The weekly intelligencer. [volume] (Lexington, Mo.) 1891-1901, 1895-08-03

sues. for nj. at once it IS wh.spers about That
credits have been un3uly extended: that Tom,
Dick and Harry are not solvent that this bank
and the other has gone beyond its limit. Inn
msdiately creditors begin to demand ltquida-
tion Of credits. When the demand Is ma1e
olni that there Is not sufficient gold In the
country to pay them: the consequence Is
financial disaster and universal bankruptcy
Especially Is this the case where redemption
money Is hard to obtain
4 Contractsd Currency.
In the absence OF moaey. people are forced,
or practically 50. TO reis upon credit They
seek to extend their credit: they are anxious
to 20 into enterprises, but have not the money:
this comes to be universal the day comes for
ha uidation and the waole su per structure falls
because OF the want Of money to meet the OBJ
legations. Thus the pc Dp.e nni ere lit de-
stroyed AMI no money to take Its place. In
be limited and contracted TO correspond
with the amount of redemption. and II the
amount OF redemption money Is limited and
contracted to gold only. credit must be limited
ant contracted correspondinSly, eat heuc,
cannot have Its due weight IN maintaining
prices.
Again, contracting the volume OF money
means enort on the part OF the people to ex-
tend credit to take its piace-to 90 into debt
he In sists that the restoratioa Of silver would
hIye the effect of alarming the people as TO the
value OF tnelr money. Tne dcpOSitOrS would
Immediately make runs upon the banks to
withdraw their money: creditors would imme-
diately demand payment, and because Of this
Tais same prediction was made In 1873. when
the silver bill was then passed.
These predictions, however: were not full
filed, but just the contrary. There was per-
ceptib.e revival In business In the country fol-
lowing soon after the restoration of tho coinage
OF tue silver dollar Although the coinage was
certain extent that the volume Of money would
not be Contracted Us had been. And had silver
greater coaa ience il would have settled the
| question. and to-day we would have no silver
question for the Two coins, gbid and silver.
bscn ut q parity, near SO that no one
I would b tvc paid any attentioa u the difference.
, II II were proclaimed that six months hence
/ the mints OF our governme It would be open to
the frea and ualimited coinage Of silver. every
body would understand that prices for proper
! ty would i1cTcasc in value. Inteed. tais Is
4 Practically admitted by Mr.. Curlis.e AS being
1 The re suit but he insists that It would not be
the nnai resd I. Il would necessarily be the
/ Immediate result. for the simple reason that
the peo lle understand. as Mr. Carlisle does.
/ that IL woult be the final result and they
would ssex TO take advantage of IT, They
| would know that property would go up. that
| the values OF farms would go u?: that the value
Of manufactured products would probably rise:
| Ut least they would understand that there
1 would be NJ more depreciation OF property and
that they could freely bay: that with the as
suranse Of safety Ia the purchase. and know
| would 1t once begin to invest their money In
| property instead of bonds and mortgages. aud
scsioa ane Of his deb, IN money and pas ep prop
| erty Of the debtor for sale, the debtor would
have the advantage uader free coinage In hav-
YOU'D Ssss seek t. invest prapsrsy the value Of
which would rise. instead OF converting his
money into bonds and mortgages that would
70 debtors who might be pressed for the col
lection OF their debts. for they could convert
their property into money TO a much better ad-
Mr. Butler. Of New II ,vsn. Goa. q banker
and . go!t -andari advocate. stated the case
truly last winter u tbs co nmittee banking
and currency of the hsu,e OF representatives
In his testimony as printed by the COMMITTEES
In its hearing. Ia which hs said that before
men.- TO dispose OF his bonds an mortgages
to Invest his monev In real estate. and gave as
. reason therefor that before the elections he
believed that congress would he free coinage
congress: that the effect OF the free coinage q
silver would be to inc-ease the value of rea
estate and decrtAse the va'ae OF bopds an
mortgages. but that af'cr tho eice.iIs he va
convinced that his approximations w,re no
well founded End that he did not make the sr
rsngemens This shows what experiences
sctions undsrstanals by the free coinage .
silver: aud shows, also that Immediately tt |
expected that the free coinage Of silver vii
ments 70 invest their money IN property In
stead of bonds and mortgages
| Deposots la BaakA
Why would deposieors In banks seek TO with
draw deposits unless IL was for the purpose Q
investing 10 property or Industrial enterprises
Mr.. Carlisle argues that the deposisors woul
Withdraw their money on depo:is IN the bank
| II We had the free coinage OF silver. becaus
than the dollar Deposited. aud thus bringin
msnt 70 vithdrs1 moaey from the banks. fo
the simple reason that depositors In banks q
not deposit gold: they deposit greenbacks. stl
7 LII .tu. A-AA VAsw
Of money are reieemAbic In silver dollars. q
weli ~ In gold: and under free coinage voul
| be 30 redeemed
The most Of tbs gold of our country hs
found Its resting place In the large commerce.
centers In our banking Institutions. and ts bel
and owned y ey the bank: and n. mos BY the q. ds
Are eager TO buy government bonds No d
positor would expect to get gold. ami hence b
withdraw his money. which would be onl
equal 70 the money he would Afterwards de
posa under free coinage
Yer as money Of redemption . great deman
| would be taken from gold ITSELF This gres
s1s re 1,e% :Ss
vastly cheapeniug gold: that II. it would y
Quirs less products and labor to buy Il. Will
:s: rSsas YOU'D &c
| crease In the value OF the silver metal and
decrease In the value VI gold metal, 20 Chi
Possibly the strongest srsumsnt Mr.. Ca,
lisls makes. and tho one that VIII be listens
70 With more attention by some people tha
been established. there would be business dis
turbances by change The same argumeI
Shsnss GOT Or reduction Of the Isria Il is chsra.
eeristic Of y people. es jecialiy the America
people. 70 endure even II they are sunsrir
Our fathers. in adopting the declaration OF i
dependence. recog aiEed this when they resits
the facts OF having long sunei ed with the hoI
They were loath to bseak on the ties IN,
bound them TO England: they were willing
submit 20 many inconvenisnees rather ina
People who are weil TO do under present col
! ditions naturally have some fear and dread
Vim ess
! sons enough in the past 70 bring them up /
.. change. and II they are, chance will be mad
Reforms are not brought about BY the money.
, siassss. sspscisliy those vhS S consider that S "
Reform. Win VII eoSs @ II a. ali. Ss the % great ia' pr
the .hect. q the SYSTEM Of ne single &c
standard In this country and others. To the
especially We make the appeal while Il is tin
. continues, the effect Of which IL to bring po
. erty and helplessness 70 ths misses Of the pc
ses our 0e TSs
: people are organized upon this question al
make determined effort 70 rid themselves
more certainly will they achieve victory.
q Dsbsors and Creditors
9 Mr.. Carlisle insists In one OF his speech
2 on the subject Of debtor and creditor that '
= are ell debtors and all creditors: that We ha
: all loaned aud oil borrowed one from anothe
: that, therefore. there could be nothing gain,
e BY permitting, as he insists, the payments
: debts In s0-cent dollars. We have already VI
= means no such proposition as paying debt
. e0-cent dollars. or any other than just II
: equitable dollar but II We are ell debtors aI
= = sn creditors, do not see how any great 10
: he would gain u debtor he would loose rs
J, creditor and when he lost Us ere titor he wou
gain IS Q debtor.
q But Mr. Carlisle understands full well VII
= Is meant by debtor and creditor In the sen
= = We advocate the restoration OF silver. and VIII
J, ts meant also by havinS money, consisting
2 gold and silver both with equal debt -paytl
= power. Il means that it will take less OF q
products OF labor to solve these debts und
: the system Of bimetsiltsm than under the sy
. low prices eQualize themselves. and thereto
= are not detrimental TO the masses OF tho peop
e For instance. he satisfies the farmer by tell
down. prices have fallen: that he can buy
much Of the articles he consumes with
. wheat or his cotton now rs be could In H.
= = In other words that II prices have gone aow y
y manufacturer has to sell will buy Hs mu'
= farm products rs it did before. and vice vers
!. and that nobody suffers.
It or course in this connection. we do not G
z pect him to destroy his argument by stati
q that the mortgage calls for the dollar: that
= fye hundred million taxes the American pc
= for dollars and not for wheat and cotton; III
the immense amount Of taxes paid into
state treasures the yarious city ,s snd e9an
Q called for many bushels OF wheat or poun
. OF cotton, the que .tion OF money would not