The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-07-14
WHAT MAY HAPPEN.

WHAT MAY HAPPEN.
In speaking Of the platform adopted
by the Iowa Democratic Convention ig-
noring the national platform OF 1900, Mr..
BRYAN says that 1t was the work of
the Corporation Democrats" and must
not 20 unrebuked. He declares that
.the fight for the renfflrmation OF the
last national platform and the building
Of a new platform in line with 1t Is on
and must continue until complete VIC
tory is won.'
1t seems absurd that any sensible man
could now talk Of reviving the free silver
issue in the campaign next year. yet
there Ia method in Mr.. Bryan's course.
for he undoubtedly has hopes OF fighting
the campaign of 1896 over again. We
do not believe that the free silver Issue
Will be revived. but 1t is not at all i'm
possible that the money question will cut
very important figure in the next ma
tonal campaign. We have been enjoying
season of unprecedented prosperity
under the gold standard, In spite OF Mr..
Eryan's predictions Of disaster, but bust
ness has grown so enormously that we
need a greater volume OF currency. and
the present system is not able to supply
1t. The Republicans have been In power
Cor several years. they have had the
opportunity OF seeing the needs of the
financial world, but they have done lit
tie or nothing to give what Is SO much
needed-an elastic currency. All sorts
nd tod
temporary relief has been afforded time
and again by the Secretary OF the Treas
ury but no permanent relief has been
given, and, as Major James H. Dooley
showed in his article In the last issue
ot The Times-Dispatch. 1t is In the power
Of a few men largely to control the
money supply. The country Is far richer
than ever before. We have bankable
assets enough to give us all the cur
rency that Is needed, even under the
present enormous demand. but the gov
srnment allows only national banks to
issue currency. and even IN the case of
the national banks the restrictions are
such as to curtail the supply.
The general business OF the country
IS already, beginning to feel the need of
moro currency, and there are indica-
tons, at least, that hard times arc COM
Ing again. The New York stock market,
which is sort OF barometer of trade.
has already sounded the warning. Prices
Of stocks had been going down, down.
Down for months. until yesterday, in
many Instances. they reached the lowest
decline in twelve months. In referring to
Ibis decline "Cuthbert Mills" financial
writer in the New York Tribune. says:
Tho explanation would seem to be
that the money market has given the
stock market warning, and the latter is
adjusting itself to the conditions as to
which the warning Is given. When a
long period Of expansion, industrial. COM
mercial and financial, reaches the point
where loanable funds become scarce. 1t
is the inyariahle sign that the conversion
of floating capital into fixed has reached
Its limit; expansion can go no farther.
There Is no more room for new enter
prises, because loanahe funds to finance
them are no longer TO be had or, If had
at all, only at prohibitive rates of in
terest. Then the cry is heard that we
have not money enough 10 do the bust
ness of the country.
This complaint is heard now. Never
theless we have the money of all the
world to draw upon. The loanabe funds
of every civilized country are Just as
much ours for this purpose as are those
In our own banks. And, as matter OF
fact we do draw upon them, and have
drawn upon them up 10 the limit When
the big boom started, IL was kept going
not alone by loans or investments of
home capitalists, but by streams of
money from Europe. When at last all
reserves are drawn down to danger point,
no more are 10 be had, The more timid
or the more prudent investors call their
loans. or sell out their investments; and
tive point, feels the process of contrac-
ton first.
THE condition of affairs the stock mar
ket is discounting, and has already made
large progress in that line, The COM
mercial community will get It's dose
next"
Coming finally to the point, II between
this and the next Presidential election
we should have money panic; II there
should be heavy failures If manu(ac.
turing concerns should shut down, throw
Ing vast numbers of men ont Of en-
ployment: II period of hard times
should return. similar to that of 1865
Mr.. bryan and his followers would again
be In clover, and the money question
would undoubtedly be the paramount is
sue Mr.. Bryan IS shrewd politician.
and VIC feel confident that he has some