The White Pine news. [volume] (Ely, Nev.) 1906-1910, 1908-11-01

eneek production lHmtdldttl4. ue
essential feature of all business de-
pressions Is loss of confidence in the
future. Without confidence in the
future the manufacturer is bound to
reduce his purchases of raw materials
and his output. Without confidence
In the future the merchant Is bound
to reduce his stock TO the lowest
possible point. Without confidence
in the future, railroad and industrial
securities cannot be sold, new con-
struction, extensions and renewals
necessary TO keep pace with active
business development cannot be made
All these mean men out of employ
ment and wages reduced, means a
decrease of the purchasing power OF
the country. so that the products of
the farm and the factory will not find
a market. and their failure to find a
market would necessarily lead to still
further contraction and the contin-
nance of the process until some great
event like the resumption of specie
payments of 1879. or the election of
Mckinley in 1896. happens to restore
confidence.
| cannot doubt that the election of
Mr. Bryan would destroy the conf
denee necessary to the continuance
of industrial and commercial enter
prises; and | think that his election
would Justly destroy confidence.
Any change OF government from
the administration of a party whose
principles and practical workings are
well known and whose action it is
practically easy TO forecast, to a new
set of men who belong to another
party and whose course in Office is a
matter of conjecture, in itself tends
TO create doubt and hesitancy, and
the possibility of such change always
keeps many business enterprises in
suspension before every presidential
election.
The possibility of Mr.. Bryan's cleo
ton, however. involves much more
than this ordinary doubt.
We know that he is a politician of
great skill, who, while really a Popu-
list in fact, as he was formerly by
political affiliation, has secured con-
troll of the machinery of the Demo-
cratic party. He advocates a great
variety of measures, which are
grotesquely inconsistent with the
principles of Thomas jefferson, which
would result in the complete
abandonment of the doctrine that
THAT government governs best
which governs least and which
would bring about an all powerful
centralized government in Washing
ton completely Obstructive of state
sovereignty. Yet the disciple of
Jefferson follow him meekly and APP
pear happy TO eat out of his hand.
He has taken the leadership of those
elements of the Depocratic party
which wrecked the second admins
tration of Mr.. Cleveland, and many
of Mr.. Cleveland friends and fol-
lowers, made of less stern material
than that man of strong convictions
and high courage have attuned TO
the new leader. II appears probable,
therefore. that If the Democratic
party is put in power with Mr.. Bryan
as president he will be able to try in
actual administration and legislation
the views which he has expressed. In
the Democratic party there seems 10
be no opinion except Mr.. Bryan's and
where he leads the party is sure TO
follow. what he wishes 10 have done
the party is sure 10 undertake, if il
comes into power.
The suggestion has been made that
a Republican senate might stand as
bar to carrying out Mr.. Bryan's ideas
although he should be elected presi-
dent. In my Judgment that is de-
fusion. Careful observation of the
senate leaves little doubt that if the
people of the country were to give
III.
ing him president and by supporting
him with a Democratic house, a suffi-
Client number of senator's elected as
Republicans would yield to the
pressure of the Bryan policies backed
by the force of that popular endorse
ment, TO give effect 10 almost any
measure which he might propose.
Mr.. Bryan has publicly declared that
he expects this, and / think his ex-
pectation would be justified.
The substantial question before us.
therefore. is what would be the effect
upon the productive enterprise of the
country to know that Mr.. Bryan's
views were 10 be made effective by
the entire force of the national gov
eminent. Let us seek an answer to
that question by recalling the views
which he has expressed.
| need not spend time over Mr..
Bryan on the free coinage of silver.
He has omitted that from his plat
form this year. because IL no longer
affords popular issue in the face of
the logic of events which has dis
proved every prophecy upon which
he staked his reputation for political
wisdom in his campaign of 1896.
But he has not abjured il. In his
speech at Albany. in 1896, he said:
The Democratic party has begun
a war of determination against the
gold standard We ask no quarter;
we give no quarter. We shall prose-
cute our warfare until there is not an
American citizen who dares to adj
vocate the gold standard"
At Knoxville, ten years later. on
the 9Th of October, 1906, he said:
IF there is any one who believes
that the gold standard Is good thing
or that 1t must be maintained, |
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