The daily telegram. [volume] (Clarksburg, W. Va.) 1901-1926, 1908-10-08
BRYAN AND 4THE MONEY TRUsI..

There was nothing more spectac-
ular in the campaign OF 1895 than
Mr.. Bryan's display of stage fright az
what he vaguely described as the
ample was given in his speech In
Washington on September 10 of that
year, in which he exclaimed In tones
tremulous with hysteria:
about trIIstsA My friends, our OPP
pOnents propose to establish the
most gigantic of all trusts, a money
trust, and let the few men who hold
the gold dole 1t out at such price as
they Will to all the other seventy
millions of free-bOrn American peo-
pic. denounce the policy as moro
cruel and heartlesS than political
domination by a foreign power"
The people listened to that direful
forebodfng, but they didn't scare
worth 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" It came, but in form and
makeup so different from what Mr..
Bryan had predicted that it provoked
cheers instead of shudders. Instead
tfon in the hands of the few at the ex-
pense of the many as the prophet OF
evil gloomily said 1t would, 1t eff
fected a colossal increase in the vol
ume of circulating medium, and in
the benefits resulting from that ex-
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.
It appears, for instance, according
to the Statistical Abstract, that in
1896, when Mr.. Bryan was shouting
for a flfty-cent dollar and warning
the people against the money trust
he ra1H IN nj
culation in the United States amount
ed to 4,905,064. A year later
with public confidence restored by the
popular reputation OF Organism and
standard, the gold circulation. had
risen to $517,5S9, 6Ss. Then began
an enlargement in the gold ctrcula-
tfon which is without parallel in tho
financial history of nations, the vol
ume of the gold currency in the
United States rising year by year ur-
til on June 80, 1908, 1t reached the
amazing total of $641s553, 1928. Dur
ing this same period-1S96 to 1908
the gold certificates in circulation
representing gold actually deposited
in the Treasury, have increased from
$42, 198,119 to $7SS,464. 1903. The
volume OF silver certificates has ln-
creased from $3.50. 657,191 to $685.
5S1,977. The greenback circulation
has risen from 1924. 249,86S to $780,
189, 1888. and the national bank circu-
lation from $215, 168,122 to $685.
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 a sound money system
was to force a forty per cent. reduc-
ton in the value of the American
dollar, the total money circulation
in the United States has increased
from $1,5O6, ,966 to $3,045, 49,
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 q
debased currency and attempted to
brighten the people with his money
trust" spook twelve years ago.
How much faith will the people
place 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 q
man capable OF so misreading imam
cial conditions and monetary history
be regarded as safe counselor ~
other discussions involving vital cues
tions OF public policy? Mr.. Bryan'S
Judgment on the most important pub
lie question which has arisen since he
grow to manhood has been tmpeached
by events. BY that verdict the sound
ness of the revolutionary policies
which he now advocates will be
measured and condemned.