The news & observer., 1905-10-01
THE CHICAGO PLATFORM. VINDI-
GATED.

Time at last sets all things even. :"
Chicago platform of 1896 on the mon
ey question was sound in the funda-
mental principle upon which it was
based In the face of hard times and
falling prices, the Chicago platform
declared the remedy to be an increased
supply of gold and silVer-"primary
money" or money of redemption as
it was called. That platform favored
the immediate free coinage of silver
without waiting for the consent or
anv other nation" because it seemed
the only way to secure the large vol
ume of money which experience has
shown is essential to prosperity. The
men who framed that platform cared
nothing per Sc for silver. They had no
idea of protection for silver" though,
OF course, there were a few men from
the silver States who saw much mon
ey to their States i'm the incidental
protection which free coinage would
promote. They believed that the con-
traction of the currency was mainly
responsible for the period of hard
times that afflicted the country and
as the only way to provide for an in
crease in metal money in sight was
the coinage of the abundant quantities
of silver they proposed that remedy.
Their mistake--if they made any
was that they were not geologists and
could not sec the immense increase
i'm the production of gold that has
helped nightly to restore prosperity.
II there had been free coinage of sill
yer. all alone, it's advocates believe
there would have been no such con-
traction and ruin as fell upon the
country from 1890 to 1898. How ever
that may be, the country will not for
get that there was no return of pros
peritv upon the election Of Mr.. Nc
Kinley in 1896, but that 1897 witnessed
more failures than previously and 1t
was not until gold began to pour in
from Alaska and the unexpected de-
mand for supplies was heard because
of the Spanish war that
there was any change for the better in
the United States, thus showing that
it was the influx of new money and
increased volume that first started the
wheels of industry. Here are the tig-
ures showing the recent increase i'll
gold production:
The production of gold this year is
estimated at $41O, 100000. Up to 1890
from the discovery of gold in Cali
fornia the production of gold for the
whole world was $125, 100000 a year
and the production was decreasing.
In 1888 the total gold product was
only $95.OOO,OOO.
The population of the United States
today is S3,0OO,0O according to the
official estimates. The Treasury re-
ports show that the money in circula-
ton is $31.20 per capita which is the
greatest amount of money per capita
that has ever been in circulation in
the United States and the greatest
amount any English speaking nation
ever had
During that campaign the Republi-
cans and the Clevelandites utterly de-
MED the quantitative theory of money,
Mr.. Eccles indeed declared that, in
stead Of needing more money, the
countrv was suffering from "a pleth-
ora of currency and there was dan
ger in a flood of money. 1T is conf
dence; not money, that is needed to
restore prosperity" was the slogan of
the men who led the fight against the
Democratic party, and they said the
defeat of Bryan would restore con-
fidence." Well, they secured the Off
ciaI declaration of the defeat of Bry-
an, though he was as honestly elected
by the unbought votes of the Ameri-
can people, as Tilden was in 1876, and
there was no attempt to upset the
declaration of McKinleys election.
Did that fact restore confidence %
Not at all, but the panic grew steadily
worse and there was no Improvement
until an inflow of gold proved the
wisdom of the principle underlying
The Chicago platform.
The free coinage of silver might
have caused some temporary trouble,
but, as compared with the panic
caused by contraction, 1t would nave
been short-lived furry. 1t may not
have produced the good times that the
democrats thought it would bring but
it could not have produced SO terri
BILE a panic as contraction brought
about. The Baltimore News, strong
opponent of free coinage, administers
Knockout blow to those VINO In
1896 spoke against an increase III the
volume of money. 1t says:
William j. Bryans paper the
Commoner quotes with justlna Die sa'ls-
faction an editorial in the halfway
World, published at Philadclphla' on
Gold production and business pros
perlty. The article was calied 70 lhe
attention of the Commoner ny cor
respondent, who remarks that lhe
statements sound little IKE aedilu.