The Canton times. (Canton, Miss.) 1893-1906, 1896-10-09
Ex-sEcRETARY scHuRz.
shows Clearly That Free silver Womb
Ruin Industry.

|# interior, addressed an immense audianc,
in Central Music hall, Chicago. on San
tember 5. Speaking of possible free
silver victory, he said:
Consider what the immediate conse.
quences would be if Mr.. BRYAN were
elected president, with congress "a
match. Mr.. Bryan would of course he
anxious to have his free-coinage law
enacted, but that could not be. even il
he called an extra session Of congress
until some time in April or May, five or
six months after the day of election.
But as soon as on the 4th of Noyemb Der
the result of the election was announced
everybody would know that the parity
of gold and silver would not be main
I q tanned.
fk 1t having been made certain by Mr..
Bryan's election that the parity Of gold
and silver would not be maintained.
there would be a rush upon the treasury
for the gold in it by the persons hold
ing greenbacks entitled to redemption.
and the gold reserve would be exhausted
in a twinkling. Gold will Instantly
disappear from circulation, to be hoard-
ed or exported. Why will it disappear?
"a Because every sensible person when
making q payment will prefer to make
IN it in the less valuable dollar and hold
the more valuable gold dollar back for
more profitable use. Gold will there |
fore quickly rise to a premium, and we
u shall be on the silver basis long before |
a a free-coinage law can be enacted. Our
n daily transactions in buying and sell
ing, in paying and receiving wages, ]!
Il will no longer be carried on upon The
basis of the gold dollar worth 100 cents.
but Of the silver dollar worth so cents
or thSeabout. for the government will
no longer hold up the silver dollar to
the valve Of the gold dollar. That is
what the silver basis means. You can
study in Mexico how it works.
The quantity of gold vanishing from
circulation will amount to about $780,
100000, the disappearance of which
will make tremendous hole in the
volume Of our currency. But, says the t
silver man, there will be free silver
coinage to All be gap promptly with {
coined silver or silver certificates. Oh. !
no, my fellow sufferers. The disappear |
ance OF gold will happen promptly after
the election OF Mr.. Bryan, and there a
will not possibly be any free coinage of g
silver for at least six months, ana it t
will require great many more months f
to fill gap Of 10000, ooo "
What will happen meanwhile? The W
st. Louis Globe-Democrat reports Mr.. "
Bryan to have said some time ago: Il W
think lt-meaning the victory of the d
1ree-coinage movement--will cause O.
panic. But the country is in deplor- ST
able condition, and it will take extreme d,
measures to restore it to condition of "
prosperity" Whereupon the St. Louis
paper pointedly remarks: Evidently al
Mr. Bryan has heard of the doctor " no in
always threw his patient into fits before III
any curative medicine" in
just so. he
How, then, would Mr.. Bryan's 'sft'' ar
work? The sudden disappearance of Jo
,ur gold from circulation would pro-
luce the most stringent contraction of
me currency on record. Business men
Who own money and at the same time ~
ave money due them will be forced to - -
ollect that money by every means at ~
heir disposal. Nobody will be inclined -.
o lend'-out money except upon ex- 49, 49,
raordlSary security. The banks will ~
aturally consider it their duty to keep -
themselves strong, and therefore to call Sta
loans and to restrict their discounts S fai
nd advances to business men with the I'M
tmost caution. Business establish ga
tents, manufactures, mercantile Col
ouses, unable to get the money for SSil,,
letting their obligations, will by the si Sill,
aildreds succumb to their embarrass- she
ents and tumble down like row of
seks. Others will cautiously restrict 1!
flr operations to the narrowest posi- y
limit, and wage-earners by the thou tho,
ads will lose their employment and be rol,
~, 80 .ne street tair
How can foretell these things with NOT,
much assurance? Because they have arc
ready cast their shadows before Do ME
. -, Inc crisis OF 1898, Wnen MOI
-, 80" y, oasis was IN slght! And now who
9in the mere apprehension of posi- in i,
ity OF Mr.. Bryan's election and of the ing
isequent slipping of our country upon ury.
silver basis has already caused I'M
millions of our securities to be
{, own upon the market in Europe as
l as here.
cores OF business orders are already
aiied, large number of manufactue NJ
establishments have already stopped
restricted their operations, enter
V is already discouraged and nearly
aiyzed, many works of public utili- az
" industrial or railroad companies ME-
already been ordered off, thou