The times. [volume] (Richmond, Va.) 1890-1903, 1902-12-03
WEDNESDAY, DECEMBER 3, 1892
a MESSAGE FROM THE PRESIDENT.


VIC arc the select and favored Of the in
haDitants Of the earth. and that we hare
a heart for every fate. he recognizes
that there are problems to solve, but
he declares that we have the ability and
the courage and the grace TO solve them,
and that they will be solved in time The
Presidents optimism is encourag ing and
inspiring and reassurins.
The only question of general interest
to the public which he discusses at
length is the question Of trusts, and
even on this he is very guarded in his
remarks. He repeats what he has said
so often in his public addresses. that
corporations, and especially comblnu-
;ions of corporations, should be
managed under public regulation. lie
does not think that they can be properly
controlled by the individual States, but
tha; Federal regulation is necessary. and
shat If Congress has not the power under
The Constitution to make such regula
lions, the Constitution ought to
be amended 50 as to confer all neces-
gary powers uQon Congress.
But the President thinks that under
the clause of the Constitution providing
for the regulation of commerce with for
cign nations and among the several
States" Congress has fun power to con-
troll the trusts He therefore recon-
r1ends that an appropriation be made for
the purpose Of enforcing the Sherman
49,. -. L., .,,-.-a,. "a he axrc-drd
under the direction Of the Attorney
General. At Ane same time he says
that We must not destroy he corpora
lions, for they are necessary to our pro-
gress and prosperity. I'VE are not hos
Tile TO them he declares; I'VE are mere
II determined that they shall he so
handled as to subseIve the public good.
We draw the line against misconduct,
not against wealth
The President does not think however.
that the trusts can be regulated or con-
trolled by any tinkering with he tariff.
He says that many industries in the
country depend upon the tariff for their
prosperity, and that the mere threat Of
"a Gislocsron Of the system. not to speak
OF the performance, would produce
paralysis in the business energies Of the
community.
And SO the President would make it
appear that our industrial prosperity de-
ponds upon certain regulations of gov
eminent which may be changed from
time TO time by politicians. If this be
true. then our industrial condition rests
upon most precarious foundations. and
any man who puts his money into an
enterprise that depends upon COVER ooent
favcritism for its success is takr~ a
great risk Our industrial prosperity, in
order TO be stable and abiding. must rest
upon merit and not upon legislation. The
whole theory of the protective tariff is
not only opposed to sound Democratic
doctrine. but is opposed also to the
natural laws Of trade.
The Presidents observations on the
subject of finance are more sound. He
sees the necessity for reform in the cur
rency, for flexible currency that viii
respond naturally to the fluctuating de-
nlands of trade He well says that the
banks are the natural servants Of com
1lerce, and that upon them should be
placed as far as practicable the burden
Of furnishing and main aiming a circula-
ton adequate TO supply the needs Of our
diversified Industries and OF our domestic
and foreign commerce: and that the issue
Of this should be SO regulated that q
sufficient supply would be always availa-
BILE for the business interests of the
country.
It has been demonstrated time and
again to the entire satisfaction of bust
ness that the Treasury Department. Of
government as a banking institution is
a dismal failure. 1t cannot possibly per-
form the AUCTIONS Of a bank because it
does not have the functions OF a bank
To the contrary. when there is least
need OF money TO the government, that
is to say in times of great prosperity and
activity in the money market, it with
draws from the country more money
than it needs, and has no natural means
Of turning it back into the channels of
trade. 1t is to be hoped that Congress will
take this suggestion Of the Presidents and
act upon it inteligentIy and in prac-
teal way. We are now almost over
whelnled with our prosperity. for the sim
pie reason that under our currency
system there is not enough currency in
the country to carry on trade and in
dustry.
The President submits some very sensi-
bic remarks also on the subject OF or
gan.zed capital and organized labor. He
admits that organization is necessary in
The industrial world. and he admits that
labor organizations are also the logical
result Of conditions: But he warns the
corporations and the labor unions against
fighting each other unfairly. He says
that each must refrain from arbitrary
or tyrannous interference with the