The Wichita daily eagle., 1896-06-14

I -
Party Principle to Reflect That 1t Then
| Favors and Must Defend a Constantly
Decreasing and Tightening Currency
Which in the End Must Bring Misery
to the Country and Defeat 10 the
Party.
Denver, Colo, June 13.-The Denver
Republican says editorially: Before
declaring for the single gold standard.
either directly or indirectly, the st.
Louis convent ton should carefully con-
slider the position in which the Repub-
lean party Will be placed by such ac-
ton IN the coming presidential cam
paign.
Even the goldites admit when they
rejoice over the increased output Of
gold in the world that there is need
of more money, both at home and
abroad, but what promise Of any IN
crease in the money supply of this coun-
try viii the Republican platform OFFER
if the single gold standard is Endorsed
at ST. Louis?
Virtually all the increase that has
been made in the production OF gold
in recent years has come from two
camps Northumberland IN South Afri-
ca and Cripple Creek in Colorado. Ev-
erybody knows that the production OF
the Rand has greatly declined since the
recent trouble with the Beers, and it
| is also a demonstrable fact that there
has been a notable reduction In the pro-
duction at Cripple Creek during the
fire no nF ha
have been no new discoveries of gold
deposits of any consequence anywhere
ON the face of the globs within the last
three years, and everything at present
! indicates considera bic decline in pro-
duction in the near future. Even If all
the new gold taken out of the mines of
the United States should be added 10
our currency 1t would not be sufficient
to keep the per capita circula ton up
to its present figure, but IL is also a
we'll known fact that very large pro-
portion OF the gold taken out Of the
mines, probably two-thirds goes into
the arts and manufactures every year,
so that If We must depend entirely up
on the production of new gold for any
possible increase in our money supply.
II is evident that the circulation must
continue to diminish in the future as it
has done IN such a marked way during
the last three years.
There is no reason to believe that the
outflow of gold from this country 70
Europe VIII grow less in the near fu-
ture. We must still continue to pay
$3.50, 100000 interest on our debts abroad.
American tourists visiting Europe will
still manage TO spend from ST5, 900. 600 TO
500, ,000,00 every year on their outings,
and our ocen carrying bills will not be
less than $50, 1000, 900 year in the future.
With falling prices for all our agricul-
tural products it is evident that a con-
tinuously increasing outflow Of gold
VIII be necessary 10 settle our foreign
balances, and We cannot, therefore, ex-
pect 10 add anything 10 our circula ton
on account of gold. Indeed, il is abEo-
lutely certain, that If We must depend
on gold for our money supply we will
find the volume of our circulation con-
stantly shrinking, with the necessary
results of falling prices and wages, IN
profitable farms. idle factories and in
creasing business failures.
The advocates of. free coinage have a
sure remedy to offer for the situation.
because, If the policy they recommend
should be adopted, the output Of our
silver mines. as well as that of our gold
mines, would become available for new
currency and through the joint use Of
both metals there would be a reasona-
BILE expectation that the money supply
of the country would keep pace with the
growing demand for it.
II the Republicans adopt a single
gold standard platform they will have
TO face the great question Of money sup
ply on the stump in every state. county
and hamlet in the nation during the
coming presidential campaign. The ex-
pecta ton of some OF them that protec-
ton can Be made the leading issue is
false and misleading Even II IT could
be forced TO the front, which is impossi-
bic under existing conditions, there is
no certainty that IL would mean a Re
publican victory. Even the great Re
publican state OF Ohio came within an
ace OF casting its whole electoral vote
for Cleveland in 1892, and IL our men,
ory does not err 1t did give him one OF
its electoral votes on that occasion.
New Jersey. Connecticut, Illinois. Indi-
ana and Wisconsin believed as firmly
IN the policy OF protection in 1892 as
they 90 now, and yet every one Of them
gave its electoral vote 20 the Democrat
1c ticket in the last presidential cam
paign-
The money question IS certain to be
the burning issue this year. and the Re
publican party viii have altogether the
worst end OF 1t If il goes before the
people with a Platform and ticket IA
vor1ng monetary policy that affords
no possible means of supplying the cur
rency needs of the country. That
would mean continuation Of the ex-
listing business depression. the sale of
new Issues OF interest bearing bonds
a. s~4-
CIT caused in the revenues OF the coun-
try by hard times. and a stead fan in
prices OF all agricultural products. es-
pecially.
1t is rea sonably certain now that the
Democratic national convention will
adopt 4 bf1netallic platform and norni-
nate biDetalliO ticket. and II IS our
firm conviction that the Republican
leaders OF 81. Louis Viii be worse than
the blind leaders Of the blind" men
toned II the Scriptures. II they bind
their party 70 the opposite policy OF
monetary contraction with It's inevfta-
bic train OF business depression. hank
ruptcy and ruin From the time OF is
organization till its retirement from
power al the beginning Of the present
administration. the Republican party
has always pursued a money-increaS =
ing policy, but l. cannot do 50 any long
e. = Il adopts the single gold standard
Gt SLBouis. There Is YET time for The
party leaders 70 come together n wise
and patriotic dsliberation IN order that
a platform may be adopted and q ticket
nominated that VIII meet the rsguire-
ments q tte existing situation regard
ing the financial question. and, % do
that, the St Lo1is convent ton must
take the wind out OF the sails OF the o.
position by declaring fat-footed for the
free and unrestricted coinage of 18th