The advance. [volume] (Wilmington, Del.) 1899-19??, 1900-09-22
WHY AMERICA pR0SPERS
INDUSTRY STIMULATED bY THE
GOLD STANDARD.


Driven to admit that the country Is
prospecting rs it never prospered be-
fore, the ACKNOWLEDGEMENTS party
replies that the Republican party Is
simply lucky"
Nature has been bountiful, and
would have been so IL Bryan had
been elected President. But the Dem
ocrats deny that McKinley's election
in 1896 either strengthened private
credit or enabled people 10 take bet
ter advantage OF natures kindness.
The campaign of 1906 was fought
on two great issues-sound money VS..
a debased currency and Il protective
tariff VS.. free trade These are still
live issues, and, In fact, the issues.
Mr.. Bryan. In addition to the declar-
alton Of his party platform. stood then,
as he does now. pre-enjnent person
ally for botl.
Even on the day after election in
1892, when it was known that the
protective tariff would be repealed,
credit began 10 grow weak. In 1888
SIS banks failed. and failures among
business men and manufacturers
reached the high-wateg mark in the
countrys history OF 1850, with total
liabilities of S402, ISIS.
That Mr. McKinley's election
strengthened private credit by reaf-
firning and reinstating the protective
tariff principle is shown by the fact
that Bradstreets reports for the first
six months of this year, 1900, record
the fewest number of failures in the
United States within eighteen years
in spite OF the fact that we now have
a national bankruptcy law. In 1888
the bank clearings. the great barome-
ter of the country's credit and bust
ness, were smaller than In any year
since 1883. The total bank clearings
Of the country for The entire year Of
1908 were $50, $50, 99i,522. In the first
six months of this year, 1900. they
were S42, S57 POI, 31G, almost as much
us for the entire year OF 1893, while
the grand total of the bnnk clearings
for the year 1880 were 3,507 100000
The private credit of the men and
firms of the country had been so
strengthened by the election of Mr..
Mckinley that they We're able 10 do
nearly Sa0,000.O00,000 more business
through the banks Ia 1899 than they
did in 1893 under tbs Wilson policy,
fol which Mr.. Bryan stood.
But it was tn. election of Mr.. Nc
Einlev and the victory rfor sound
money that, equally with the assured
repeal of the Wilson tariff bill,
strengthened private credit and ena-
bled the people to take full advantage
OF natures bounty. 1t has also
strengthened the national credit, and
made ititae highest il the Mforld. orr
per cent bonds are eagerly sought
after. and are commanding q pre-
MUM. The money market is the in
deS of private credit, ard the changes
therein Immediately following Mr.. Nc
Kinley's election were most signifi-
cant
Despite the prevalence of a belief
that the free silver candidate was
doomed TO defeat, the feeling of APP
Drehension was most acute during the
few days preceding the election. The
preparation on every hand against n
possible mischance, the locking up Of
gold, curtailed the supply OF money
and seriously impaired credits. Money
was only loaned at the highest rates.
Brokers in New Yori. City dealing on
the Stock Exchange could only Dor
nj ftcfn ~,
and legal interest for the three days
from Friday 10 Monday before the
election, and the two days from Mon
day to Wednesday, the day after the
| election. On this basis the rate per
annun for call loans was equivalent
to % per cent. The present easy
money market and low rate on call
loans in New York, as reported in the
Tribune to-day, shows how private
credit has been strengthened under
| the gold standard and Mr.. Bryan's de.
| feat.
The whole situation of credits and
the money market put before election
day, 1886, represented the culmina
ton of the distrust created 10y the
mere possibility that the counlr!
might so upon a silver basis. or
Wednesday morning Mr. McKiniey'S
election was announced and credit:
were so strengthened that the rate fol
call Ioans in New York, which I taks
rs basis in The scellng in the money
market. promptly dropped to pei
cent with the opening Of the day.
business, and before the day eadeC
money was freely offered ii as low q
315 and per cent
Immediately tho large amount Q
gold that had been boarded. estimate,
by lesding bankers TO have been owe
$50,O00,000, was released. For tw,
months before the election there wa
q premiums Of y per cent. or gol'
among the brokers, euch was the de
mand for boarding purposes. On
Leading broAer sold In a single day
the week before election, 100000
| OF geld in amounts which ranged fror
! few hundred dollars up to larg
sums. This showed that all classe
were putting it away for the future
With credit strengthened becaus
/ Aha ,,ra+ortiyn 3oriff t,yoitfd oivn thar