Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1896-08-03
HIS SUMMER PASTlME.

listing credit The history of financial
legislation in this country is the best of
evidence that the people consider repu-
diation. both private and public, TO be
a disgrace.
But surposing they do not, or that
not enough of them do to defeat Bryan
and Sewall in November-this suppose
ton is merely for argument-what fol-
lows that promises any relief to the
debtor? Well, the first thing would be
a panic among holders of American Sc
curitics. Would that help the debtor?
on the contrary he would be one of the
first to suffer. At the present time,
when there is only the mcrcst POSSIBLE
ity of such reputation We see capital
being locked upall overthe country and
foreign investors stunning American in
vestments. Capital is waiting rather
than take the risk for capital can afford
to wait rather than take great risks.
Now if Bryan and Sewall are elected
they cannot give us free coinage direct
~ for that must be left to Congress and
! the present Congress and in all likeli-
hood the next one will not adopt any
such measure. But would President
| Bryan sell bonds to protect the gold
reserve? OF course not The platform
upon which he was nominated express
! ly denounces any such attempt to main
tain the national credit. Moreover the
conduct of the free silver contingent in
the Senate in the past demonstrates
most conclusivcly that they would not
permit Congress to provide a remedy
so that while we should not have free
coinage there would he nothing to pre-
vent the country going to a silver mon
ometalic basis just as soon as the
goytnment discontinued sgd PAY
monts. Meanwhile some little time
would elapse, but the longer the time
the worst for the debtor Investors and
lenders of money would comprehend
the situation Instantly. They would
! sell their American securities and col
l EctSthe fi'-ilelits The screws would be
put to the debtor all over this land.
Every dollar he could rake and scrapc
together would cost him just as much
as it does now, and more, for with stag
nation of business and lessen
ing of consumption the prices
of his products and labor
must inevitably fail still lower. He has
not borrowed without giving security
and he would be forced to settle or de-
liver his security unless he had borrowed
on long time. But it must be kept in
mind that We should not have free coin
age, if at all. for considera BILE time and
that after such law might be passed
considerable time would elapse before
the debtor could get any of the SO cent
dollars without returning somewhere
between 100 cents and SO cents in value
for them,s so that in any event he would
be subjected to a lonS squeezing pro
cess that in the great majority of in
stances would drive him to the wall
while at best he would suffer more than
his creditor. Tho debtor seldom worries
in good times when capital is being in
vested on all sides. when mills and in
duStrics are running on full time with
confidence that the future will supply
a demand for products. But when cap
ital is driven out of the country, wher
every individual with a dollar he coulo
lend is too scared to do so. when en-.
ployers dare not hire labor to produce
that which there is no reason to believe
can be sold in the immediate future
when doubt, uncertainty and ideness
come. as come they must if such rev
dictionary programme as that proposed
} at the Chicago convention is inaugu
e rated then the debtor sees ruin starin:
$ him in the face No one wants hi.
; work. no one wants his produce. ne
one wants to buy what he has to sci
except that it be at ruinous discount
but everyone wants the dollar he owe
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