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SEPTEMBER, 8; .1905
moiis and rapidly increasing gold supply. Back
of tlio temporary influences affecting values and
underlying all the. operations of commerce this
basic fact of gold supply, concealed among the
multitude of business transactions; had passed
unnoticed. It has required the accumulated evi
dence of three years to convince the business pub
lic that they have entered a period of expansion
and inflation similar to that which followed the
original gold discoveries in California. In 1902
the world's gold production was $296,000,000. In
another year it had risen to $325,000,000. Tho
output of 190-1 has been estimated at $350,000,000,
and some responsible investigators expect that tho
production of 1905 will reach, if it does not pass,
the $400,000,000 mark. When it is remembered
that twenty years ago the world's gold production
was less than one-third its present amount, tho
importance of the resulting addition to the money
can hardly be overestimated.
"The consequences of the increased production
of gold can easily be foreseen. First and most
important is a continuation of the advance in
prices. The output of the gold mines is increas
ing more rapidly than the production of iron, coal,
and wheat, and the value of gold In terms of these
commodities, must decline, I. e., gold prices must
continue in advance. -Accompanying and stimu
lated by the rise of prices, the volume of busi
ness in every department of trade and production
must increase, as it has been growing for the
past seven years. The stock market follows the
market for commodities, and reflects the state of
trade. Higher prices for securities and a higher
level of dividends are, therefore, justified by the
outlook for earnings.
"Most significant of all these factors contribut
ing to prosperity is the reduction of fixed charges
by the advance of prices. The maintenance of
the price level for iron and steel products for five
years longer, for example, ' will transform the.
United States Steel corporation from a highly
speculative enterprise into a corporation whose
dividends are. well assured by earnings. As for
the railroads which share in tne prosperity of
every industry, if they are permitted to advance
their rates sufficiently to compensate for the in
crease in their operating expenses, there is no
reas.on to doubt that they will be confirmed in tho
position of the safest and most continuously
profitable of -business enterprises.
"Predictions of continuous prosperity are dan
gerous unless based upon ascertained' facts. The
connection between the gold supply and the gen
eral improvement in business conditions is, how
ever, so plain and intimate, and the prospect for
a continued increase in gold production Is so cer
tain, that optimistic views of the business con
ditions for the next decade find ample warrant
and abundant justification."
"WHY NOT KEEP BRISTOW?" ""n
The Kansas City Star says: '"The retirement
of Joseph L. Bristow to private life ends an offi
cial career as brilliant as it has been honorable.
The fourth assistant postmaster general might
have been content to remain a mere dispenser of
patronage and manager 6f routine work. Had he
been so disposed he could have served out his
time in peace and without distinction. Bristow
is not that sort of a man. His honesty Is of that
aggressive type which is so sorely needed in poli
tics. So President McKinley, with that keen judg
ment of men which so often characterized his im
portant appointments," selected him to investigate
the postal frauds in Cuba. His success in this
important work led to his assignment by Presi
dent Roosevelt to uncover dishonesty in the post
office department at Washington. His successful
efforts in this work, which he carried on in utter
fearlessness of political influence, are familiar to
all newspaper readers. Then followed his recent
investigation of transportation conditions at Pan
ama, which resulted in ending the Pacific mail
monopoly another triumph of efficiency and jus
tice over 'pull.' As has been said, Mr. Bristow
might have remained comfortably quiescent in his
department. His refusal to do so has made his
eight years' service of remarkable value to the
nation and a source of pride to the state of his
adoption."
Why should such a man be permitted to retire
from the public service?. Maiy of Mr. Roosevelt's
friends claim 'that he has found it difficult to ob
tain for the public service men upon whose ability
and fidelity he could depend. Is it not strange,
then, that the president permits 'so capable and
faithful a man as Joseph" L. Bristow to retire?
WW Mfk Mm
"If the great civilized nations of
the present day should completely
disarm, the result would mean an
immediate recrudesence of bar
barism in one form or another.-"-From
President Roosevelt's mes
sage to Congress, December, 1904.
,
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The Commoner.
PEACE
For his efforts in bringing about the poaco
agreement at Portsmouth, President Rooscvolt
has received many congratulations. Tho follow
ing are samples:
From the King of England: Marlenbad, Aug.
29. Tho Presideut: Lot mo bo one of tho first
to congratulate you on tho successful issue of tho
peace conference, to which you havo so greatly
contributed. EDWARD, It. I.
From the German Emperor: Noues Palais,
Aug. 29. President Theodore Roosovelt: Just re
ceived cable from America announcing agreement
of peace conference on preliminaries of peace. I'm
overjoyed; express most sincere congratulations
at the great success duo to your untiring efforts.
The whole of mankind must unite'and will do so
in thanking you for the great boon you havo
given it. WILLIAM, I. It.
From the President of France: La Bcgudo,
Presldance, Aug. 30. President Roosovelt: Your
excellency has just rendered to humanity an emi
nent service, for which I felicitate you heartily.
Tho French republic rejoices in tho role that her
sister America has played in this historic event.
EMILE LOUBET.
From the British ambassador: Lenox, Mass.,
Aug. 29. Secretary to the President: Please sub
mit to the president my most cordial congratula
tions upon the success of his efforts to bring about
peace. , DURAND.
From the French ambassador: London. Aug.
30. President Roosevelt: Heartiest, warmest con
gratulations. n JESSURAND.
From the Chinese minister: Amherst, Mass.,
Aug. 29. The President: I beg to offer my hearty
congratulations for the successful conclusion of
poaco, for-which the whole world, especially tho,
Orient, is ever indebted to you.
CHENTUNG LIANG CHENG. ,
From tho Italian ambassador: Washington,
Aug. 29. President Roosevelt: I beg to offer
you, Mr. President, on behalf of the Italian gov
ernment and of myself, as representative of my
august sovereign, heartfelt congratulations for
your great success in re-establishing peace. Italy,
who since her constitution" has endeavored to bo.
an element and factor of harmony among nations,
will greatly admire artd praise the work you
brought on so advantageously for the benefit of
humanity. MAYOR DES PLANCHES.
From General Booth of the Salvation Army:
Beg your excellency to accept my heartfelt con
gratulations on the successful issue of your able,
and persistent pfforts in behalf .of peace. Tho
whole world," civilized and uncivilized, is indebted
to you."
The International Congress of Reformed Re
ligions in session at Geneva, sent tho following:
"Assembled in solemn congress at Geneva, we con
gratulate you on the great part you have taken
in the conclusion of pdace. We all implore God's
blessing for you and the United States."
The pope when informed of tne conclusion of
peace said "This is the happiest news of my life.
Thcnk God for President Roosevelt's courage."
From al over America and from all sections
of the world, came telegrams of congratulations,
among them the following: Sklbo Castle, Clash
more, Scotland, Aug. 30. President: Sklbo
guests thankfully congratulate you and the threo
continents upon tho conclusion of honorable and,
we hope, lasting peace between two great empires.
May this war bo the last between civilized peoples.
ARCHBISHOP OF CANTERBURY. "
JOHN MORLEY.
NICHOLAS MURRAY BUTLER.
CHARLES DABNEY.
RICHARD HARLAN , . .
GENERAL GRANT WILSON. - '
ANDREW CARNEGIE, and others.
Note the contrast between the rejoicings over peace and the part
Mr. Roosevelt played in the Portsmouth conference, and the silence
which followed the barbarous doctrine set forth in his message to
congress.
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EXPLOITATION.
A plan has been devised for exploiting thCJL
public. A man will buy a controlling Interest
In a bank and then use tho deposits for his own
schemes. As the deposits are usually seyeral
times tho capital, the .plan is a profitable one
until the bank breaks and then the depositors
bear the burden. Some stringent banking legis
lation is needed .for the protection of depositors.
DEMOCRATIC DOCTRINE
President Roosevelt endorses the democratic
doctrine of railroad rate legislation; Governor
LaFollette endorses rate legislation and also thq
-democratic doctrine of primary elections; Govern
nor Cummins endorses the democratic doctrina
of tariff revision; Editor Rosewater endorses the.
democratic doctrine of election of senators by,
popular vote next?
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