, 1896-10-10
FREE COINAGE WOULD BE AN IR-
REPARABLE WRONG.

In view Of TIA, 81, Its, which c.mnot be ~
! c~essfuIly dIspatod, / rug@,it that YOU ,ueat
seriously "a "r'T'.-. Al the consequences 10
jouI 'ui"'@ !. d ~. fgl o" titi1tns before yea
Egree - TIRE fry-' and unlimited ,-;'n"- OF
Legal ter'ur SILVER at rat. OF ~ - / in or
Ter that those great corporations and associa
tions may have the privilege q: 'ischnrg,Ig
their debts to Inu p.upl" by paying - or ~
cents on the dollar, for th.tt Is exactly wrat j;
means. II is a low "st.!iat' 10 sNy that zach
one Of the dcp"Slturs III savings and Other
banks and in building nssOCi1tlpnS, and cac.
holder OF me insurance policy and member
OF Il mutual benefit and assessment associn
tiOn, has dependent upon him or her an aver
age Of ut least two other persons; and If so, n
majority of all our people are directly or ind
reCtly creditors of these corporations and as
sociations and are interested in the prcs.rva
ton Of II STANDARD OF value which viii insure
the payment OF their claims in rs good money
rs they parted with whUn they made their
loans or deposits or paid their assessments or
premiums. Every dollar the people put into
thcs" banks and trust companies and other in
situations and every dollar they paid for in
surnrc" was worth lUJ cents and would pro
cure lv Ctrnts worth OF commodities in the
market when they earned it and when they
invested 1t. and lnuy have an Wnqurstionabic
right to dumnud that it Shall 10 refunded to
them in dollars worth lM cents every where.
The adoption of amy policy that would deprive
them OF this right would NOT only intiict MI
enormous loss upon them. but would SO Sc
riously impair thor faith in the fidelity and
utility Of such Institutions that attempts to
~ccumulat and save surplus earnings would
be abandoned, or at least greatly discouraged,
for IA long time 10 come.
But il free and unlimited coinage of legal
tender silver III the rIltIo III 10 10 Is establish.
cd i'll this country II very Large part of tho
money deposited IN tht," various kinds of
savings institutions Will not even be repaid III
deprecated silver, hut Will l." wholly lost, be.
cause such II reckless monetary system would
prtcipitn1c II financial panic which very few,
II any, of the arpOsltOrlus could survive. !
doubt that there Is u single financial institu
ton in the country that could sustain the
pressure that would he Immediately made
upon 1t by Its d'uDzItOrs and other creditors
when it became aplG.r' Mt that our standard Of
value was to bu lowered and our currency de.
p%rcciatud by free coinage. Pay mcnt of all our
obligations held abroad would be demanded
III gold Mt once. every investment OF foreign
capital in thi, country would DO instantly
Withdrawn: every man who owed u debt at
home or abroad would lc called upon to pay
it; all duTtSitUrS in banks and other instItu-
tiOns would want Ia Withdraw their money at
the same time. no loans could be negotiated
and no cr"uIi would be given, because no man
would lend money or suil property on time
when h. knew with absolute certainty that he
would DO paid in II deprecated currency.
Creditors would NOT wait Tor the actual pas
sage of II free coinage law, but Hs soon rs such
II measure ad received TIA" approval Of tho
people at an election they wuulG demand their
money, and if not paid they would enforce its
collection 10y JUDICIAL proceedings ana the
and mo or anybody Use To- say that Grpositors
in banks and ether creditors ought not to pur'
sue this courS" when IA crisis comes or is ap
pretended. for they always have pursued it,
and always VIII unless human nature itself
should hc changed
Less than three years ago yOu saw our fnan-
cial, commercial and Industrial affairs vio-
lently disturbed by the fear that the govern.
mcnt would not be able to maintain gold pay
ments and that our currency would descend to
y silver basis. You saw the operations of in
dustry Interrupted, banks failing, great com.
Wcrcial hE.a"s Lnalie to iacct ulEir olli-t