The independent., 1903-06-25
WHAT IS POPULISM
written for The independently

that the position taken by the editor
ial is most damaging in its effect to
the cause of populism.
But let us see if it be true as stated
by the editorial, that the increase in
the volume of money demanded by
the Omaha platform has been accom-
plished. Circular No. 143, issued by
the United States treasury depart
ment, in the year 1897, is a pamphlet
OF II pages. On the Seth page of this
pamphlet is table purporting to
show, among other things, the
amount of money circulation per
capita in the United States ON tho
last day of June of each year from
1860 to 1897. According to this ia
BILE, on the last day of June, 1902. just
five days before the Omaha platform
was adopted, the per capita money
circulation of the United States was
S24.44. And according to the regular
monthly report of the treasury depart
ment on the first day of July. 1902,
just three days before the date OF
The Independent containing that ed,-
torial, the per ca. ita money circula-
ton was $2S4O, showing a per capi-
ia increase of only 1896 in the ten
years since the Omaha platform was
adopted. This does not look like a
speedy increase to $50 per capita.
And this small increase of 1896 IL
ten years has been several times off
set and overcome by the increasing
necessity for more money on account
of the increase of labor saving ma
chinery and the more rapid increase
of property thereby. Money is me-
dium of exchange of property. And
the more property there is the more
money is required for it's exchange.
So that it is the scarcity of money
that has been on the increase since
the Omaha platform was adopted and
not the money itself.
But the editorial claims to tell us
how the great increase of money was
accomplished. 1t says it was by the
coinage of silver in larger amounts
than ever before was known and the
increase in the output of gold. Let us
see how this is about the coinage of
silver in amounts never before known
According to the records of the
mint there was coined under the Bland
law from the time of its passage
February %, 1878, to the time of it's
repeal, July IA, 1890, twelve years
and four and one-half months. silve.
dollars to the amount of $37S 166, 1893,
being an average annual coinage of
$50, &C., 200. Since then in the nearly
twelve years down to July J. 1902,
only two days before the date of that
editorial, including the ten years
since the Omaha platform was adopt
ed, according to the mint record, as
FER letter that | have from the d.
rector, silver dollars have been coined
in the United States to amount of
only $158, 900, being an average
annual increase of only 13,246,050
From all of which it is plain that be-
fore the adoption # the Omaha plat
form. both the total amount and the
average annual amount of silver dol
lar coinage was much more than twice
as great as it has been since the adop-
ton of that platform.
That clause in the Omaha platform
demanding speedy increase of the
r,oney circulation to at least $50 per
capita, is the one great central power
of poEulism, for upon 1t mainly de-
pey dis the possibility of making the
ether reforms sought to be made by
ropuiism. including the destruction Of