The Clarksburg telegram. [volume] (Clarksburg, W. Va.) 1874-1926, 1908-09-23
|BRYAN'AND aTHE MONEY TRUST.

There was nothing more spectnc-
ular in the campaign OF 1896 than
Mr.. Bryan's display OF stage fright at
what he vaguely described as the
money trust A characteristic er.
ample was given in his speech In
Washington on September 10 OF that
year, In which he exclaimed In tones
tremulous with hysteria:
Talk about monopolies! Talk
about trristsl My friends, our Cd.
ponents propose to establish the
most gigantic of all trusts, money
trust, and let the few men who hold
the gold dole It out ut such price as
they will to all tho other seventy
millions OF frec-born American peo.
pie. denounce the policy as more
cruel and heartless than political
domination by a foreign power"
The people listened to that dIreful
foreboding, but they didn't scare
worth a cent. On the contrary, they
made rude faces at Mr.. Bryan and
cheerfully voted his opponents into
power, then sat down to await the
arrival OF the dreadful "money
trust. I" 1t came, but in form and
makeup so different from what Mr..
Bryan had predicted that 1t provoked
cheers instead OF shudders. Instead
OF monopolizing the money of the Ma
ton In the hands of the few at the ex-
pense OF the many as the prophet OF
evil gloomily said 1t would, 1t ef.
fected a colossal increase In the vol.
ume OF circulating medium, and In
the benefits resulting from that eS-
pansion every section of the country
has shared equally. The. statistics
relating to this Increase are SO In
structive that even Mr.. Bryan himself
might study them with profit.
1t appears, for instance, according
to the Statistical Abstract, that In
1895. when Mr.. Bryan was shouting
for a fifty-cent dollar and warning
the people against the money trust"
on June 80, 1896, the gold In cir
culatton in the United States amount
ed to $454, zoos, 064. A year later.
with public confidence restored by the
popular reputation OF Organism and
a specific declaration for the gold
standard, the gold circulation had
risen to $517,5S9,6S8. Then began
an enlargement In the gold circula-
ton which Is without parallel In the
financial history OF nations, the vol
ume of the gold currency in the
United States rising year by year un-
til on June 80, 1908, 1t reached the
amazing total of $641,553,628. Dur
ing this same period-1896 to 1908
the gold certificates in circulation,
representing gold actually deposited
In the Treasury, have increased from
$42.19S.119 to $7ss,464.309. The
volume OF silver certificates has In
creased from S330.657 ,191 to $685.
55S1,977. The greenback circulation
has risen from $224,249,S6S to $780,
1888. and the national bank clrcu-
lation from $215,16s,122 to $685.
431.530.
The rise Of the money trust" SO
greatly feared by Mr.. Bryan may be
illustrated In another way. Since
1895, when he insisted that the way
to establish sound money system
was to force forty per cent. reduc-
ton in the value of the American
dollar, the total money circulation
In the United States has increased
from 81 sos, 434, 966 to $3,045,457,-
2S9. The per capita circulation has
risen from $21.41 to $34.S1. In
other words, the money In circulation
has doubled and the per capita cir
culation has increased fifty per cent.
since Mr.. Bryan began to howl for a
debased currency and attempted to
frighten the people with his money
trust" spook twelve years ago.
How much faith will the people
plnce in the opinions Of any man on
great public questions who was SO
ludicrously wrong as Mr.. Bryan has
been on the money question? Can
man capable Of SO misleading fnan-
cial conditions and monetary history
be regarded as o safe counselor in
other discussions involving vital qres-
tlons Of public policy? Mr.. Bryan's
Judgment on the most important pub
lie question which has arisen since he
grew to manhood has been impeached
byeyents. BY that verdict the sound
ness of the revolutionary policies
which he now advocates will be
measured and condemned.