The evening times. [volume] (Washington, D.C.) 1895-1902, 1900-07-24
Mr.. Keene on mckinley prosperity.

Mr.. Keene on Mckinley Prosperity
Mr.. James r. Keene, the eminent Ameri-
can fnancier who is in London for a holt
day, has been interviewed in that city on
the question of current prosperity in this
country, and the chances for its continu-
'ance- AS a man Of recognized ability and
wide experience in the world OF money, his
views and opinions are always entitled 10
consideration. Whether one agrees with
them or not, they are of particular in
terest at this time, because Of their strik-
ingly independent, not to say radical, char
acter.
Mr.. Keene does not hesitate to say that
he considers the much Wanted Mckinley
prosperity to be only skin deep His rea-
sons for such a conclusion are several and
cumulative. Continued prosperity in the
United States, he thinks, is not to be ex-
pected, for one thing, because of the con-
traction Of our currency due TO the demon
citation Of silver:
''Six hundred million dollars have been made in
The last three years, but not three hundred mil
Huns of fresh money have been placed in Cir.ula-
uun- How are you going TO do il? How can bust
ncss be conducted with all those hoatirc secIri-
uest An nations today demand gold. Five thou
been withdrawn II that money could be restored
Just LOOK how you could coal up, Look at the
consequent depression in India and the United
States Of silver
In the Omitted States. 70 take a conserva tive
figure the property Of the country from all manner
Of things which industry and the money Of the peo-
pie have created each year increases by s. 900 Co.,
OOO Acd % that the increases Of England and
France, and you reach $4,000. 10000 OF property
added each year and added 10 the already existing
volume
Now what We want 10 ascertain is how fast is
the circulating medium-how fast is gold-in-
cred>ing.
Remember the supply fsom South Africa has
been very much ouftailcd Of late, but the supply
OF gold is incIea-.-g by S4O0O)g.OOJ per auuuu.
When you come 70 think Of the increase Of prop
eIt1 ty ten 90 fifteen hundred millions among the
people ! ask where Goes the money come from 70
buy such proPetyg
You understand people build up properties that
they nay sell them. Wien who has devel-
op.d wild land, fenced IL IN. and built his farm.
wants TO sci Il. vino Is going 10 buy? Where is
the money. when silver is stricken Of it, real
value and It's equality with gold Is dcsToyody'
1t would be difficult to find a stronger
argument in support OF the timetable
Quantitive theory in the writings or
speeches Of Mr. Charles a Towne. and
economically speaking. it is unanswerable.
The Volume Of money, not in being, but
available for use as currency. in any given
coultry, must be sufficient to supply the
standard exchange medium for the con-
version into money Of all things for sale.
and to pay debts and taxes Whatever that
volume may DE. it measures the aggregate
value of ali things purchasabIe Hence, as
Mr.. keene very clearly shows. If exchange
ale property accumulates many times
faster than currency. there can be no es-
cape from disastrous fail in the prices OF
all commodities
This distinguished authority expresses
himself as certain that there can be no
lasting prosperity while, as is now the
case, about two hundred men in the United
States monOpolize all the important COM
me- eial and Industrial business enterprises
OF the country He recites, what We on
this side Of the Atlantic know only too
well, that it has become impossible for any
man OF small or even moderate capital to
engage in any business in competition with
the trusts. The moment an attempt Is
made the trusts Jump upon and crush it, It
is true that they have succeeded in great
ly increasing the volume Of American ex-
ports during the past few years; but that
fact has not conduced to general prosperity
In anything like the degree it has to the
dangerous and oppressive growth of the
vast individual wealth of the trust mag
mates. And it has worked positive injury
TO the American masses In that in the op-
GRAFTON they have been compelled to pay