The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-10-31
A LOOK AHEAD.
If BRYAN is ELECTED, WHAT THEM


Gold WIN Disappear Mills WIN Close.
Labor VIII BE unempioyed-Psnic and
DistresIkvm FoIIow--No silver Could
BE Coined For Ten Months, ~ mt All.
Capitalists Could Save Themselves, but
the Poor Would Become Poorer.
II Mr.. Bryan is elected, have You
weighed what the results will bel
At Paterson on Sept. 2s he said; II
Gay to you now that my election means
that this nation shall open its minis to
the, free coinage Of both metals at the
earliest possible moment Not only that,
but my election means that this nation
uhall treat the silver dollar Just as it
treats the gold dollar and that we shall
not issue bonds TO buy gold.
II the treasury gold reserve is not 10
be replenished, by bond sales, IL is GER
tain that il can't last long. Foreigners
would Immediately call for their loans
and balances here. and holders Of the
e8ss, 900. 900 Of outstanding greenbacks
and treasury notes would quickly with
draw the sI2a. 900, 900 Of gold now in
the treasury, to either export or hoard
Il, and leave the holders Of the remain
ing $500, 900, 900 TO take their pay in
silver.
That this gold will almost immedi-
ately be exported Mr. Bryan admits.
On Sept. 30 at Tammany hall he said.
"You know that with gold as our only
| primary money and the fact that the
little quantity Of gold can be drained
away 40 q. moments notice by foreign
| creditors. il leaves u.s." etc.
As all our national bank notes are re-
deemable in greenbacks they, too, would
fall with greenbacks to silver basis
In short, Mr.. Bryan's election would.
as soon as the present gold in the treas
ury is exhausted, put our currency on a
silver basis, and, all debts, except
| where otherwise expressly stipu-
lated, would be paid in silver.
It will be observed that this would
all happen, even if no free silver
coinage act should ever be
passed.
As interest on government bonds
would henceforwsrd be paid in silver,
and also all dividends on stocks. foreign
capitalists would dispose largely Of theii
holdings in these. and thus necessitate
further large remittances of gold.
Their correspondents here and Dor
rowers of foreign money, being called
ON to pay up, would be compelled to cal
in their loans and draw their balance
out of bank.
| All creditors in this country who pre-
fer gold TO silver dollars which include
the bulk of them) would demand al
debts due them paid, and, getting green
backs or treasury notes for their BAN
balances, would present them at tn
treasury for gold before 1t was too late
| II impossible to get gold, they woul'
buy sterling exchange or exchange OF
Canada. It was reported that prio
1 to Oct 1 over %, 900, 900 in gold ha'
l already been deposited in Canadial
banks TO avoid the risk OF the COMM
l In short, every man who hat
q dollar coming to him woul'
want. that dollar paid him whil'
It was still worth 100 cents ant
before 1t got to be worth but 81
The business houses and other debt
ors called on to pay mp would be com
PEELED, to call on their debtors, and thu
all the debtors In the country would b
called on to pay up Immediately. Tn
demands on the banks would compe
them to call in their loans, and, il nc
II paid, to sell or try to sell the collaterals
Il Debtors would be compelled to SCI
their property at any price. and wher
all debtors were sellers at once the dc
dimes would be such as we have neve
seen before. because there has never be
| fore been such wholesale calling in G
debts, and consequently selling, as thi
would cause.
Business houses the country over. bt
| ing unable 10 collect balances due ther
or to realize ON their stock, except q
ruinuusly low prices, II at all, must fail
| Nothing could save them.
Il Small depositors. nervous and follow
, ing the larger ones. would draw thei
balances and runs on banks would bt
come general. -
II With these runs upon all the bank
they must either break or suspend. l
the cities the stronger ones could com
bine and suspend, but the weaker one
and all country banks would fail. "a
The panic and ruin would far excee
that Of 1873 or of 1898, the latter {
which, called the f'silver panic" wa
81 caused by the apprehension only {
j going On silver basis This panic woul
be caused IN part by actually goin
on that basis. taAae. ~
Mr.. Bryan admits this: In the Oh
caeo convention no said, "When 20
come before us and tell as that we sha
disturb your business interests, we repl
thatvcuo aye disturbed our business IL
tepesSs. g And the St Louis Globe Dem
scsat reported his saying: II think
! lfmeaning the victory Of the free coinae
movement) will cause panic. But tn
country IL in deplorable condition. an
&c will take extreme measures to restol
it TO condition of prosperity"
In the general scramble by foreig
and home S7editors for gold, as there
mot enopgh}U 20 round, il would nece'
sarily go 20 premium. with the ine'
.. stable result that the e517, 900, 600
gold now in circulation in the Unite
States would be exported or boarded.
Railroad stocks with gold mortgage
ahead Of them Gas gold must DO bougt
20 pay interest, thus increasing II M
; doubling this fixed charge and to tina
extent diminishing or entirely wipin
1 out the net earnings applicable to div
dov,da,- with earnings Diminished by II