home and an in
cneasing foreign market for American products
employment should continue to wait upon labor
and with the present gold standard the work
ingnan is secured against payments for his
iaoor IN deprecated currency. For labor a
snort day is better than short dollar; cne will
hghoen the burdens. the other lessons the re-
wards Of toll. The one will promote contant-
"eht ana independence; the other penury and
want The wages Of labor should be adeouats |
in