The Washington weekly post., 1900-04-17
Business and Politics.

The money supply Of the country IS al
ways an important factor IN the busi-
ness situation. and the business situa-
ton is sometimes the controlling factor
IN a Presidential campaign. When there
is no Issue that appeals directly and with
overwhelming force 10 the conscience OF
the people, an appeal to the pocket. II
based on solid facts and judiciously urged,
IS apt 20 be a successful yote-getJer.
From now on till the November election
the monthly reports OF the Treasury viii
be studied with an interest that attaches
20 them only IN Presidential years. The
recent act Of Congress putting the gold
standard unequiyocaliy into the statutes,
providing for refunding in per cent
bonds. and Tor an extension Of national
banking, has added TO that interest
The first great fact shown by the April
statement is that the money supply is
greater than ever before. On April 1, 1859,
the total OF money in the country was
81 927. 9i2. On April !, 1900. II was S2,GZl,
1855 an increase Of nearly 500 Oo0.o00, or
more than 81 % per capita. On April l,
lEe The gold supply was S127.74S, ,5sl. On
April !. 1880. IL vas SIS, $3.50. a gain Of
more than S5s.ooo0oo National bank cur
rency aud subsidiary coinage make up
most OF the balance of the increase.
The per capita supply Of money exceeds
see, and is the highest ever known. and
IL Is contended by experts I'm finance that
the purchasing power Of the money vas
never greater than now The balance OF
trade is stll so largely In our favor that
further and very considerable imports OF
gold are confidently and reasonably eX-
pected II is believed that our gold sup
ply will be increased this year by home
production by not less, and probably more,
than 10000 600. or 81 for every man, wo-
almost Inevitable expansion in gold by i'm
portation and home production. the prac-
tically assured national bank increase,
and the expansion this year may be safe
ly set down at about SlOO.0O0,G0O. This
means cheap money-not in the Popu-
listic sense, not irredeemable paper CT
45-cent dollars, but money as good as the
best in the world, seeking investment at
very low rates OF interest Under such
conditions, present and prospective, there
is no reason 10 apprehend a decline In
business activity this year or next
Another important feature OF the busi-
ness situation, as It relates to politics, is
happily hit 5ff by the Louisville Courier
journal, a gold standard Democratic pa
per that has gone over 10 Bryan. That
paper says: Labor is doing better now
than ever before in history. There is
more work and better pay. The wages of
hundreds of thousands have been ad-
vanced during the past few months"
That valuable contribution to the in
duEtrial and political literature Of he
times is unlikely TO be reproduced In the
Kansas City platform, and we do not
expect Mr.. Bryan TO indOrse It. Never
theless, II is true. But 1t does net sf-
ford guarantee that organized labor will
support the party in power. The time Of
unexampled prosperity is the time when
strikes are most likely 10 occur. When
business is depressed, when factories and
mines are running short-handed, when
masses of woTkingmen are idle, low
wages will be gratefully accepted as a
choice OF evils. But when labor is in de-
mand, when wages are high, and the
wage-workers have funds on hand to
support a strike, that Is the time OF
trouble And il corporations are making
money enough TO pay dividends on great
blocks Of stocks that represent no invest
ment, 1t is not very strange that their
employees become discontended. This is
the only phase of the financial aId in
dustrial situation that Is not distinctly
favorable 10 the party in power In spite
OF all the solid facts above noted, show
ing how well the promise Of prosperity
has been kept, il we are TO have sum-
mer Of great and protracted strikes, he
work Of the Republican campaign man
ayers will be distressfully hard.