The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1896-07-15

tions. The reality. indeed, would far eN-
ceeo anything the anticipation could fore
sh1doW. w nat wouid oe the wreckase
u our banking ana ciedIt systems, rep, C.
sehteu by So,2io,UJv,U0J OF assets, al InrUwn
mo hfusion; py SS.lio.Ovo.VyJ OF ioans
ana discounts, placed IN suspense anu un-
renewable when i!quidated; Uy ~, WV
Oh private deposits. the payInen. OIL wuich
"Su4u ps thrown INTO uncertainty; by
S~VO'V"IVvv o. legal tenuer assets, tAe re-
ue1ipl!oa OF Wn!cn would De suspended!
W mere, again, wvuIu our savInss Danks
staEu "itn tner SI,siVvJJ,VyJ ot usposits
iePFesehtii!S tGe savings OF 4,eVJ,vvv c!t.-
-e!ls oi si;lelii nIsAus? Gan amy sippIeasn-
son o\efss'.iri,@Le tne uIsorsaaizaIion OF
Dus.Less lHI the rum or creu4t tnat would
"''eAe such disrupi.on Of our wnoio ma l.
t-si s!stc!i. Inc UNPRECEDENTED BANK
panic o. 1853 wVu4u DC TIE veriest trliio. To
'Ae DaAk.Ils ana monetary crisis incluent
10 the Introduction OF Iree coinage. rhe
"hOie System Ct agencies Incident TO IN
custfy ana 10 the traEsactlon OF business
Wouid oc thrown into suspension, with
wAat collapse OF Industry and trade it IS
needless To Indicate in detail.
IRIS ehtine.atICn OF consequences Is no
mere tneoreuc protraiture. 1t - a sober
ana unstraincd deduction from an obvious
process OK cause and eifect which no can
aid economist or intelligent man of affairs
would deny to be inseparabie from sucn
= N!Oient monetary revolution as the silver
faction proposes to introduce History
presents no instance of the deterioration
oil a money standard unattended by a con-
sequcat violent disturbance Of the for
eiSn exchanges ana by distrust and col
lapse In domestic interests; no case of
forcing into circulation dubious and
fuctIating currency alongside one Of
n IA 10 ~, ~
rior money from the country or out of cir
culation. Every nation has bequeathed
US lessons of disaster due TO triiiing with
the quality Of its currency Not one OF
the numerous natioaalitles has escaped
the penalty of dishonest deterioration Of
the money standard, and today the coun-
tries that are weakest, least progressive,
lowest in credit ana least able to stand
the contest of international competition
are those whose monetary system is I'M
sound or discredited. Under free coin,
0Se that would be our rank. in spite Sf
our magnificent resources of national
wealth may become comparatively unpro-
ductiVe under a monsy system that gives
no guaranty of the stability of values and
investments.
1t is precisely at the point of our for
eign financial relations that this attempt
at national suicide would meet its first
check. We may prostitute the force of
law by compelling our citizens to accept
an unstable or deprecated form OF money,
but We can apply no such compulsion to
foreign countries, from whose commerce
We cannot isolate ourselves. For all that
we buy from them they would demand
settlement in gold and if we drive our gold
out of the country, then our settlements
must be made in silver, not at its fictitious
face value, but at its true bullion value.
On the other hand, our exports would be
paid for not in gold, but in silver at its
current rate of depreciation No country
so situated can successfully compete In
foreign commerce with nations which
pay and receive payments in the most
stable form of money. To meet this preg
nant fact with the empty assertion that
we can afford to assume a position of in
dependence of foreign commerce is merely
to substitute braggadocio and falsehoOd
when honest argument falls
In view of the foregoing recital of the
effects that would instantly arise from an
attempt to establish free coinage, 1t Is
clear that even before the revolution could
get under headway it would be self-over-
thrown. Before the mania had run Its
course for one month. the consequences
above fores hadowed would be upon us
in all their force. And what then? Would
the country supinely permit the ruin to
run its unch ecked course and wait for the
worst possible culmnations of disaster?
Not for moment. There are some fol-
lies SO monstrous as to be impossible OF
enactment, even by madmen. There is al
ways a limit somewhere to the freaks of
political lunacy: and in this case the
it-jacllct would be put in use before
the abyss was reached. The men who
control finance would see the consequences
before the consummation Of the legsla-
tive act, and clear prospect of the en-
actment of n free coinage law would either
prevent the passage of the law or bring
about its repeal Immediately upon its en-
actment.