Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-06-16
New Law a Strong Gard for the
Republicans.
WILL ATTRACT GOLD DEMOCRATS
Particularly as the Bryanites Con-
tinue to Criticise 1t.
HOW THE SYSTEM WORKS

A declaration in favor of such further
steps as may be required to put the cur
rency of the country upon scientific basis
and to meet the growing demands of bust
LESS at home and abroad, is likely to be
Ole of the features of the republican ma
ticnal platform at Philadelphia. Nine
publican state conventions, led off by In
diana and Massachusetts, and including the
border states of Maryland, West Virginia.
Kentucky and Missouri have already de-
carcd for additional elasticity in the bank
note currency and for legislation which
will benefit the agricultural borrower and
the American manufacturer. The fact that
these resolutions were adopted unanimously
in Maryland and West Virginia. as well as
in the former Bryan states of North Da-
kota and Wy )ming, is regarded by the
friends of an elastic currency as signif-
cant of deep-seated feeling in favor of
such a currency ami as indicating that d
declaration of this sort will aid the repub-
iicans in these doubtful states.
A banknotc currency, redcemable in gold
on demand. is one of the special issues of
the gold democrats. and led to the deca-
ration by their convention in 1896 in favor
of such currency reform as would afford
to all sections of our country uniform, safe
and elastic bank currency, under govern
mental supervision. measured in volume by
the needs of business. The republican
leaders in Maryland and West Virginia
alize very keenly that their chief hope of
holding those states is to make the money
issue paramount and to attract gold demo-
Gratis. The same is true of. in a lesser
degree, New York, Indiana and other close
states, where leading gold democrats are
all advocates of currency reform.
Gold Democrats Grntiaed.
Much qualification was expressed at the
meeting of the executive committee of the
gold democratic committee recently. in New
York. over the passage of the gold standard
bill. There a feeling that the bust
community and sound money demo-
Gratis owed much to the republican party
for this legislation. This was indicated by
the recently published interview with Mr..
John p. Irish of California, who was pres
ent at this meeting. The resolution, which
was taken to call a meeting of the full
committee on July %, was partly due to
the uncertainty prevailing regarding the
financial platforms Of the two great par
ties to be adopted within the next few
weeks. There is no doubt that the repub-
leans will praise their own work in the
passage Of the gold standard law. but it is
hoped that they will go beyond this and
promise further steps in currency legisla-
ton they may be needed. If such a
promise Is made. and the Kansas City
vention should reaffirm the Chicago plat
FORM with its demand for free coinage OF
10 to l. it Is possible that the gold standard
nauOnal committee WOulQ call the atten-
ton of sound money democrats to the con-
trast between the two platforms and leave
them to answer the question whether the
continuance of their fight for sound money
did not demand the support of sound money
candidates this autumn.
1t is felt by careful students of currency
matters that some legislation to give great
er elasticity to the currency and to bring
down interest rates in the rural districts
and especially in the manufacturing centers
of the south. ds Of the first importance in
the competition upon which the United
States has entered for foreign trade. Low
interest rates, 1t Is argued, mean a less
cost of production, greater ability to sell
goods abroad and consequently larger sales
and wider employment for labor at remun-
erative wages.
Eject of Low Interest ON Production.
AS the Indiana platform put it. "Our best
hopes for continued employment of labor
lies in the domination of the worlds mar
kets by American agricultural and mechan-
ical products" and low interest rates are
potent factors in the extension of American
commerce and industry at home and
abroad" The enactment Of the gold stand
ard. it is declared in several of these plat
forms, has been a long. firm step toward
stability in monetary conditions and low in
terest rates, but another step Is considered
necessary by way of extending credit upon
more favorable terms and supplying q suf-
f1cient currency to meet demands in the
crop-movtng season.
The fact Is beginning to be recognized by