h gold the $313,000,000 of Civil War
greenbacks, the $550,000,000 of silver and silver certificates, the
$75,000,000 of Sherman Act treasury notes, as well as the national bank
notes, which aggregated $300,000,000 in 1900. The law left the currency
far from satisfactory in that it made it dependent upon redemption, and
hence liable to sudden changes in value, but it silenced the fear of
free-silver coinage.

In the spring of 1900 Congress was forced to consider the basis of
colonial government. Governments similar to those of the Territories
were provided for Hawaii and Porto Rico, but a troublesome revolt
prevented such treatment of the Philippine Islands. There had been a
native insurrection in these islands before the Spanish War began, and
the aid of the rebels had made it easier for the United States to
overthrow the power of Spain. Instead of receiving a pledge of
independence, as Cuba did, the islands became a territorial possession
of the United States. In February, 1899, under the native leader, Emilio
Aguinaldo, insurrection broke out against the United States and received
the sympathy of large numbers of Americans. The spectacle of the United
States subduing a spirit of independence in the Philippines aroused and
stimulated the movement of anti-imperialism that had fought against the
acquisition of the islands. The incompatibility of republican
institutions and foreign colonies, the demoralizing influence of ruling
on the ruling class, the lesson of the fall of Rome, were held up before
the public. Carl Schurz was one of the leaders in the protest, and his
followers included many whose names were already well known in the
advocacy of tariff and civil service reform. In 1901 the Supreme Court
upheld the constitutionality of expansion and imperial control. The
people had already decided in their favor in 1900.

There was no contest for either nomination in the campaign of 1900.
Bryan had established his right to the leadership that had come to him
by chance in 1896. Although conservative Democrats still distrusted him,
their voices were drowned by the popular approval of his honesty and
humanity. "Four years ago," said Altgeld, in the Democratic Convention
at Kansas City, "we quit trimming, we quit using language that has a
double meaning.... We went forth armed with that strength that comes
from candor and sincerity and we fought the greatest campaign ever waged
on the American continent.... [For] the first t