The times. [volume] (Richmond, Va.) 1890-1903, 1895-06-13

| nfty cents. and at this low price the
| worlds production OF silver for that yea
| was. according to the estimate Of the jour
| nal Of Commerce. from 100000 TO 10000
| 600 OF ounces. as against lsl,''o'V" lot 1870
| What would not the mines yield II
| the mine-owncr could get for his product
| anything like what the free-coiners say
silver would rise to?
,rho.. IL an enormous sum OF debt due
in this country. practically all incurreu
IN a gold basis. II the law offers 'he
debtor a choice to pay his debt IN
cheap dollar or In dear one, everybody
! knows he will select the cheap one
| therefore. as a silver dollar is worth less
than gold dollar. the present debtors
would be bidders for silver with when
IN nav their debts. There would. there
fore be a demand by the debtors OF
the United States upon the silver OF the
world. Every mans common sense must
teach him that this demand would bring
so much silver 10 our miLts, that whiie
there would be an immediate but tenn
porary rise in the price Of silver, 1t
would be Impossible for the price OF
81 IA grains of silver 10 rise from its
present value Of fifty cents to a perma-
nent value OF one hundred cents. the
probabilities all are that the supply for
coinage would become so great compared
with the need for money for any purpose
but payment of debt, that its ultimate
IS II is impossible for any candid man
TO review these facts calmly and frankly
and conceal from himself the conclusion
that free coinage by this country alone,
at a ratio OF IS to /, will result in turning
loose upon the country a vast quantity
of silver dollars that will be worth much
less than gold dollars.
VERY well; what will happen then?
The deciding election takes place In
November. 1896. The Senate is already for
free coinage. by a considerable majority.
| The free-colners have only to carry the
| House Of Representatives and the presi-
dency to come into complete control OF
the government. What will happen If they
happen will be the fact that every man
| TO whom a dollar is due VIII be confront
ed with the certainty that after March,
1897. the government will be under the
dominion of power that will authorize
all debtors to pay their debts with silver
| dollars. whether they are worth only
fifty cents each. or whether they are
worth one hundred cents each. That Will
be fixed and established. There will be
the period. then, betNeen November,
1896 and March. 1897, in which men will
be bordering on this state of facts, and
making Up their minds what they Will
do about it.
We were in the company Of half
dozen intelligent merchants few even
ings back. and we presented this view OF
the case, and asked them what they
would do about it. There was good deal
Of hemming and having. but ali had
finally to admit that they would check
their deposits out OF bank before March,
1897. when they would incur the risk OF
being paid with cheap dollars. Whoever
VIII think over the matter will be forced
TO admit that he will do the same. But
the banks cannot pay their dcpositors
unless they make their debtors pay them.
The deposits in banks. savings banks.
and trust companies in the United States
are more than four thousand five hundred
millions of dollars. Let any man think for
himself Of the panic that would be Great
ed if any considerable part Of this i'm
monse sum Is drawn for between Novem-
Der and March. and the debtors to these
institutions are forced to pay up. that
banks may cash the checks.
But some say the banks will all unite
together and refuse to pay as they ala
in 1893. But that means panic and the
utter overthrow of all business. One OF
the merchants asked us what sort OF
money we would take when we drew Tor
our deposit We replied. any. Mr..
Cleveland will keep all as good as gold
until March. 1897. and whatever money is
| given by the banks can be converted into
gold up to March. 1891 But it was urged
that the demand on the government for
gold will be so great that Mr.. Cleveland
will he unable to sell bonds enough TO
get the necessary gold. This may happen.
but if It does. that means panic and the
overthrow of all business.
We were asked what would be done
with the morey drawn from the banks
We replied IT would be put into all the
valuable property that could be bought
| into anything that would save conversion
of it into cheap silver dollars. one of the
merchants. who was a manufacturer also,
and who fought as hard as he could
against the inevitable. finally admitted he
would draw his money cut ard put II
into materials for his business. This
| gives clue to what would be done with
the money.
one Of the merchants said there was
not gold enough in the world to meet
the demand. But that would not tend to
make men abandon the demand. 1t would
make the scuhe all the greater. and the
panic all the more certain and severe.
But we have immense sums abroad,
and all OF this would be called for at
the same time. The prospect only that We
might be driven to a silver basis in 1873