The independent., 1903-04-02
BRYAN AND HIS FOLLOWERS

back into power it stopped the COIN
age of silver and that was what
brought about prosperity. The most
of them know, for that was talked
about SO much during the campaigns,
that before the repeal of the Sherman
law there were two millions of silver
coined each month, or "a millions each
year. They do not know that very
much larger amount of silver has been
coined by the republicans ever since
they got full control than was coined
before, sometimes more than three
millions a month. They did not coin
nearly SO much during the last fiscal
year as they did during the two Or
three preceding years, but 1t mounted
up all told to $27,O96,25O. Two half
dollars is just as much an increase of
the currency as one whole dollar.
In a recent article, William B.
Ridgley, comptroller of the currency,
makes the following statement:
"On June 3o 1902, the total vol
ume of money in the United States
was $2,563, ,266, ,658, a net gain for
the fiscal year of 80,19S,681. This
increase is made up of SGT $685. SGT
in gold, $19,735, ,259 in silver dol
lars, S7,360,991 in subsidiary sill
yer, and $2,929, ,904 in national bank
notes. During the same period
treasury notes decreased Sl7,7o3,-
000."
In the same article Mr. Ridgley
says:
"The volume of money in cir
culation increased during the
fiscal year of 1902 in the sum of
$74,0S2,5S9
That is an increase of more than
two and a quarter millions month
more than was contemplated in the
Kansas City and Chicago platforms.
The essential demand of those plat
forms were that the volume of money
should keep pace with the increase OF
population. That was the burden OF
the great speech of John P. Jones.
That was the demand of the populist
party. Mr.. Ridgley bears testimony
to the fact that such increase has been
secured. He says:
"The growth in the volume of
money in circulation more than
keeps pace with the increase, in
population. From 1896 to 1902 the
circulation has grown very rap
idly, the per capita advancing
from $21.41 to $2S.43, or 1875 per
cent, while during the same per-
iod the population increased l2.4
per cent.
These being the facts, the situation
has been changed since 1896. The de-
mand for the free coinage of silver at
the ratio of 16 to / was made for the
sole purpose of relieving the money
stringency and securing volume of
money commensurate with the needs
of business and an increasing popula-
ton. If such an increase had not
been secured, the nation today would
be in the depths of poverty and de-
spair. AS far as the money question
is concerned, the republicans, while
declaring that they never would do
such a thing and that the doing of it
would be reputation, have done it.
Not exactly in the way that Bryan
democrats and populists proposed, but
nevertheless they did do it. One thing
that they did was exactly what the
silver men had long demanded. They
coined the seignorage. The silver bull
lion that was stacked up in the vaults
Of the treasury like cord wood, is
there no longer.
The time is coming, and in the near
future, too, when that question will
arise again and the republicans are
preparing to become the silver party
of the future. They have already
provided for another international
commission to fix the price Of silver
and appropriated 100000 to pay its
nvpoocac Rut If iS not a nrpSSip o