Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-04-19
DEM0CRACY'S CASE IN 1900.
Rv Hon WILLIAM RRYhN

desirability OF an international agree
ment.
In spite of this record In favor of BIZ
metalllsm, the Republican party now
seeks TO make the gold standard per-
mahent by Legislative act. The advo-
Gates OF the gold standard have no
plan for securing the necessary increase
in the volume of standard money. Their
ultimate purpose is to withdraw from
silver its legal tender qualities and
make gold the only legal tender money.
Then eve"y dollar of the twenty or
thirty millions OF debt will be paid in
gold alone, and every debtor will be
compelled to find the gold, no matter
how scarce it may be, or how difficult
to secure. Every disturbance in gold
standard countries will shake our
financial system and the debtors will be
the first cneS upon whom every diSas-
ter will fall.
AN UNLOOKED-F FOR INCREASE OF
GOLD.
In 1896 the Republicans did not prom
Use an increasing supply of standard
money, except by international bimet-
allism, but since 1S96 we have secured
large amounts Of unpromiscd and I'M
expected gold from the discoveries in
the Klondike, and also because of the
famine in Europe. which created a de-
mand for our breadstuffS at increased
prices.
The Secretary of the Treasury an
nounced that the supply Of gold coin
in the United States is some two hum
dred millions in excess of the supply in
1896. and yet Notwithstanding this un-
expected and unDrOmiscd increase i'll
the supply OF gold, and Notwithstanding
the increase in supply of silver dollars
due to the coinage OF the scigniorage
Uhe coming of which was forced upor
n ,iCt, ti.rn lNNrti nci Tt,l
Notwithstanding. l say, this increase in
the volume OF standard money. both
gold and silver, in the United States.
the Secretary of the Treasury excuses
the loaning of government money,
without interest, to national banks. on
the ground that this is necessary to
prevent an injurious contraction of the
currency.
If. with this increase the Secretary
is afraid TO keen the revenues in the
Treasury for fear of disturbing bust
ness conditions. what would have been
the condition but for the unpromise..
addition to the money supply and VIVA;
would be our condition If any European
disturbance caused an outflow of gold
How can the Democratic llarty avoid
the issue without cOnfcssing the gold
standard to be desirable? How can
II avoid the issue without participating
IN crime which Mr.. Carlisle in 1893
described as the most gigantic crime of
this or any other age?
The Republican party not only seeks
to make the gold standard permanent.
burt in the same bill 1t seeks 10 take
from the Federal Government the right
to issue paper money. and to surrender
that right TO national banks. The peo-
pie never voted for such a proposition
at an election.
DEMOCRATS GAVE WARNING.
In 1895 neither the Republican plat
form nor Mir. Mckinley's letter of ac-
ceptance suggested such an attempt,
although Democrats warned the coun-
try that this was a part OF the Repub-
lican financial scheme. This currency
feature OF the bill cOnfers upon the
banks a financial favor of great value.
besides comforting upon them control
over the volume Of paper money, the
value OF which control cannot be esti-
mated.
The power to contract and expand
the currency at will enables the finan-
cial magnates to control the markets
and secure for themselves fabulous for
tunss ut the expense OF their victims.
since tina national baaks eannos isaue