The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1896-10-28

New York. October q CTo the Ed
ltorj--If Mr. Bryan Is elected. have
you weighed what the results VIII be?
Al Paterson. on September 2S. he
said: Il say to you now that my cleo
tlon means that this nation shall open
It's mlnts 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 II treats the gold dollar.
and that We shall not issue bonds TO
buy gold"
II the treasury gold reserve is not
to be replenished by bond sales we
all know IL can't last long, Foreigners
would Immediately call for their loans
and balances here. and holders Of the
iS3s .OO0. 600 Of outstanding greenbacks
and treasury notes according TO the
y. s. Treasury statement OF october
i.lsse,, would quickly withdraw the
SIs3. 900. 600 OF gold now in the treasury.
10 either export or hoard II, and leave
the holders OF the remaining 100000. 900
to take their pay in silver,
That this gold viii almost immediate
~ be- exported Mr.. Bryan admits. On
September 20. 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, Il leaves US. etc"
As all our national bank notes are re
decmablc In greenbacks. they too would
fall with them to a silver basis.
In short. Mr.. Bryan's election would.
as soon az the present gold in the treas
ury Is exhausted put our currency on
u silver basis, and all debts, except
where otherwise expressly stipulated
would be paid In silver.
II viii be observed that this would
all happen. even II no free silver coin
age act should ever be passed.
As interest on government bonds
would henceforward be paid In silver,
and also all dividends on stocks, for
eign capitalists would dispose largely
OF their holdings In these. ard thus ne
cessitate further large remittances OF
gold
DEBTOR WOULD BE FORCED.
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
prefer gold to silver dollars (Which in
cludcs the bulk OF them would demand |
all debts due them paid, and getting |
greenbacks instead or treasury notes |
for their bank balances, would present |
them at the treasury for gold before II |
was too late II impossible TO get gold |
they would buy sterling exchange, or
exchange on Canada, The Herald re- |
ports that prior to October over &c., |
OOO, 900 in gold had already been depos-
tied in Canadian banks to avoid the |
risk Of the coming election.
In short every man who had a dol
lar coming to him would want that dol
lar paid him while 1t was still worth
100 cents, and before 1t got to be worth
but 5S cents.
nj .,thn, lAlN- |
ors called on to pay up, would be COM
PEELED to call on their debtors, and
thus all the debtors in the country
would be called on to pay up imme-
dately. The demands on the banks
would compel them to call in their
loans, and II not paid, to sell or try to
sell their collaterals,
Debtors would be compelled to sell
their property at any price and where
all debtors are sellers at once, the de-
cllnes would be such as we have never
seen before, because there has never
been such wholesale calling in of
debts, and consequently selling, as this
Wuuiu NtiuSS'
Business houses the country over, be-
ing unable to collect balances due
them. or to realize on their stock, eX-
ecept at rulnously low prices, If at all,
must fail. Nothing could save them.
Small deposltors, nervous and follow
Ing the larger ones, would draw their
balances and run on banks would be-
come general.
With these runs on all the banks,
they must either break or suspend,
In the cities the stronger ones could
combine and suspend, but the weaker
ones, left out of the combination, and
all country banks, would fail.
PANICs WOULD FOLLOW.
The panic and ruin would far exceed
that Of 1878 or 1898, the latter of which,
called the "Silver Panic" was caused
by the apprehension of going on a
silver basis. This panic would be
caused in part by actually going on
that basis.