The Commoner.
lA
, i
WILLIAM J. BRYAN, EDITOR AND PUBLISHER.
Vol. 4, No. 31.
Lincoln, Nebraska, August 19, 1904.
Whole Number 187
ii
Scare
In an address delivered by Mr. Bryan, lio said
that the people were entitled to the gold standard
if they wanted it; that if- they concluded that the
gold standard made money too plentiful and
wanted fadium standard, that they were entitled
to that too, ' adding that there is said to be Just
two pounds of radium in the world.
Referring t6 this statement, the New Yoik
Evening Post says:
The implication would seem to.be that an
analogeous dearth of the yellow metal stands
in the way of its serving as an acceptable
medium of exchange. Uiifortunatelj for the
covert insinuation, the United States treasury
yesterday, fox5 the. first time in its history, held
over one billion dollars in trust funds; and its.
holdings of gold amounted to $846,655,065. Mr.
Bryan is fairly good at pursuing issues, but
he seldom overtakes them.
Although Mr. Bryan's statement as to the
radium standard was a bit of pleasantry, it 13 a
fact that already there Js dissatisfaction shown
with th6 gold standard by some of the stalwart
advocates of that standard. The objection theso
gentlemen make is that on account of the increase
in the production of gold recently, money la be
coming altogether too abundant. While seriously
speaking, it 'is not at all .probable that anyone
would advocate a radium standard, it 13 a solemn
fact that there is, just now, in certain quarters
a protest, against the gold standard.
On the same day the Evening Post printed
this criticism, the Wall Street Journal directed at
tention to statements made by W. R. Lawson of
the London Firianclal Times, and United States
Treasurer. Ellis M. Roberts. The Journal states
that it is a remarkable' fact thatjust at thertime
when . the ".candidate of.'.the par jy. which ha3 so
long opposed'the gold standard has announced that
. the issue is. "irrevocably" settled in this country,
" some of the political economists are "lopking
ahead So far as to say that the time is not farofl!
when gold yrill go the same way as silver has
and no longer be available as the world's stand
' ard of "value." The Journalists out that In the
last century nearly $9,000,000,000 of gold has been
taken from the mines of the earth, $3,000,000,000
of which has been produced since 1891. While tho
' Journal admits that this production Is a tremen
dous gain to the world's wealth, it says that "it
is clear that there might be such an 'ncrcasc In
tho yellow metal that It would no longer be thb
best commodity to serve as a standard of value
in making exchanges of commerce." Indeed, the
Journal says that "sbme of our writers on financial
subjects think that already the stocks of gold are
heavy," and that "the point has been mado by
somo that the circulation of money In the United
States has outgrown the needs of the people
and that we are carrying an excessive supply of
gold."
Mr. Lawson of .the London Financial Times,
thinks that the estimate made by our director of
the mint that the per capita clrculaltlon of the
money in the world is $9.47, is undoubtedly a
prodigal allowance of money." Mr. Lawson says
that American currency has been inflated to the
amount of $760,000,000 in the past seven, years
and that this has become "an embarrassment of
riches." Mr. Lawson further says:
""""Bankers aa a rule look to quantity only.
'More gold!" "More Gold!" is their one cry.
But gold is not invulnerable any more than
silver was. It Is in much the same position
today as silver was 30 years ago. Precisely the
same causes and Influence dre working against
it, and the end will be the same. The legal, or
conventional, value of monetary metal can
only be maintained so long as It does not ma
terially exceed the commercial value. In the
case of sliver, when the two values diverged
sufficiently the so-called silver standard
snapped. In the case of gold the same process
of divergence between the conventional and
"commercial values has begun, and when the
breaking point Is reached tho so-called gold
standard will snap. The breaking point might
have been reached ere now, but for tho huge
hoards of gold which the treasuries and the
state banks of Europe are accumulating.
Europe Is unconsciously preparing for a
counterpart of the American silver crisis in
1893 for a yellow scare, instead of a white
one. '
Mr. Roberts' address from which the Wall
Street Journal quotes, was delivered before the
North Carolina Bankers' association and was en
titled "Is our currency growing too fast?" Mr.
Roberts' address was not delivered as an an
swcr to Mr. Lawson; but Mr. Roberts took up
tho subject of our growing money circulation and
contended that tho curroncy was not growing too
rapidly. As a proof that our currency lias not
outstrlppol our growth In wealth and commerce,
Mr. Roberts says "that between 1890 nnd 1900 the
national wealth grew 41.9 per cent, farm products
'53 .per cent, tho value of manufacturers 39.1 per
cent, exports 02.5 per cent, bank clearings 43.7
percent, and deposits In national and savings
banks 68.5 per cent. The money In circulation
Increased 43.7 per cent. This growth n clicula
lation waB per cent less than that In national
wealth, 9 per cent less than tho increase iu farm
products, 4 per cent more than that In manutac
tures, tho same as that in bank clearing", 12.5 less
than that In national and savings bank deposits,
and 19 per cent less than that In our exports. So
far as tho actual .gold Is Involved, says Mr. Rob
erts, wo can rest secure and satisfied. Thy com
plaint Is -often heard-tiiat-gold a3 currency In coin
and certificates Involves top heavy ;a burden of
cost. This ratio to the total circulation In the
United. States is 43.6. Bank notes arc as sound
and strong as X)iq credit of the United States,
that is to any, as minted gold, and as human in
genuity can secure. They constitute only 17.2
per cent of the total circulation. They are, how
ever, not legal tender nor monoy of final redemp
tion." Nevertheless, Mr. Roberts thinks that In
vlew""6f ' tho largo additions to bank notes In
circulation during the past year, "no need exists
for artificial meJjods to Incite to more rapid
and abnormal growth."
. It would be Interesting If the .New York Even
ing Post would give Its readers the benefit of IU
opinion of Mr. Lawson's statements. Does the
Post agree with the London financier that ''Europe
is unconsciously preparing for a counterpart of the
American silver crisis of 1893?"
If we are to have "a yellow scare Instead of at
white one," what will tho Post do for a standard?
Hail Jensen, Hero!
A dispatch from Corliss, Wis., describes the
heroism of James Jensen, a-farmer Doy of 18, who
lost his life a few nights ago flagging a train. He
stood upon the track waving his straw hat in
front of the headlight and in his anxiety to attract"
the attention of "the engineer, stayed on therack
too long and was run over but his signal pre
vented" a train wreck. "He saved others, himself
he could not save."- Who will deny to him the
crown that his self-sacrificing bravery won? Pres
ident Roosevelt talks of "strenuousness" as if it
could only be shown by clubbing "inferior people"
into sullen submission to foreign made laws; he
seems to ignore that moral strenuousness which
finds ample field for employment in noble ex
ample, In resistence to temptation and in unselfish'
service to others.' James Jensen deserves to have
his name recorded among the brave he died at
his post of duty he gave his life for others.
, "Greater love hath no man than this, that "he
lay down his life, for his friend." But those Tor
"whom ,this farmer boy died were not friends but
: strangers! Hail, Jensen, he.ro! f :
JJJ
A Good Example
Judge Parker has earned prajse by resigning
his place on the bench in time to allow a succes
sor to be elected. Had he waited a few days
longer the place might have remained open for
him in case of defeat. He has by his own act
excluded himself. He is now ready to begin his
campaign.
JJJ ' ,
Mr. J. Pierpont Morgan appears 'amply able
'to do a little strenuous subduing himself.- . ,
State Ownership of Railroads
The Wall Street Journal of New York, in an
editorial which Is reproduced In this Issue
of The Commoner, criticizes Mr. Bryan's position
In favor of state ownership of railroads; The
Minneapolis Journal, in an editorial reproduced
in this issue, likewise finds fault with the plan of
state ownership. Opposition is to be expected
from both these sources. If the Wall street and
Minneapolis 'papers were advocating the ownership
and operation of railroads by the federal gov
ernment their criticism of state ownership would
be moro in point. But it is evident that they at
finding fault with the method of securing gov
ernment ownership, whereas their real objection
la to any kind of government ownership of rail
roads. The Wall Street Journal, in. fact, conclude
with the statement that it does not believe that
.:
'rife!