vessels essential for those operations.

The other great nations have not hesitated to adopt the required means
to develop their shipping as a factor in national defense and as one of
the surest and speediest means of obtaining for their producers a share
in foreign markets. Like vigilance and effort on our part cannot fail
to improve our situation, which is regarded with humiliation at home
and with surprise abroad. Even the seeming sacrifices, which at the
beginning may be involved, will be offset later by more than equivalent
gains.

The expense is as nothing compared to the advantage to be achieved.
The reestablishment of our merchant marine involves in a large measure
our continued industrial progress and the extension of our commercial
triumphs. I am satisfied the judgment of the country favors the policy
of aid to our merchant marine, which will broaden our commerce and
markets and upbuild our sea-carrying capacity for the products of
agriculture and manufacture; which, with the increase of our Navy, mean
more work and wages to our countrymen, as well as a safeguard to
American interests in every part of the world.

Combinations of capital organized into trusts to control the conditions
of trade among our citizens, to stifle competition, limit production,
and determine the prices of products used and consumed by the people,
are justly provoking public discussion, and should early claim the
attention of the Congress.

The Industrial Commission, created by the act of the Congress of June
18, 1898, has been engaged in extended hearings upon the disputed
questions involved in the subject of combinations in restraint of trade