The Elk Mountain pilot., 1899-12-19
Democratic Contravention.

1
than the Democrats demanded the
enforcement of the pledges of
prosperity made by the Republi-
cans. Previous to the Inauguration
of President Mckinley and long
before a Republican congress was
given an opportunity to put into
execution a protective tariff law,
the Democratic newspapers and
leading orators throughout the
country were vociferously calling
for the promised prosperity. After
the Inauguration and following the
passage of the Dingley tariff bill
they continued in the same strain,
but ere long it became necessary
to accompany their plaintive wall
with denial that prosperity had
returned. Finally prosperity be-
came so plainly evident that a dis
avowai was both useless and fool
ish, and then they were obliged to
look for some explanation for pros
perity that did not involve adj
mission of Republican success.
Diverse theories were suggested
and each one has friends and sup
porters among the various factions
of which the Democratic party is
now constituted.
In the course of the debate on
the new currency bill Congressman
Newlands of Nevada propounded
one of the latest explanations. tt
is to the effect that the increase of
prosperity in the past two years
demonstrates the correctness of the
theory Of the anti-Republicans,
which is that, all other things be-
ing equal, prices viii depend on
the volume of money in circulation;
or in other words, their explanation
of the existing prosperity is that 1t
is due to an increase of the amount
of money in circulation. AS a
matter of fact, this admission that
prosperity prevails, is in direct
contravention of their declaration,
which was the main point of the
Democratic campaign argument of
three years ago, that prosperity
was an impossibihty without free
silver; but Inconsistency is very
small matter to Democrats, and it
is of greater importance to discuss
the claim that prosperity is caused
by an increase of the quantity of
money in circulation.
OF the enormous increase of
money in circulation in the last
three years, part, bat it is com
paratively inconsiderable in extent,
is derived from the balance of for
eign trade in our favor. This con-
dition is directly in accordance
with the Republican policy, which
aims to increase our exports and
decrease our imports. But un-
doubtedly the greatest source OF
money in circulation is to be found
within our own financial circles.
Prosperity does not create money,
but it certainly does set money in
TO motion. Events prove that it is
Of far more Importance that what
money we possess should be circu-
lating in the course of business,
than it is that large amount
should be forced into channels
which are stagnant through lack of
confidence or because of wrong
legislation. Under vicious Demo
cratic tariff legislation the volume
of money might be multiplied re-
peatedly without affording relief
from hard times, and each sue
cessive upset of the national credit
and business system would only
add to the trouble. But the res
toration of balance of trade in
favor of this country, in connection
with a return to sensible Legislation
and the confidence of the business
element that present conditions
will not be changed in the near
future, not only puts every dollar
on the move, but makes each one