Aberdeen herald. [volume] (Aberdeen, Chehalis County, W.T.) 1886-1917, 1901-03-07
HANNA|TE CALL
Claims Credit for Acts
of Providence
IN DISCOVERY OF ALASKA COLI
The Ouantitive Theory OF Money, 90
Retliculed by Republicans in 1896,
Is Now Admitted.

The claim OF the Hannaites that tie
measure OF prosperity enjoyed by the
country at large is due to the election OF
Mckinley and proceeds from republican
policies is groundless and absurd. The
facts are that trusts and mOnOpolies de-
velop and prosper abnormally under the
fostering care of the Dingley tariff which
closed our markets to foreign competitors
and left the American people at their
mercy. The Dingley bill alone is the
only law upon which the republicans can
base any claims, because it is the only
law enacted ty this administration that
in any wise changed the status quo in
herited by the Mckinley administration
from its predecessors.
That there has been an improvement
in business during the past four years is
not denied. But it has not been confined
to the United States but has been world
wide outside of famine-stricken terri
tory.
Mr.. Hanauer, American vice-consul at
Frankfort, Germany, reports to the state
I department that "the wave of industrial
prosperity in Europe which has steadily
risen since 1895 has begun to recede. -
This is official testimony to the univer-
salty OF a rising tide of prosperity cover
ing all Europe. Yet the army of repub-
lican spellbnders who traversed the
country during the recent campaign,
sought to convey the impression that
America alone enjoys monopoly in i'm.
proved business conditions and that the
credit for such belongs to the Mckinley
administration.
The fact is, that for number of years
prior to 1896, a condition bordering on
| industrial staenatinn prevailed through
out all countries that had adopted the
gold standard, and that reverse condi-
ton was general in the countries using
an exclusively silver currency.
The industrial stagnation resulting
! from monetary contraction, as the area
of the gold standard was extended, was
much more severe in England, Germany
and other European countries for many
years than in the United States, owing
to the fact that the United States re-
sumed the coinage OF silver in 1873 and
added two million dollars of full legal
tender silver to our circulation each
month thereafter until 1890 when the
amount was increased to four and half
millions per month. In addition to this
the United States was partially relieved
from the monetary stringency following
the extension Of the area OF gold Mono
metallism by continuing the legal ten
ders known as greenbacks as a portion
of our currency.
1t will be remembered that the passage
of the Sherman law in 1890 was in re-
Spouse to demand for more money to
arrest the fall in prices, and that the
passage of that act was Immediately fol-
lowed by improved industrial conditions
that continued until the bankers inaug-
urated their panic in the spring of 1898
and nearly crushed the life out OF all
business as a means OF compelling con-
gress to repeal the Sherman law, and
stop coming silver in order to drive out
of circulation money that was a compete
tor with bank notes. The people will
also note that the present administration
has been coming into siXteen-to-o
silver dollars the silver purchased under
the Sherman law and paid for with the
legal tender notes of the government.
The country is RECALLED with the paradox
OF Mckinley, Hanna and Gage denounc-
ing sixtcen-to-one silver dollars, and at
the same time coming them at the minis
at much greater rate than they We're
coined during the twelve years from
1878 to 1890.
The repeal OF the Sherman law cut off
money supply in the United States, and
thereby added pressure to the growing
monetary stringency OF the world, caus-
ing the already sinking price level OF
the gold standard nations to fall faster
than before.
In 1896 an accelerating money famine
and falling prices palsied the arm OF labor
and defeated all legitimate business un-
dertakings in all gold standard countries.
Our institutions. at that time were not
openly assailed and being at peace at
home and abroad the question of money
supply naturally was the paramount
question and asserted itself in politics
without the consent OF party leaders.
The people rose in their might and wrest-
ed the democratic party from the grasp
OF the money changers but the rep lli-
can party capitulated to the banks, made