The San Francisco call., 1896-10-30

of any kind of knavery; but why plain people
who mean to pay their own debts honestly an q
would like other people 70 DO the saine e'oo'N
do so is not C mprehenslDle. =, :
Much effort has been mace 10 inuucS ~ tne
farmer to take up this free silver fad, py hoiu1
ing out to them in a disguised way Tug tug
hope OF scaling down their deDls, Dy nlaAitS I s
money more plentiful; and men VINO Wouiu =
repel, with indignation, any sugefStoIi . Iistan-
dishonest bankruptcy are deluded into llsee 81 y, :
ing to these tempters by such sopnlslns 10 tIho @
suggestion that ii is not silver lnat mas ~ .
cheap put gold that has grown ueal 'ne ., .
there is not gold enough in the world 10 90 ene
worlds business that other commodlties Asse :.
grown cheap as fast as silver mas, anu Inas =, =.
is unjust in face of the fall IN pIooute ~
them to pay in full debts Whlcn 'iiey Nd 5o to
tracted when produce was dearer. Anu ~
those who feel thus, it is allurlngly nelu ous w
that free-silver coinage will enapie tnen ut ~
pay their debts in cheap money ana at apou1
53 cents on the dollar. -. 90
reason with such people, for they can naiuiy a ~
help seeing that what they ann 10 oo 10 ~
to repudiate half OF their deDls' aHu ~ "a ~, ~
course will understand that no one W ! I pIs
them if III such an effort they are themselves
ruined. Yet thati S just what Will Deiali tneln
and they will have the grim saIls1acIion, VI
knowing that it is their own doing. for MI.
Bryan if elected, will have no power TO enae.
or permit free-siIver coinage. 10 do tnat VIII
require an act OF Congress which the presens
House of Representatives VIII never pass iIi an1
beyond all doubt. be equally Opposed. Nj.
Bryans election, however, Will consutule 80
clear menace OF free silver IN the future lso
soon as his party can secure the House OF
Representatives that creditors will not Wait
for the jubilee OF repudiators and the scaling
down OF debts, but will call in their demands
at once while vet the law will enable them 10
collect them in undepreciated money
The election of Mr. Bryan will thus De the
infallible signal for general foreclosure OF
M rtgages and financial panic OF the most
Ia fd ruh "
demand liberty to pay in inferior money what
they borrowed In gold can scarcely complain
if their creditors decline to grant them time,
knowing the use to be made OF 1t. They Will
be foreclosed remorselessly, and before free
silver can be made law they will be petition
ers in insolvency without even the poor salts
faction OF being credited for honest intentions
or pitied for misior une.
The, Only debts that will be scaled down by
Mr.. Bryan'S election and free silver coinage
will be thoseof the United States Government,
and they undoubtedly will; but at what q
cost! Every dollar the Government how owes,
except some $50, 100000 of currency skies,
was contracted Tor gold and should honestly
be paid in The same. To pay In anything else
would be National reputation and justly dis
grace US in the eyes OF the civiliZedswOrld; the
bare possibility of it has depressed the value
OF United States securities. once the hlghestdn
the world, to the level of those of semi-barbaF-
Gus powers. Egyptian bonds are quoted to-day
at 1851 and United States fours OF 1907 al
1864 and this merely on the apprehension OF
possible free silver.
Is 1t possible that the vote of California shall
be cast in favor of result so discreditable? l.
ior one cannot credit 1t. Such is not the char-
acter we earned forty years ago, When we were
fewer in numbers and vastly poorer than we
are to-day. These modern brokers OF repudia-
ton have perhaps never heard OF the fact, but
those of us whose citizenship of California
goes back to the infancy of the State remem-
Der it with pride that the world has rccog-
nized as Just. San Francisco had less than
10000 inhabitants Los Angeles was still
SleAnV little MpVIRQn nnahln- VAIiQV
OF California was unsettled; we had not mile
OF railroad in the State, and raised little more
wheat or barley than sufficed ior our own con-
sumption; our only industry was mining and
arts subordinate to it. The State officers had
issued large amount of bonds Several mil
lion dollars), which the Supreme Court
decided to be unconstitutional and void;
they were in fact popularity believed to
represent an appreciable amount of ofiegislative
and executive dishonesty and extravaganza.
But the bonds had the great seal OF California
on them ana we all felt the unutterabie shame
that would forever rest on ourselves and our
children If that decision was permitted 10
stand sas the last word of California on the
State debt. The Legislature passed an act to
submit to the people a proposition to adopt
the debt and issue new and valid bonds in
place OF the old ones declared void. The times
were very hard, the banks had all failed and
commercial affairs were in state of great de-
preston, but the resu t ofthe election was not
for moment doubtful. The Democratic party
was strong In the State but 1t had not then
adopted reputation as one of its doctrines.
1t stood for honest dealings and regarded the
financial honor of the State and Nation as
above all price The vote to adopt and pay
the debt was overwhelming and it gave the
State a reputation abroad which made Cali
fornians away from home stand a-tiptoe
when their State was mentioned and rouse
them at the name" of California.
Following This incident came the civil war
and the era of deprecated paper money.
paid their interest in it-all but the proud old
commonwealth of Massachusetts and the
proud young commonwealth of California.
We might have made deal of money during
the war and the reconstruction period by
simply doing others did and paying our
debts in the money of the day. But the Cali
stuff; they had borrowed gold and in gold
alone they would pay. l cannot believe that
when the sun goes down on Novembers3 the
people of 1896 to have degenerated from
those of forty years ago. JOHN T. DOYLE.
Menlo Park, Oct. 27, 1896.