New-York tribune., 1896-10-19
MR.. BRYAN'S IGNORANCE.

Talking 10 a gathering Of women AT Duluth
Mr. Bryan repeated in almost Identical words
some wildly absurd siatcm' nts he had mad" 10
n silver conference in 1894 AT Omaha. ana not
only exposed his Ignorance. but showed thai ne
had learned nothing in TWO years or the mos,
actiye discussion OH the money question: III
June 1894 he declared that the value of any KIND
of money depended on lis volume; You can just
..as effectually increase the debts of people by
.'dccreasing the volume of their money as by
"jncreaslng the number of dollars they have TO
"pay." TO the women Of Duluth he declared
fatty that the value Of dollars of any kind de-
pcnds upon the number OF them. AMI dollars
could always be made more valuable with GER
tanty by diminishing or less valuable by III
creasng the number in circulation.
1t is not much to say that Mr. Bryan has ab-
surdly exaggerated, i'm his remarkably ignorant
or reckless speech, an economic theory to when
some men gave crcdencc years ago, but which
has been as completely exploded as any theory
can he by the progress Of events and OF scieri-
tifc inquiry The old theory was that. If other
things remained the same, an increase IN inc
circulating medium would tend in course OF time
10 cause an advance in prices and decrease 10
cause a fall in prices. Certainly Mr. Bryan
ought to have sense enough to know that TINS
presuppOscs change in the supply or cost or
things sold, no change in the ability and dis
position Of consumers TO purchase things. ana
no change in the quantity or efficiency Of varois
substitutes for money. and particularly OF the
many forms Of credit by which nearly nine
tenths OF commercial transactions are now ef-
fccted. ignoring these conditions Mr.. Bryan
Tells the women glarlng untrmh, either igno-
rantly or rcckle>sy even If the exploded notion
Of the old economic teachers was worth any
thing
Students of prices have long ago demonstrated
beyond possibility Of reasonable dispute that be
tween supplies Of currency and lis purchasing
power no such correspondence could |" di>coV
cred as would support the quantiiaiiv" theory.
The most glarng contradictions wrr" frequent,
and al first there was disposition 10 explain
them with the easy answer That other conditions
had not remained unchanged. Presently II was
seen that other conditions never are. and never
can be. unchanged. and that the theory when
has reference only 10 an impossible stat" "f
things has no sort Of value, and no place IN sane
economic reasoning But further comparison OF
facts brought into great pr"nnen"" TIA" pr"i"Ii-
derance of various forms OF credit Ia All com
mcrclal transactions. and the sudden aud star
Hing changes IN The efficiency ui >uch suh~il-
tuies for money. affecting The iOiai buying power
AT various times far more than lhr total amount
of money in circulation. Then II was perceived
that more currency in circulation often had Il
tendency II not always. to diminish The ri'l
cheney and supply of credit substitutes. and Vice
versa. because confidence was apt io hr dis
turbed and impaired 10y anything looking lihc
imitation. and could he sirrngl hcned lay events
limiting the supply Of current money
The result has been To dismiss the quantifativc
theory Ia the limbo OF exploded economic non
sense and in dragging ii out ana presenting II.
grossly distorted and exaggerated. ~ IT, il were
the whole gospel about money. Mr. Bryan has
fixed his place in monetary discussion rather
more completely than 10y any other performance.
For II he tells the truth an indefinite addition
OF silver dollars 10 the currency must Of nccc,-
| sity indefinitely reduce The buying power Of The
! dollar which he has been vOciferOuSly drclar-
| ing that free coinage would not do II remains
| among students n question of difficulty how far
| credit substitutes for money nuctlate in buying
! power and why but ii X no longer question
| whether Mr.. Bryan makes contradictory asser-
| tons either rccklessly or dishonesty. whenever
he thinks they will impress an audience.