The times. [volume] (Richmond, Va.) 1890-1903, 1900-10-27
SATURDAY. OCTOBER q. 1900.
MIR. BHYAN,s PROPHECIES.

MIR. BRYAN'S PROPHECIES.
We said yesterday that ii seemed strange
that Mr.. Bryan, who had been such a per-
sistent advocate of free silver, Should now
refuse to discuss that question. But it is
not surprising when we look back to the
predictions which Mr.. Bryan made in 1896
and view item in the light of the facts Of
this day. His speech of acceptance, deliv-
cred in New York on August 18th, was de-
voted almost entirely to discussion of the
money question. He said that wage-earn-
ers knew that while the gold standard
raised the purchasing power of the dollar
it also made it more difficult to obtain pos
session of the dollar; they knew that en-
ployment was less permanent, loss Of
work more probable and unemployment
less certain under the gold standard. But
under the gold standard the thousands Of
men who were idle when Mr.. Bryan was
making this speech are now profitably en-
ployed, and the Commissioner of Labor
says that wages have steadily increased
since 1856.
Again, Mr.. Bryan said the depositors in
savings banks knew that under the gold
standard there was increasing danger that
they would lose their deposits because of
the inability Of the banks to collect their
assets, and that they still further knew
that if the gold standard should continue
Indefinitely they might be compelled to
withdraw their deposits in order to pay
living expenses. In point of fact the in
crease in the number of depostors in saw
ings banks during the past four years is
e.. 324 and the increase in the amount of
deposits of over $500. 100000.
Again. Mr.. Bryan said: Those who hold
as a permanent investment the stocks of
railroads and other enterprises are in
jured by the gold standard. The rising
dollar destroys the earning power Of these
enterprises without reducing their liabili-
ties. and US dividends cannot be paid until
salaries and fixed charges have been sails
fled, the Stockholders must bear the bur
den Of hard times
In point of fact the increase in the value
of leading New York stocks IS SAL, so, 900.
During the first six months of 1900 gross
earnings OF railroads aggregated SCI. 253,22 41,
against Si04. 600 for the same period in
1896, an increase OF 81 per cent, while net
earnings We're over G. per cent Sixty ac-
tive railway stocks averaged $40.S5 about
the time that Mr.. Bryan was making his
New York speech. The average price of
Again. Mr.. Bryan said: Not only is
gold going abroad. but it must continue
TO go abroad as long the present tinan-
cial policy is adhered TO, unless we con-
.inue to borrow money across the ocean,
and even then We simply postpone the
Evil. because the amount borrowed. to-
gether with the interest upon it, must be
repaid in approaching dollars
In February, 1886. the gold reserve de-
.lined TO s4i,Seo0o0. and Sl0o.O0o.0oo of bonds
were issued to secure gold from abroad,
put even with this addition there was
only sl1S.4sSQal of gold owned in excess of
outstanding certificates at the end of Oc-s
,ober of that year. The Government now
has gold reserve fund of $50. 600. 000 and
ksB, COS IN gold besides, making a total
available of $751; 7s4. sos, an increase OF
abon, 100 per cent This is treasury gold,
and does not. of course, represent the
enormous increase in The gold supply of
the whole country. We have recently been
importing gold, and could get as much
more as we desire if we should call upon
Europe TO settle.
In his speech delivered in Richmond on
September 18Th Mr.. Bryan said: It call
your attention to the fact that the treasury
reports show q shrsnkage Of more than
$50. eeaosa in The currency among the peo-
pie within the last two years. And the i
whole burden of his song at that time
was that under the gold standard money
would continue to get scarcer
On November lst,s 1896. the total money
in circulation was sLs7. .s14. or s22. es
PER capita On October LIST. 1860, the total
money in circulation was s2.l1s.s2 ,sss. or
500 per capita. God coin has increased
10 tes4,6i7,soe. gold certificates 10 $aos.llo,-
s4a. silver certificates 10 SAX, es5. AS. United
States bonds to 1924 5es. s14. and national
bank notes TO $31s $50.
In his New York speech Mr. Bryan said:
..1hs god standard has compelled the