Peninsula enterprise. [volume] (Accomac, Va.) 1881-1965, 1896-05-23


gold, or it's equivalent, and demand
payment of every debt owing them.
If the debtors have not the money
to pay, they will be driven to the
wall, for banks, nor anyone else will
lend them a dollar, for fear that they
would be paid back in money worth
only half as much us that which was
loaned. All bonds would be imme-
diately collected if possible, and all
deeds of trust or mortgages will be
foreclosed at once, or else all debtors
will be compelled to give bonds pay
able in gold, which means that on
free silver basis every 500 debt will
take nearly 5000 in silver to pay 1t.
This condition will result in such n
whirlwind of bankruptcy as was
never before seen or felt in this coun
try. Debtors would lose millions,
aud thousands would be crushed to
the earth never to rise again. Credi-
tors would also lose heavily.
What other effect would free sill
yer coinage law have? 1t would drive
immediately out of the country or
out of circulation, the $500, 200, 900 in
gold now estimated to be here, and
would thus render $500, 900, 900 scarcer
orr supply Of money, and money
would in consequence be much harder
to get hold of than at present.
Would the passage of Il free coinage
law raise the market value of silver
metal? No; not unless all the great
nations of the earth were to pass the
same law.
If such a law were passed, would
our Government be able to keep sill
yer dollars at q par with gold dollars,
as at present, that is, a silver dollar
worth as much as gold dollar? No.
1t could be done only by internation-
al agreement, which is now impossi
BILE, or by the accommodating by the
Government of at least a billion of
dollars in gold as reserve fund. The
silver holders in all the world would
bring all of their silver to have it
coined in United States dollars, would
exchange these for gold or its equiva-
lent and leave the country. This
wonld only be stopped whenever the
silver owners OF the world became
convinced that the United States
Government had in possession gold
enough to enable it to stand ready ut
all times 10 redeem at 100 cents ev
cry dollar upon which its stamp is
placed. 1t would take at least ST.,
000,0C0, 600 in gold to inspire the world
with confidence in our ability to do
this. The accumulation of this vast
fund in gold would burden us with
an interest that would crush the
country.
What would be the effect on the
wages of our laborers of q free coinage
law? / would at once reduce the
purchasing value of Il days work
nearly one-half. Wages on the farm
on the Eastern Shore, during and
since the war have been and are
now about 80 cents per day. Under
an inflated currency as during and
for Il while after the war, when every
thing else was high, wages were the
same they now are when everything
is low In those days ii took 2 days
work on farm to buy IL barrel of
common iour,and day s work would
only purchase two pounds of meat.
Now days work will buy six pounds
Of meat, aud it will only take eight
days wages to buy a good barrel OF
flour, and SO with everything else we
use. On silver basis it Will take
nearly two silver dollars to buy what
one will now buy; in consequence Il
man will have to work four days to
buy what two days work will now
buy. Wages under free silver on the
Eastern Shore will remain rs they
now are and have been for thirty
wears, so Will rents of land.
Goldbug, capitalist, money-sharks,
Sc, what good can the friends of the
free and unlimited coinage of silver
hope to accomplish by playing all
the changes on these terms? None in
the world, on the contrary harm must
result. They are seeking to settle
the most 1nonentous question of the
day, by arousing the passions and
the preiudices of the masses of our
people, that should be determined
only, coolly, dispassionately, delib-
erately. and with due regard to JUS
tice, reason, truth and the common
interests of all the people of the land.
This language smacks strongly of an
effort to array class against class, in
an hour and a day, when all the con-
Sc, vatism and law.abiding sentiment
in the country is needed 10 battle
against the arm of the leveller and
communist that is appraised in our
land, seeking to rob honest men of
the just fruits of their labor by law
and force, and making him who has
by thrift and self denial put away a
little store Of this worlds goods, di-
vide with men who toll not, but who
throw away their improvident lives in
the grog shop and filth of the gutter.
| hope that our people will think be
fore they commit themselves to this
folly. Every man should come to
court on Monday next and express
his opinion by his vote on this ques-
ton. FARMER "