The Monte Vista journal., 1900-03-03
WOLCOTT'S SPEECH.
THE sElsIous STATEMENTS.


These are prosperous times.
The enormous increase in the gold
output has revived industry and
stimulated manufactures and busi.
ness and raised prices all over the
world. and especially in this
country.
The prosperity is real, is un,ver-
sal, aud / trust may be long con-
tinued. But the experience of
generations have Taught us TINT
cycles of depression and sinyuatiu,,
follow periods of prosperity us
inevitably rs the night follows the
LAY.
The reaction is sure to come.
There is no department of
human industry today in the
United States, aud in the rest of
the world MS well, that is not suf.
f-ring hecause of mn Insufficient
volume of money and winch would
not be benefited by a Legitimate
enlargement of the currency.
1t has also been abuudun''y
demonstrated that whenever there
is Il contraction OF n lessening III
the volume of money, or whenever
its supply fails TO keep pace with
the increased needs for it, growing
out of new industries n widening
commerce, the development Of
new countries and growth of
population, fhere must follow a
lowering of prices, Oppression in
trade, poverty and suffering.
There is. however, a serious OBJ
lection to all national-bank circu
lation, both present and prospec-
tive-an objection which the pass
age of this bill will sooner or
later accentuate and make more
apparent. The money of tn.
world in use by the commercial
nations dealing outside their bor
ders, aud having the same stani
ard, must necessarily be fairly dis.
tributed among them. We cannot
keep more than our dis,ributiv.
proportion Of (metal) money, and
any enlargement Of our paper cir.
culation based on gold must neces.
sarily lead to the loss of some Il
our gold. The paper will, of
cOure, remain here, bu, when the
kiting times which will follow n
large increase in our paper shall
have ended, as they must, then,
perhaps spasmodically, bu, surely,
a proportionate share of the gold
in the country must go abroad.
Two hundred millions of in
crease in national bank paper
means perhaps the loss, on that
account, OF one hundred millions
OF gold. Looking to the currency
problems of the whole world. all
legislation of the character con-
templatstl by this bill is, To those
who believe in the principles Of
limetalism, unwise because under
the beneticent workings OF the
bimetallic system it would bs I'M
necessary.
The failure of the republican
party to stand up for the princi-
pies it has always advocated will
bring it no additional votes.
sA1oAsrIo urTERANcEs.
In this country bime,allism has
received it's greatest injury and
suffered its severest blow ht the
hands OF the Bryan democracy.
It 10 in close alliance with the
populist party, which still demands
An irredecmxble aud inflated paper
currency.
We need more money, but the
increase should bo in metals mud
not in paper.
Under our existing gold stand.
ard there seems 10 bc no o,h"'
available method Of giving us ,l"-
greatly needed increase OF money
than the one favored by this hill.
II IL estimated tina. within the
next few months ut least s2o0. O0O,.
600 additional Of national bank
circulation will follow tho passng,
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