Arizona republican., 1900-08-31

It is odd that Bryan should think that he can make capital by attacking
 the financial legislation
 SOUND of the administration
 MONEY precisely at the point INITIATION. where it has been most
 brilliantly successful. Question has been raised, especially since his nomination for the presidency. whether or not the safeguards it sats about the gold standard would be eff fective against his executive power if he should be elected, even if the senate remained republican and so blocked free silver Legislation. High authori- ties believe that by ordering bonds Cf the United States to be paid, principal and interest, in silver coin, against the wish of the holder he could, even be- fore bonds were due and presented for payment, establish the principle of pe-- emptory silver payment of private debts and so shock our whole financial and business systems into panic and chaos. Persons most scrupulous for the security of our national credit have not regarded the gold standard pro visions of the act of March 14 as wholly successful and satisfactory.
 MT. Bryan attacks this part of the law in a feeble and perfunctory man ner, only assailing the republicans for not establishing international bi-metal- lism. One listens in vain for the stern denunciation of 1896. the prophecies rf disaster under the gold and the promise of happiness and abundance under the silver standard. If he is thus timid in his own west what will he be In the "enemy's country? He acts as if he were fairly well satisfied with the gold standard provisions of the act of March 14. and thought he could carry out his purposes of financial administration under them well enough. He reserves his attacks on the law for the banking and refunding provisions, under which the circulating medium has been in creased and the interest on the public
 
 fundamental objection to these is tn 1t bank notes are redeemable in go,d-or in anything for that matter; for his hearers must see the inconsistency of his singling out for attack just those provisions of the law which have mt in remarkable and unexpected degree the democratic and populist demand for more currency.
 Continuing reports of the operation of the banking provisions of the gold standard act discover that it has caused an imitation of sound money since its passage larger than was ever made of any currency in the same time, if we except the greenback forced loans of the civil war. Before it's passage. national bank circulation had been steadily declining for some years, while other forms of currency, except gold, were stationary. On January 1, 1899, bank note circulation was about s243,- 100000 and it had hardly varied from this on January l. 1900. The gold stand
 
 ust bank note circulation had in creased to s321, ,O0O, 900. Here is an in crease in circulating medium of nearly $50, ,000, ,00O which will rise to $f00, 100000 when the clerical operations of ex- changing bonds and printing notes now under way shall be completed. This increased circulation has been Giffused widely through the country by the wise provision of the law authorizing banks of $25.000 capital in small places. Of the 426 new banks whose applications for charter under the law have been approved. S26 have less than S25,OOO capital and of these 1SO are already or ganized and in operation, only five months after passage of the law.
 This is only small part of the sound