The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1896-10-28
IF BRYAN IS ELECTED?
If Mr.. Bryan is Elected Have You
weighed What the Results VIII Be?


If Mr.. Bryan is Elected Have You
Weighed What the Results VIII Be?
At Paterson, on September 2Sth, he
said, IT say to you now that my cleo
ton means that this nation shall open
its mints to the free coinage Of both
metals at the earliest possible moment.
Not only that, but my election means
that this nation shall treat the silver
dollar just as it treats the gold dollar,
and that we shall not issue bonds to
buy gold"
III the treasury reserve is not to be re-
plenished by bond sales we all know it
can't last long. Foreigners would i'm
mediately call for their loans and ball
ances here, and holders Of the $685., OO0,-
600 of outstanding greenbacks and
treasury notes according to the United
States treasury statement of October /,
1896, would quickly withdraw the $l2S,-
100000 of gold now in the treasury, to
either export or hoard it, and leave the
holders of the remaining $200,000,00O to
take their pay in silver.
That this gold will almost Immediate
ly be exported Mr.. Bryan admits. On
september Goth at Tammany Hall he
said, ''You know that with gold as our
only primary money and the fact that
the little quantity of gold can be
drained away at a moments notice by
foreign creditors, it leaves us. etc.
AS all our national bank notes are re-
deemable in greenbaclSs. they too would
fall with them to a silver basis.
In short, Mr.. Bryan's election would,
as soon as the present gold in the treas
ury is exhausted, put our currency on a
silver basis. and all debts, except where
otherwise expressly stipulated, would
be paid in silver.
1t will be observed that this would all
happen, even if no free silver coinage
act should ever be passed.
AS interest on government bonds
would be paid in silver and also all
dividends on stocks, foreign capitalists
would dispose largely of their holdings
in these, and thus necessitate further
large renittances of gold.
Their correspondents here and bor-
rowers of foreign money being called
on to pay up, would be compelled to
call in their loans, and draw their bal
ances out of bank.
All creditors in this country who pre-
fer gold to silver dollars (Which in
cludes the bulk OF them) would de-
7nand all debts due them paid, and get
ting greenbacks or treasury notes for
their bank balances, would present
them at the treasury for gold before it
was too late. If impossible to get gold
they would buy sterling exchange, or
exchange on Canada. The Herald re-
ports that prior to October list over &c.
OO0,0 900 in gold had already been deposit
ted in Canadian banks to avoid the
risk Of the coming election.
In short every man who had dollar
coming to him would want that dollar
paid him while it was still worth 100
cents and before it got to be worth but
3d.
The business houses and other debt
ors called on to pay up would be COM
PEELED to call on their debtors and thus
all the debtorsin the country would be
called on to pay up Immediately. The
demands on the banks would compel
them to call in their loans, and if not
paid, to sell or try to sell the collat-
erals.
Debtors would be compelled to sell
their property at any price, and where
all debtors were sellers at once, the de-
clines would be such as we have never
seen before because there has never
before been such a wholesale calling in
of debts, and consequent selling as
this would cause.
Business houses the country over, be-
ing unable to collect balances due them
or to realize on their stock, except al
ruinously low prices, if at all, must fail
Nothing could save them.
Small depositors nervous and follow
ing the larger ones, would draw theil
balances and runs on banks would be-
come general.
With these runs upon all the banks
they must either break or suspend. Ii
bine and suspend, but the weaker ones
left out of the combination, and al
country banks, would fail.
The panic and ruin would far exceed
that Of 1873 or of 1898, the latter 0.
which, called the "Silver Panic" wa:
caused in part by actually going or
that basis.
Mr.. Bryan admits this: In the Chi
cago convention he said, when YOU
come before us and tell US that we shall
disturb your business interests, we re
ply that you have disturbed our bust
ness interests And the st. Loui
Globe Democrat reported his saying, &c
think it (meaning the victory of TIL
free coinage movenent) will cause ;
panic. But the country is in a deplor
able condition, and it will take extrem
measures to restore it to q condition o
prosperity"
In the general scramble by foreign
and home creditors for gold, as there i
not enough to go round, 1t would neces
sarfly go to e. premium, with the inevi
table result that the SELF, 900, 900 of gol
now in circulation in the United State
(according to the United States treasu
ry circular of October 1st, 1886 woul
be exported or boarded.
AS the total circulation of gold, sill
yer, greenbaclss, treasury notes, BAN
bills, silver certificates and all othe
kinds of money in the United State
was on October 1st, 1895, s1,5S2, 900, 0Ot
forcing s517, 0oO,o 900 of gold out of circu
lation would reduce the money In cir
culation about one-third. That is t
ROUgeEH3 !! 9 PATS