The Irish standard., 1896-09-12

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sslIFllEDLEs ALAR1 D IS B. CAUSED
I! i lures \ Be Lessensd and Mort.
gage ForecloseurssAVill
Cease. i. I. Ii g:sss5 rs:

consult page $40. Horr ana Harvey's joint
debate, which copies from the January
number 1896. Dun's Review, stating that
1851, the first year OF the war, when we
We're living under the dictation Of Wall
street with low prices we had $685. fail
uTes, and in 1852, when we began to seek
release and prices started up little, but
j 1852 failures; in 1863. but 495; 1864 but
SO: 1855 but $50.
In 1866 we began to contract and in
creased with failures under contraction
Until 1875 when they reached lO,47S; Quite
a.change from $50 in 1865; $40 In 1864, and
1876 In 1858.
7#s In 1878 we partially restored silver and
failures were reduced in 1879 to 6,6aS, near
IL 1000 in a single year; and In 1880 to
Z 4, 50, nearly 5000 in two years, and less
than one-half of what they We're In 1873.
No. instance can be shown where iegls-
lation increasing the basic money and
thereby increasing and lessening the price
OF property did not lessen business fail
ures In this or any other country i'll any
age.
In, the whole three years Of 1863, 1864
and 1865 the entire failures for the, three
Years in the amount of property involved
aggregated less than one-sixth Of the fail
ures of 1873, the first year after the gold
standard, and making the proportion year
for year between these two periods in the
ratio Of Is to against the gold standard
and falling prices.
II, These statistics are copied from the
January number, 1895. of Dun's Review;
gold standard authority can be found on
page $40 of the Horr-Harvey debate.
I'VE are told that the election of Bryan
will force the foreclosure CT mortgages $on
farms and city property. This claim IS as
false as the, one that his election will pro-
duce business failures Gold standard
people; as rule. concede that free coins
age will cheaper the price of dollars and
advance the priceto of all farm productions
and all classesasof> property. This is con-
coded by Mr.. Horr. in his debate with Mr..
Harvey; by PROS Iaughlin in his debate
With Harvey; BY Senator John. Sherman
in his interviews published by Col.
Loundsbury, in the North Dakota Sun
Independent, of March 26, 1896 Chen goll
etandard); by the Chicago Times Herald,
which on August Is, 1896, says editorially
that the unlimited coinage of silver will
reduce the purchasing power of the dollar
one half and double the price of a loaf
Of bread or a barrel of flour; by the Chi
cago Tribune Of August 25, which says:
s'''Free silver would raise the price Of the
farmers products and make 1T impossible
for anyonetto buy them" and by the gold
standard publications. which have appear
ed IN the Grand Forks Herald. comparing
Mexican. farm products in price with our
prices, showing the Mexican price to- be
nearly double; and the general claim Of all
the gold standard press that the free
coinage of silver will reduce the purchas-
ing power of the dollar, which means that
the dollar will purchase less property, and
to the extent it purchases less property en-
Ifance the money price of property:
q Let us compare the existing condition
of the nortgaged farmer with, what would
be his condition after Bryan's election
with these results predicted by gold stand
ard men to Immediately follow. 1t, is not
certain that the object. of the gold tsard-
,aTd Is, to cont 1ue low prices: and that
the objection to free coinage is that5it will
raise prices? With continued low prices
when will the farmer ever pay his mort
gage? And ifshe never pays it, is he not
certain to be foreclosed and lose the prop
5erty mortgaged? IT he IS to be foreclosed
Will The be in any better. conditions after
The has spent the best years Of his life upon
his farm toiling, for, the. fellow who holds
tie mortgage and all, the nonopolies that
profit by the gold STANDARD, then in his
Old age he will be compelled to step into
the street bare handed, Hence it., will be
lsAeflsthat ifs Bryan's election would pre-
cfpitate immediate foreclosure HlWould
,basbettersto have it now than continue on
the gold standard and lose everything
later after youth and vigor have gone.
"a But Rryan's election will not precipitate
Foreclosure; and If it would, foreclosure
could mot cut out the title Of the mort
gazed property owner until free coinage
would come to his relief with its increase
of, price and enable him to save his prop
erty, and In the very near future discharge
the entire debt without his being disturbed
Of the possession of his property or his
home for single hour, and enable him to
leave to his family the legacy Of home
without q mortgage on 1t.
The election Of Bryan would not preciti-
tate foreclosure because as soon, as the
result would be known it would be known
or1-o in the world fhat NJ Gil.
yer bullion after next March ors April
would have the same rights at our mint
and with our people in all future pur-
chases of property and all future CONNER
cial transactions as gold money or gold
bullion and that in the near future silver
bullion would be as valuable to bring to
our country to do business after next
March as gold money or gold bullion as
Zach after that period would. by force Of
", be receivable on a parity with gold,
3 I'd under proper legislation to he made
congress the banks would have to treat
sss on an equality with gold money or for&
it their charters. AZ. 4
q The result Of this would be the same as
iii; 1880, Just before the Sherman law was
sprung when silver bullion the world over
rose from 40 cents an ounce to S1.21 an
ounce in expectation Of free silver coin
age by the United States, and the silver
money OF all silver countries, like Mexico
and others, rose that much. nearer to- a
parity with all the gold money $ce the
world, at the same of this rise in silver
bullion, and our prices in the United States
for farm products rose accordingly.
When it shall be known BRYAN is elect-
ed 1T will be known that we are to have
free coinage and silver bullion and silver
money the world over will rise nearer to
a! parity with gold at once and far NEARER
than it did in 1890, when a free coinage
bill was pending in our congress with the
probability Of its passing and prices of
property and produce in this. country will
advance accordingly and enable the FAR.
Ifler to sell this years crop ut q greatly
advanced price. which will give him an
Increased sum to i1nn1ed late " reduce his
debts of every descript ion, and tn reby re-
Neye business as we'll as reduce his mort
gage. and lessen the number OF foreclos-
ures. If he has to buy gold his discount
will be. small to get 1t, and much less than
the benefit he will get from this advance
Ia prices. In case, the mortgage under
these conditions insists on foreclosure It
will take until the first of January next
to complete a foreclosure sale, even Is he
under the power III newspaper for six
weeks before the, sale, and a month longer
at+least If he enters court. even If no. de
Tense shall be interposed, and after such
sale It will be a year more before he can
get a. sheriff's deed or the possession and
use OF the land where the owner is 1esid-t
ing on lit, and where there Isl a tenant he.
VIII tenpa in, but pay his rent to the mort
gage Instead of to the riga gor,s to be
credited on the debt, and another crop can
be- raised next year by the owner of the
land or his tenant, and the increased
price used to reduce or cancel the me mort