The times. [volume] (Richmond, Va.) 1890-1903, 1896-07-16
THURSDAY, JULY &c, 1896.


ARE WE TO BE TAUGHT \ LESSON?
1t seems quite possible. If not probable.
that the country may De taught, before
election day, and, indeed. at no remote
day, "a practical lesson I'm what free sil-
yer would mean. The gold reserve has
gone below the one hundred million mark,
which to a large body OF timid people,
IS Itself an alarming fact that viii cause
runs upon it for boarding purposes. IL
IS well known 90 an men whose business
brings them into touch with financial
affairs that boarding of gold commenced
as soon as the Chicago Convention dis
played the strength OF free silver in the
country. and it IS actively COINS loI-
ward II this moment. one OF the peSt
nroofs OF IL is that no bank WI" no"
nay out gold for checks, however much
n has All this stimulates the run upon
tho Treasury gold. so that we shall prooa-
,lv soc II greatly reduced in very snort
time. and If there is no prospect that il
will be replcnished when 1t gets reduce"
that fact will cause the remnant to he
withdrawn in a jiffy.
Mr.. Cleveland viii no doubt keep UP
an ample gold reserve If he IS able. Tut
will he be able TO do it, lie can do II
lv selling bonds for gold only and VIII
he he able 10 sell bonds for gold II the
country comes TO the conclusion that
Hrvan win De elected? If Bryan is elect
al that means that principal and inter
-, OF any bonds he may offer for sale
will be paid in silver dollars. VIII any
man give Mr. Cleveland gold dollars
for bonds that he believes Will be laiu
him in silver dollars? II be does IL it
will only be at price for the bonds
which ne y willing To- pay for silver
bonds. This will cause the bonds TO Sell
al so low a price that 1t will require
all OF Mr.. Clevclaud's courage 10 hoiu
him up to the sale. The case then
amounts 70 this. that as the probability
OF Bryan's election grows the certainty
that there must he another and perhaps
many sale of bonds increases. but as
the probability OF his election grows the
tendency TO make sales OF them for gold
impossible. grows also. il seems entirely
possible. therefore, that before election
day We shall suspend gold payments.
What will happen then?
The result OF that would Doe that we
should have nothing but paper money
redeomable in silver dollars. This
paper money would not fall TO
the bullion value Of silver dollars.
coll l.f aia
and that would remain the law even
though We were unable 20 keep up gold
payments Men would have confidence.
therefore that II Bryan were defeated
gold payments would be resumed and
that our paper and silver money would
all be restored TO gold values. I'm pro-
portion. therefore. as public opinion in
cllned 10 his defeat. the depreciation Of
our paper and silver money would Doc
small In proportion as public opinion
inclined to his election the depreciation
would be towards the bullion value or
the silver dollar. il is impossible TO say
how great the depreciation would be- but
II would necessarily be considerable This
would teach people something IN practi-
cal way Of what free silver will mean.
The working man would receive exactly
the same waves as before. but ne would
md. when he went 10 market that he
could not buy nearly SO much as before
the depreciation Of the money We should
probably have a terrific financial panic
that would produce havoc and ruin, but
II would be a lesson I'm free silver before
election day that might settle the contro-
versy. \ panic before the election that
defeated free silver might be a far bet
ter thing for the country than the panic
after election day which free silver viii
produce.