Arizona republican., 1900-09-08

| presidents from Grant to Cleveland until it was reminded with a shock by the prospect of free silver president. Under Bryan, whatever the opposition to free silver legislation in congress. all the potent forces of executive admins tration that sustained the gold stan dard when it was assailed in con- gross would be assembled and ap- piled to break it down. MT. Bryan has given this pledge often to his free silver supporters. and the pledge Is implied in the strongest way in his speech at Omaha last week:
 If republican policies are right then those who represent the opinions he'd by democrats, pOpulists and silver re- publicans ought to be overwhelmingly defeated, for there is a difference be- tween republican policies and ours in their terms as wide as the gulf that separated Lazarus in Abrahams bosom from Dives. The policies for which our people stand are directly antagOnistic to the policies for which the republican party stands. and both cannot be right.
 In all respects. if elected president. he would use his power to break down republican policies and substitute the permanent republican policy is support of the gold standard. He could begin this as soon as he was sworn in and had appointed his cabinet, by an order ,l, the principal and interest of govern ment bonds in gold. In an interview Secretary Gage points out how quickly such an order would start us toward the silver basis, though gold standard men that wish to support Bryan insst that 1t would be of no effect, because there is so little silver in the treasury to pay out for any purpose. That is the effect of the consistent and unre- mitting support of the gold standard. aided in the last four years by public confidence that 1t would not be over thrown. This silver circulates among the people. mostly in form of certifi- cates, and dues to the government are paid in other forms of money, including large proportion of gold. It is easy for the treasury, therefore, to pay out silver for current bills as fast as it comes in, and to keep it's reserve and ba 'ance in gold and paper, now redeem able in gold. It would be just as easy fer an administration of opposite view and purpose to pay out the gold and legal tender notes and quickly to con- vert it's reserve and balances into sf!- Yer and silver certificates.
 This discussion is beginning to show how very large a part has been played from the beginning of the silver agi- tation by the treasury administration in upholding the gold standard. Sec retary Gage points out. moreover. how effectively a silver administration of the treasury would be aided by the con duct of the private business of the country, under the stimulus of fear of fall to the silver standard, and appear ance of q premium on gold. This panic would take hold on mems imagination as soon as Bryan was elected, and they would begin to hold on to gold and to part with silver wherever the choice was given them. Instead of paying taxes in gold and legal tender. they would collect silver and silver certifl- cates for that purpose. with the effect of piling them up rapidly in the treas ury and giving Mir. Bryan's secretary an abundance with which to pay inter est on the public debt and other gov ernment obligations.
 This view is precisely confirmed by experience. The first sign of public distrust after the passage of the silver act of 1890 was the increase of silver and Sherman notes in the custom house receipts. That went on steadily till only a fractional percentage of duties was paid in gold, and was the chief agency by which the treasury was drained of gold in those years of dis quiet that eliminated in the defeat of Bryan in 1896. It was not till after that event that the gold began to raappear in any considerable quantity in the custom house receipts. It is well known that all the surplus gold in the treasury was accumulated in the last four years. Before that time Mr. Clave- land had to sell bonds to maintain the bare legal reserve. It is seldom that an academic prediction of how the laws of money and trade will operate in a future hypothetical case can be so eX- aCtly supported by experience so re- cent as to be still sharply impressed on every reflecting mind.
 HAS FORGOTTEN IT.