The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-03-31
A DEMOCRATIC OPPORTUNITY.

welcome ii will mean increased
strength ana a longer period of con
troll for the party. Should the door DC
closed against this chance for tn.
Democracy it vii, he a party catastro-
phe.
The theoretical attitude OF the Dem
ocratic party on monetary. and bank
Ing questions has always been as de-
fensiblo as that OF the Republicans
Tic credit for maintaining the in
tegrity OF our financial system Is in
large part due to one OF our creates,
Presidents, Grover cleveland. and in
this patriotic effort he was ably as
sisted by William l.. Wilson, native
of Virginia, and afterwards president
of Washington and Lee University.
The conditions which caused the
understood despite the misreprcscnta-
lions OF tho advocates OF nigh pro-
tectlve tariff, who have labored in vain
for years to place the blame for the
panic upon II Democratic reduction OF
tariff duties, which did not become CT
fectivc until twelve months after the
financial breakdown occurred. AS n
matter OF fact the panic of 1898 was n
direct outgrowth OF the silver leEisla-
tion OF the Republican party as en-
bodied In the Bland Allison act of 1878.
and the SherEan silver purchase law
Of 1890. The weak eXtravagancee OF
President IIarrison's administration
no
Treasury FASTENED the day Of reckon.
ing 1t was only the erm insistencc OF
President Cleveland ana the leader
ship OF MIR. wilson In securing the re-
peal of the Sherman law in the House
that saved us from further financial
disaster and dlshonor, and from u de-
preciated silver basis OF payments. For
these patriotic acts the Democratic
party deserved and received the praise
of every legitimate business interest
and every thoughtful citizen.
Then came William Jennings Bryan
BY his financial heresies and decisions,
ne not only destroyed the prestige
which the party had gained, but SO
added to It's weakness that 1t has only
been witnin recent years that II has
been able, under more sagacious lead
ership. TO regain the position which it
publican leaders. with their usual
Shrewdness, had not been idle. They
realized that they had made IL strategy &c
mistake in conceding too much TO the
silver movement. So they waited until
ii became clearly evident tina, the pre-
ponderancc OF public opinion was in
favor OF gold standard, and then i'll
900 enacted such a measure. From
Tho standpoint of party cXpcdiGncy il
was a political triumph. The most
peculiar phase OF the muttcr, however,,
has yet to be noted. The Republican
leaders, not being sound thinkers on
money questions. but being exceeding
- acute oit%crvcr.4 OF political condi-
lions. 10 iiiaEc their action absolutely
safc, defended their passage Of the gol.i
standard law of 1900 on the same
theoretical grounds as Bryan dcma M :
I'd a free coinage Of silver in 1896.
They substantially said 10 the people
The money supply has been limited
you have been right in seeking more
money; we arc now going 10 give it 10
you In free coinage OF gold because
There have been wonderful discoveries
i'll Alaska and South Africa, which
have made "a plentiful supply OF this
metal available" The memory is still
prcEent of Theodore Roosevelt and the
Republican lcaaers in 1900 and 1904
rotting forth in political addresses now
tho per capita circulation OF tins
country had increased since 1896.
Thus the Republican party escupeG
the disrcpute OF their earlier silver
legislation. ana got away with the
credit Of having established the gold
standard. At toe present time the Ra.
publican Leaders are telling those who
arc interested in the question OF bank.
ing reform that IL Will be foolish I,
attempt to have the Democratic uous.
pass law rcme6ying the defects o
our national banking system: that III.
banking reform movement should wal
until the Republicans gan control, an.
then the Dill would he quickly passed
What is the significance OF this at
titude? The answer IS not hard t
find. The Repubiican leaders rcaliz
that the bankers ANA the icgi,imat
business interests have been studyin
the banking problem, and for the nrs
time in the history of the country ar
Unit in demanding certain reform!
The Republican leaders know furthc
That large part OF the general bod
OF the population, the farmer. pro
tcssional man and the wAgc-enrne,
have also given attention to the pucs
ton within recent years, and an
Favorable 10 reform In other word.
1t is apparent that the remodeiing {
our Banking system is Inevitable. an
tho MAJ chat does fl.s ,,ort.