The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1900-07-05

administration found the country face to
face with conditions of the greatest
moment. A deficiency in the public reVe-
nues through the reckless legislation and
prOhigate extravaganza of the 51st Con-
gress had become apparent in the proceed
| ing October. A bond issue, prepared in
February. was postponed as legacy to
the incoming administration. Trade and
Industry long stimulated by unequal
tariff laws, were staggering toward a
and uncertain threatened early disaster.
! The storm came in June, when the ele-
ments long pent up and long accumu-
iating, burst In fury upon the continent.
In the agony of suffering the people
clearly perceived and freely acknowledged
its primal source, a vicious and indefen
sible monetary system. Men differed as
to the method of its reformation, not as
to the necessity for change. The line
of division between political forces be-
upon What was called the money QueS-
ton. The question involved, asswe then
asserted and as we now know, every 9TH
er economic problem. 1t embraced
within its wide limitations the issues of
labor and capital, of combination and
competition, of production, transportation
and distribution 1t was predicted that
Che defeat of bi-metall1sm would be
| followed by the retirement of all forms
of government currency by the dedication
OF the power of note issue to the holders
of the national obligation, the practical
consolidation of all lines Of transporta-
ton and the consequent domination Of
every commercial pursuit by score of
| colossal monOpOlieS. These predictions
have in general been verified
Defeat had scarcely been recorded
when the march of consolidation was re-
sumed. Every pursuit that engages the
attention OF man has been exploited,
capitalized and appropriated. The earth
and the waters round about it have been
explored afor subjects of monopoly and
those who have Numbered against I'M
sound money have used the printing
press and the engrayer's art to turn out
thousands Of millions Of fictitious values,
to whose profit the tOilers and consumers
pay constant tribute.
''Yhe party in power carried the last
election by and through the support of
influences which we criticize. Having
purchased the right to pursue their Yari
Gus objects, the government has been at
all times their powerful ally.
Democracy wages no war against
wealth. But the wealth that comes
through partnership with the govern
ment which usurps it's prerogatiYes and
perVerts its agencies. which absOrbs the
resources and blasts the opportunities OF
the Individual eXcites our just apprehen-
sions Either the trusts or the govern
ment must disappear. At the demand of
|
present Congress has enacted new our
renoy law. BY it's terms the government
has presented to the national banks
twenty-five millions Of dollars, given
them control of our circulation, prOvid-
ed payment in cash OF the premium
values OF the greater part of It's bonds
and created perpetual debt
Against this iniqIitOu scheme of
finance, Democracy protests Those who
assert that the mony question is dead
have given but little heed to the lessons
OF experience. 1t it be true that our
monetary circulation is the life blood Of
our commercial system, it must follow
! that upon It's wholesome quantity de-
ponds our continued welfare. NOstrums
administered in time of stress may post
pone, but cannot defeat the demand for
complete and thorough renovation of
vicious and destructive policy. The
Democratic party will accept nothing
short Of this.
'The phenomenal increase in the an
nual output OF gold has materially added
to the general stock of primary money
and relieved some part Of the stress OF
contraction which succeeded the closure
of the Indian minis to silver in 1894
The consequent Improvement in business
and industrial conditions may be traced
directly to this fact. The enlargement
OF the sum of our metallic money has
cheapened It's value, stimulated prices and
set the wheels OF enterprise again in mo-
ton. No more signal demonstration of
the b1metall1St contention was ever wit
messed. Had the concurrent coinage and
| circulation Of the two metals not been
interrupted, theywOuld have kept the guam
tity Of our money of redemption in har-
mOny with our national growth, andHOur
development space with the increases Of
wealth and population. The terrible
crises of the past quarter of a century
with their attendant niSerles and bank
ruptcy would have been avoided, and
| prosperity would have remained with US
unbrOken and enduring.
1.-The false plea of 1885, that the money
volume was sufficient and the world
supply Of gold ample for its needs, is now
| transparent Its error is admitted in
the boast of our opponents that they have
| increased our per capita circulation. The
vast quantities yielded by the mines are
rudely absorbed by the ceaseless demand
for its use and its multiplied increase is
earnestly hoped for. No voice is raised
against its continued production. No fear
IS expressed that we can be embarrassed
| by It's abundance, yet its annual out
put exceeds that of gold in the years
when the latter was reDudiated because
4 of its threatened inundation. Our Cd
ponents stand cOnfOunded by the irresis-
! tlble operation Of a law they have denied.
Industry breathes with more content
because there is money for her purposes,
and her vOtaries in the presence of its
operation unite with Democracy in pro-
claiming the great truth that civilization
gains and humanity advances with
every addition to the world S stock of
| gold and silver.
The prevailing sentiment of Demo-
cratic sympathy for all people struggling
for the blessings of liberty compelled the
administration two years ago to inter
fere with the despOtic tyranny of Spain
over Cuba and secure to the oppressed
/ people OF that island the right of self
government. Our ultimatum delivered.
we solmenly and officially declared them
to be free and independents and dis
claimed to the world any disposition to
exercise sovereignty, jurisdiction or
control over the island, except for the
pacitication thereof, and asserted our de-
termination when that was accomplished
to leave the government and control OF
the island to its people. The conditions
OF the ensuing war sent Admiral Dewey
to the distant Philippines, where another
people engaged in the same struggle