outes of trade must be actually opened--by many ships and regular
sailings and moderate charges--before streams of merchandise will flow
freely and profitably through them.

Hence the pending shipping bill, discussed at the last session but as
yet passed by neither House. In my judgment such legislation is
imperatively needed and cannot wisely be postponed. The Government must
open these gates of trade, and open them wide; open them before it is
altogether profitable to open them, or altogether reasonable to ask
private capital to open them at a venture. It is not a question of the
Government monopolizing the field. It should take action to make it
certain that transportation at reasonable rates will be promptly
provided, even where the carriage is not at first profitable; and then,
when the carriage has become sufficiently profitable to attract and
engage private capital, and engage it in abundance, the Government ought
to withdraw. I very earnestly hope that the Congress will be of this
opinion, and that both Houses will adopt this exceedingly important
bill.

The great subject of rural credits still remains to be dealt with, and
it is a matter of deep regret that the difficulties of the subject have
seemed to render it impossible to complete a bill for passage at this
session. But it cannot be perfected yet, and therefore there are no
other constructive measures the necessity for which I will at this time
call your attention to; but I would be negligent of a very manifest duty
were I not to call the attention of the Senate to the fact that the
proposed convention for safety at sea awaits its confirmation and that
the limit fixed in the convention itself for its acceptance is the last
day of the present month. The conference in which this 15 convention
originated was called by the United States; the representatives of the
United States played a very influential part indeed in framing the
provisions of the proposed convention; and those provisions are in
themselves for the most part admirable. It would hardly be consistent
with the part we have played in the whole matter to let it drop and go
by the board as if forgotten and neglected. It was ratified in May last
by the German Government and in August by the Parliament of Great
Britain. It marks a most hopeful and decided advance in international
civilization. We should show our earnest good faith in a great matter by
adding our own acceptance of it.

There is anoth