which we have dealings, would be of political as well as commercial
benefit. From every standpoint it is unwise for the United States
to continue to rely upon the ships of competing nations for the
distribution of our goods. It should be made advantageous to carry
American goods in American-built ships.

At present American shipping is under certain great disadvantages when
put in competition with the shipping of foreign countries. Many of the
fast foreign steamships, at a speed of fourteen knots or above, are
subsidized; and all our ships, sailing vessels and steamers alike, cargo
carriers of slow speed and mail carriers of high speed, have to meet the
fact that the original cost of building American ships is greater than
is the case abroad; that the wages paid American officers and seamen
are very much higher than those paid the officers and seamen of foreign
competing countries; and that the standard of living on our ships is
far superior to the standard of living on the ships of our commercial
rivals.

Our Government should take such action as will remedy these
inequalities. The American merchant marine should be restored to
the ocean.

The Act of March 14, 1900, intended unequivocally to establish gold as
the standard money and to maintain at a parity therewith all forms of
money medium in use with us, has been shown to be timely and judicious.
The price of our Government bonds in the world's market, when compared
with the price of similar obligations issued by other nations, is a
flattering tribute to our public credit. This condition it is evidently
desirable to maintain