Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-07-23

degree contributed thereto.
President McNylley declared at the
opening of his administration that there
could be no prosperity in business while
the government was running behind;
yet. Notwithstanding the fact that war
expenses have been provided for bv eN-
ira ordinary war taxes. Mr.. AIcKinley's
administration has run the government
behind more than ninety million dollars
for the year just ended. so that, if we
nave prosperity 1t comes to us not be-
cause of President McNinley's admin
istration, but In spite of it.
PRESENT CONDITIONS,
present conditions are due In part
to the demands Of war which stimu,
lates trade and furnishes employment
for idle capital and idle labor. but chief
ly to the increased supply of gold and
silver.
1--WE contended in 1896 that the in
crease of metallic currency, which
would result from the opening of the
mints to the coinage of silver. would be
blessing to the country. and that II
would stimulate business and reduce
the purchasing power OF the dollar and
enhance the value of labor and COM
modities While not denying the gem
eral proposition. our friends. the enemy.
insisted that the result; of such condi-
tons would be calamitous, especially
LIMITED PROSPERITY.
Limited prosperity has come to us
with the results predicted by us through
the increase Of the precious metals.
though the increase has heen principal
ly In gold instead of silver.
The friends of President McKin-
iey's administration are rejoicing over
the rise of prices ana general activity
in business. and if this condition re-
suits in part from the cause which |
have mentioned. I am unable 10 under
stand the philosophy that would make
the rise of prices arising from an in
crease OF gold n blessing, nut 4 curse il
rising from an increase of gold and sill
YER combined.
THE INCREASE OF GOLD.
There can be no question about the
great increase of gold since 1896 I OBJ
serve 1T stated by reliable authorities
II L mistake not, quoted from the re-
port of the Director of the Mint. that
each year since 1896 there has been an
increase in the output of gold amount
ing to fifty million dollars over the
year before. That this year there will
be taken from the earth 150 million
more gold than in 1896. Next year will
beat 1896 by 200 millions. In 1896 the
new gold added TO the worlds SUNNY
was 800 millions. This year we will add
$40 millions and if we continue at the
same rate. the year 1900 will add 400
millions.
We all understand that a certain
portion of all the gold and silver is used
IN the arts and. therefore, not availa-
PIE LOT coinage purposes. Making due
allowances for the gold used in the
arts. the world's gold and silver COM
oined available for coinage IN 1896 was
only about 313 million dollars. while The
& n nj, nh
VIII be 2I5 million-only abou'; IS mil
lion short of the total gold and silver
available Tor coinage in 1896: and If the
increase continues ut the same rate we
VIII nave in 1900 sold alone for coinage
purposes amounting to go millions:
greater by % millions than the combin-
Ell Sold ana silver available for mint
age in 1896. Added to this. over GOO
millions of gold has been put within
reach OF mints. while our government
is coming one million, five hundred
thousand silver dollars each month. and
preparing new minis to coin ten million
dollars in gold each month.
CAUSE OF PRESENT CONDITIONS
This Increase of gold and silver. ana
not President McKinley's administra
L.on' is the prime cause of present con-
world before long. Will be demanding
lhe demonstration of gold as an un-
sound currency. and Il monaco TO thu
poor mans prosperity.
In Ohio there is Republican revolt
cor Mas a, least prior to the Republ
can state Convention) against what is
known IS Hanna methods. and Hanna
ooSsism i'll politics: and inasnuch MS
senator Hanna appears to winld A no
tent influence at the White House sna
openly asserts or claims TO assert his
influence over the President of the
~ Sta.es--it may be pertinent nj
TINS time TO recall a bit of political his
tory that has in manner been forgot,
ten. and which hae been recalled to nv
mind by published interview of Hon
charles Foster. late Secretary of tho
Treasury.
HAT PASSED AROUND.
IT will he remembered tina: in 1899
while Mr. Mckinley had been ruined nv
becoming surety for a friend. and IA
was minated by Senator Foraker in \
recent interview, the hat was passed
around amongst the good Republicans
ana admirers of Mr.. Mckinley and Tho
amount raised and the debt paid off
IN recent reported interview OF
Governor Foster. he is made to say tina,
Mr.. Mckinley is the most unrelia bic
man ne ever knew. or. words to that
erect; and speaking Of the circum-
stances OF passing around the hat. Mr..
roster Ill an Interview on the 20th of
June last. is reported to have used the
following language:
At the time Mr.. Mckinley was in
trouble. kohlsaat took an active par,
IN relieving him; against the protests
OF the politicians of Illinois. he had his
brother appointed Judge and no one
can doubt that the appointment was
the result Of the pressure of Kohlsaat
on the President. He has insisted on
other favors from the President on the
same ground. and I am sure that he
has gained all and more than was due