THE wanganui Herald. FRIDAY, DECEMBER 5, 1902. PRESIDENT ROOSEVELT'S MESSAGE.

Wanganui Herald, Volume XXXVI, Issue 10816, 5 December 1902, Page 4

THE wanganui Herald. FRIDAY, DECEMBER 5, 1902. PRESIDENT ROOSEVELT'S MESSAGE.

In his message to Qongress,, which is the equivalent of the Speech from the Throne, President Roosevelt urged the , necessity for making a reasonable and effective law against fraudulent over capitalisation and practises injurious to, interState trade. This means that the gigantic "trusts" and "combines" #M63i have been springing up in the United States for some time pasl^are to have their wings clipped, if Congress can be pcrsiiiicfed by. the i President to carry out his wishes on the subject. The methods of the .promoters of these giant "trusts" are simple e.nough; they get the option over several large manufacturing, shipping, or ottier- business concerns at a certain price, and then procoed to floa£ them, into combines with a capital greatly in excess of that required for the purchase and working expenses of the concerns." To use a *trite colloquialism, the stock is so abundantly ' watered that the- profits of, working have to bo very large indeed to .enable even a. moderate dividend ,to be .declared. * This in turn, leads to "sweating" and unfair competition, as thp investors must have their profits no matter who else goes short. The people who get .all the plums put. of such "Qombinea" 'arc the Picrpont Morgans, and ] other Itbossea" of finance, who play with millions as cas,i]y as Sandow , docs with poiid'ci'dus dumb-bells, which ordinary mortals cannot handle so deftly. .These • millionaires have amassed further millions by forming huge "trusts" and combines," which are ndw menacing the trade and conunerce of the country, and are grinding the facos qf the workers cruelly. This latter has im doubt drawn from ' President the protest contained in his message to Congress. The next clause' in the message is pregnant with meaning, and ought to be pondered welL by British statesmen- and manufacturers, as it Blat<»3 that reciprocity treaties are " desirable in connection with tariff readjustment, which, lie. says, .ought to' be' treated solely' from ' fch& standpoint of "business "needs. • The-

United State's Customs tariff is avowedly a highly protective one, intended to keep foreign goods out of the country,' thereby encouraging local industry and finding work for millions, of American people who would otherwise starve, or have to go

elsewhere to obtain the means oi" living. The revenue from this high tariff is greatly in eicess of the needs of the ' country, which' are not small. "This year the United States Treasurer reports a surplus of no less than 91,500,000 dollars, despite, the enormous expenditure, which last year totalled 566, 452,044 dollars. Protection has made the manufacturing interests of the United States immensely profitable, and .enabled the Government- not only to meet its engagements, but to put aside large sums annually to .reduce the .national debt, which exceeds two, pillion dollars, against which the Treasury holds cash .and reserve amounting to 50 'per' cent, of' the total debt. ' This plethora of money locked up in the Treasury is the explanation of the Treasury ; s urgent • recommendation ' for banking. and currency reforms. The President in his message recommends the setting up of a Commission of 'business men who might indicate to Congress in committee what changes in the tariff schedule are necessary, and how far tl^ese changes should go, without altering the country's great prosperity, or upsetting its fixed economic policy. Such a Commission, if composed of business men of ahility and non-partisan leanings, might doubtless do good work and recommend such changes in' the tariff as would benefit the consumers without injuring the producers and manufacturers; but it is doubtful whether, such a combination qf desirable qualities could be got together in the United Statos, to deal -with so vexed a question. The recommendation to remove the import duty on anthracite coal will 'doubtless give Tise' to bitter opposition on thp part . of the mirie-owriers in the United States/~who, not satisfied with the large profits they have been making, drove the miners into striking for a living" wage and better treatment, and. only"* gave way when threatened by the President that'the Government would be forced to take over the mines and .work them, if the owners .persisted in keeping .thdm closed down. The nationalisation of the coal measures of the

United States will become an urgent necessity if mine-owners there persist in forcing their employes. W strike, 'as it is j absurd to suppose thai eighty millions of J people- are. to be deprived of coal 'in the winter season because those owning" it refuse' to ppy^the hewers a living wage and concede them a proper working day of eight hours. ' •, , The President touches on a very important subject, viz., that of an increased' Army and Navy, which ho states are necessary in' order to carry out -the < Monroe doctrine, in connection with which latter he went on to say: — "We havq already^ .played a large part in the world, and are bent upon: making our future part even larger. The events of the past four years have definitely decided that, for weal or woe, our place miisl; be "groari among' the nations. We have deliberately made oW -own certain foreign policies, which demand the possession..of a thorough navy." -British subjects all oyer the world will , not object to this part -of the 'message, as the stronger the United States become as arbiters of pdace and- war, the less will.be the Banger of the -Continental Powers of Europe attacking Britain, k& tbe practical alliance of ,the Anglo-Snson race means that should the necessity arise they will unite to defend, themselves^.and their belongings all over the world against .any foreign attempts to deprive them of- their present* possessions and rights, it is this joining of Anglo-Saxon interests thrift' has^ prevented both the United States and Britain being interfered with in their late respective nvars against Spain and the •South African Republics, which were both successful. Frqhce would have gone to the assistance of Spain had she' dared, whilst Germany would have acted similarly to help the Boers,; but for her fear of the United States, and' her distrust of France.,. The result in both cases was to prevent a great war of nations and an awful sacrifice of human life and property.