The times. [volume] (Washington [D.C.]) 1897-1901, 1900-09-10


held in the Treasury. The Governments
relations with the Pacific railroads have
been substantially closed, S124, 4,421,O00 be-
ing received from these roads, the greater
part in cash and the remainder with ample
securities fer payments deferred.
Instead of diminishing, as was predicted
four years ago, the volume of our cur
rency is greater per capita than it has
ever been. 1t was S21.10 in 1886. 1t had
increased to $3.50 on July i, 1900, and
$26.s5 on September l. 1900. Our total
money on July 1. 1895. was Si,506, ,43l, ,965;
on July l, 1900, it was 81 G62, ,425. 1876, and
$2,C96, 6S3.042 on September 1. 1900
The Industrial Condition.
Our industrial ard agricultural ccndi-
tions are mere promising than they have
been for many years; probably more 50
than they have ever been. Prosperity
abounds everywhere throughout the Re-
public. l rejoice that the Southern as
we'll as the Northern States are enjoying
a full share Of these improved national
conditions, and that all are contributing
SO largely to our remarkable Industrial
development. The money lender receives
lower rewards for his capital than if it
were invested in active business. The
rates of interest are lower than they have
ever been in this country. while those
things which are produced on the farm
and in the workshop, and the labor pro-
ducing them, have advanced in value.
Four hundred and thirty-siI million dol
lars of gold have been added to the gold
stock of the United States since July /,
1896. The law of March H. 1900, author
lied the refunding into 2 per cent bonds
of that part of the public debt represented
by the per cents, due in 1908. the per
IN, nd ba = 1tra
in 1904. aggregating $40, coo. coo. More than
one-third of the sum of these bonds was
refunded in the first three months after
the passage of the act, and on September
l the sum had been increased more than
s33, ,ee0, 900, making in all $3.50. SIS. .O50, re-
sulting in a net saving of over SS,379,52o.
The ordinary receipts of the Government
for the fiscal year 1900 were $79, ,527 .060 in
excess of its expenditures.
Unless something Unforeseen occurs to
reduce our revenues or increase our e1-
penditures. the Congress at its next ses-
sion should reduce taxation very mate
rally.
The anEio-Bocr War.
In the unfortunate contest between
Great Britain and the Boer States of
South Africa, the United States has
maintained an attitude of neutrality in
accordance with its well-known tra5i-
tional policy. 1t lid not hesitate. how
ever, when requested by the Govern
ments of the South African Republics. to
exercise its good Offices for a cessation
Of hostilities. 1t is TO be observed that
while the South African Republics made
like requests OF other powers the United
States is the only one which complied.
The British Government declined TO ac-
cept the intervention OF any power.
Ninety-one per cent OF cur exports
and imports are now carried by foreign
ships. For ocean transportation we pay
annually to foreign shipowneTs over
S165, ,00O, Goo We ought to own the ships
for cur carrying trade with the world
and We ought TO build them in American
shipyards and man them with American
sailors. Our own citizens should receive
the transportation charges now paid %
foreigners. / have called the attention
of Congress to this subject in ray several
annual messages. In that Of December
6. 1897, l said:
Most desirable from every stand2oin
OF national interest and patriotism is
the effort TO extend our foreign com
merce. To this end our merchant ma
rine should be improved and enlarged.
We should do cur full share CT the carry
ing trade OF the world- We do not 80 It
now. We should be the lagsard no
longer
In my message of December 5, 1893, 1
said:
Our national Development viii be one
sided and unsatisfactory SO long as the
remarkable growth CT our inland indus
lies remains unaccompanied by progress
y the seas. There is no lack of consti-
ltional authority for legislation which I
hall give to the country maritime
trei.e.h commensurate with its Industrial
chiavemeEts and with its rank among
he nations Of the earth.
THE past year has recorded exceptional I
ctivity in our shipyards. and the prom
ses of continual prosperity in shipbuild-
ng are abundant Advanced legislation
or the protection Of our seamen has been /
enacted. Our coast trade. under regula-
tieas wisely framed at the beginning of
the Government and since, shows results
for the past fiscal year unequaled in our
records or those Of any other power. We
shall fail to realize our opportunities,
however, If we complacentiy regard only
matters at home and blind ourselves to I
the necessity Of securing our share in the 1
valuable carrying trade of the world"
now reiterate these views.
subject of immediate Importance to 1
cur country is the completion Of great (
!
tic and Pacific. The construction of a I
maritime canal is now more than ever in
dispensable to that intimate and ready 1
communication between our Eastern and 1
Western seaports, demanded by the annex |
alton Of the Hawaiian Islands and the ex- |
pansion Of our influence and trade in the !
Pacific.
Our national policy, more imperativeiy |
than ever. calls for its completion and con- /
troll by this Government; and 1t is believed I
that the next session of Congress. after 1
receiving the full report Of the commission |
appointed under the act approved March /
3. 1893. will make provisions for the sure
accomplishment Of this great work.
Trusts Are Obnoxious.
Combinations of capital which control /
the market in commodities necessary to |
the general use Of the people, by suppress |
ing natural and ordinary competition, thus |
enhancing prices TO the general consumer, |
are obnoxious 10 the common law and the |
1ublic welfare. They are dangerous con-
spiraeies against the public good and |
should be made the subject of prohibitory or |
penal legislation. Publicity will be a help |
ful influence to check this evil Uniform
ity of legislation in the several States
should be secured. Discrimination between /
what is injurious and what is useful and
necessary In business operations is essen
tial to the wise and effective treatment Of !
this subject. Honest cooperation of cap
ital is necessary TO meet new business con- |
ditions and extend our rapidly increasing |
foreign trade, but conspiraeies and combi- |
nations intended to restrict business ere |
ate monopolies, and control prices should |
be effectively restrained.
he hacY -