Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1900-01-15
OUR MERCHANT MARINE, THE
CURRENCY AND TRUSTS.
DISCUSSED BY GOV. SHAW
Monopolies Denounced and Legislature
Urged to Crush all Within Its
Reach-Ship's Subsidies Advocated
Certain Exchangeability Indicative
of Good Money.


augural address yesterday, Governor
Shaw said in part: Given in this most
remarkable century, ever famous for
it's growth and wealth and material
prosperity, there is one industry that
has failed to increase with the years
l refer to our merchant marine. At the
beginning of the nineteenth century
We were carrying 80 per cent. of our
foreign commerce in American ships.
We now carry Is or 20 per cent. Shall
this continue?" He thought not and
advocated subsidies.
THE United States is conceded to be
the great agricultural country of the
world" he continued, "and our manu-
factories find few rivals. There is no
valid reason why we may not also be-
come the great commercial and fnan-
cial center. But in order to do this
we must have as good money as our
European competitors. And what
characterizes good money? I answer
certain and ready exchangeability A
due bill will remain at par so long as
it's maker maintains it's eXchangeabil-
ity for legal funds at par on demand;
and it will go to discount whenever
exchangeability fails. Silver is as
good as gold only SO long as it can
be exchanged at par for gold. The
contend against the free coinage of
silver is based upon the fact that ex
changeability is in no manner prOvid-
ed for; and it is believed that left to
themselves, gold and silver coin will
fuctuate in value. The government
should, I think, maintain the ex-
changeability of all it's issues. Who
ever has gold and prefers silver, should
have the absolute right to demand 1t
in exchange. Whoever has silver and
prefers gold should have the same
privilege. The holder of greenbacks
or treasury notes should have guaran-
teed to him the absolute right of ex-
change for any kind of money that
will better suit his convenience. The
first step in the direction of gold
boarding is an apprehension that in
some way, or by some means it Will
command a premium. There certainly
can he no better way to safeguard the
treasury than to guarantee exchange
ability. / can see no increased danger
by expressly providing for the ex-
change of silver for gold and of gold
for silver, than inheres in the PROPOSE
ton for the redemption of greenbacks
and treasury notes in gold. The prop
osition is logically correct. 1t is rea-
sonable and right. Such a provision
would be notice to the cmmercial
world that every dollar of United
States money is the equivalent OF and
that it can be exchanged for 5.8 grains
of gold, and would make a draft on
New York as acceptable at the clear
ing houses of the world as one on Lon
don.
Il think those who contended at the
trust convention in Chicago last fall
that trusts and monopolies should be
correct. I have yet to find the first
man who has a word to say in eX-
tenuation or defence Of monopolies.
Gentlemen of the legislature let it be
your duty to crush every one within
your reach and the people of this
state will call you blessed, and the
people of every other state will take
notice Of your wisdom and will follow
the course you shall have marked out.
[ fall the states of the union could be
induced to unite upon some single
policy, I would have no fears OF sue
cessfully combating monopolies in
this country. They might be built up
abroad, but they could then be eff
fectively reached by means Of tariff
AggregatiOns or combinations of CAPT.
tai do not necessarily constitute the
evil complained Of. They may be and
are dangerous for they may, and fire.
Quently do accomplish great harm;
but they are not harmful perse. The
evil, as I discern it, consists in mon
opoly. If trusts are to exist anywhere
[ would prefer them in this country
and would as soon submit to the domi-
nation of steel rail factories built and
operating in Iowa as where they are,
If you can devise some way to bring
about uniform legislation so that cap