Aberdeen herald. [volume] (Aberdeen, Chehalis County, W.T.) 1886-1917, 1904-08-25
WILLIAM J. BRYAN
ON THE PROsPECTOF TOO MUCH
GOLD COIN.
Are We to Have "Ycllow Scare" Instead Of a
White One7 European Financiers Are Be.
coming Alarmed At the Increased Gold
Output.

In an address delivered by Mr.. Bryan,
he said that the people were entitled to
the gold standard if they wanted it; that
if they concluded that the gold standard
made money too plentiful and wanted
radium standard, that they were entitled
to that too, adding that there is said to
be just two pounds OF radium in the
world.
Referring to this statement, the New
York Evening Post says:
"The implication would seem to be
that an analogous dearth OF the yellow
metal stands in the way of its serving as
an acceptable medium of exchange. I'M
fortunately for the covert insinuation,
the United States treasury yesterday,
for the first time in its history, held over
one billion dollars in trust funds; and its
holdings of gold amounted to $846, $50.
OS6. Mr.. Bryan is fairly good at pursu-
ing issues. but ne seldom overtakes
them"
Although Mr.. Bryan's statement as to
the radium standard was bit of pleas.
antry, it is a fact that already there is
dissatisfaction shown with the gold
standard by some OF the stalwsrt advo.
Gates of that standard. The objection
these gentlemen make is that on account
of the increase in the production of gold
recently, money is becoming altogether
too abundant. While seriously speak
ing, it is not at all probable that anyone
would advocate radium standard, 1t is
solemn fact that there is, inst now, in
certain quarters, a protest against the
gold standard.
On. the same day the Evening Post
printed this criticism, the Wall Street
Journal directed attention to statements
by W. r. Lawson. of the London Finan-
cial Times. and United States Treasurer
Ellis NJ Roberts. The Journal states
that it is remarkable fact that just at
the time when the candidate OF the par.
ty which has so long opposed the gold
standard has announced that the issue
is "irrevoca bly," settled in this country,
some OF the political economists are
blocking ahead so far as to say that the
time is not far off when gold will g. the
same way as silver has and no longer be
available as the worlds standard OF
value" The Journal points out that in
the last century nearly $4,000, 100000 Of
gold has been taken from the earth.
So, 600. 600 900 Of which has been pro.
duced since 1891. While the Journal
admits that this production is tremen.
dous gain to the worlds wealth, it says
that sit is clear that there might be such
an increase in the yellow metal that it
would no longer be the best commodity
to serve as standard Of value in maxi
ing exchanges Of commerce" Indeed,
the Journal says that "some of our
writers on financial subjects think that
already the stocks Of gold are heavy"
and that "the point has been made by
some that the circulation Of money in
the United States has outgrown the
needs of the people and that we are car.
rying an excessive supply of gold"
Mr.. Lawson. OF the London Financial
Times, thinks that the estimate made by
cur director OF the mint that the per
capita circulation of the money in the
world is 80 AZ, is undoubtedly prodigal
allowance of money. Mr., Lawson says
that American currency has been in.
flated to the amount of $3.50, 00O, 900 in
the past seven years and that this has
become IAN embarrassment of riches"
Mr.. Lawson further says:
"Bankers as a rule look to quantity
only. More gold! More gold! is their
one cry. But gold is not invulnerable
any more than silver was, 1t is in much
the same position today as silver was
thirty years ago. Precisely the same
causes and influences are working against
it, and the end will be the same. The
legal, or conventional, value of monetary
metal can only be maintained so long as
| it docs not materially exceed the com.
mercial value. In the case of silver,
when the two values diverged sufficient
ly the so.called silver standard snapped
In the case OF gold the same process OF
divergence between the conventional and
commercial values has begun, and when
the breaking point is reached the So
called gold standard will snap. The
breaking point might have been reached
ere now, but for the huge boards of gold
which the treasures and the state banks
of Europe are accommodating. Europe is
unconsciously preparing for a counter.
part of the American silver crisis in 1893
for a yellow scare. instead OF a white
one."
Mr.. Roberts ad 1ress, from which the
Wall Street Journal quotes, was deliver.
ed before the North Carolina Bankers
association, and was entitled lis our
currency growing too fast?" Mr.. Rob-
erts' address was not delivered as an
answer to MIR. Lawson; but Mr.. Roberts
took up the subject of our growing money
circulation and commended that the cur.