The Providence news. (Providence [R.I.]) 1891-1906, 1896-07-25
WHAT THE RESULT WOULD BE.


favor Stree silver" They assemble and
pass an act for unlimited coinage, at the
ratio OF 16 10 ]. to take effect, say Jan.
| /, 1885. This is just what the advocates
OF unlimited silver mistakenly think
would inaugurate general prosperity.
Let us see what would be the real result.
The moment that such an enactment
became even probable, there would be
such deluge of American securities
and stocks, corporate, municipal, State
and national, returned from the Old
World, that prices would rapidly approxi-
mato toward one-half OF present values.
more exclusively held in this country.
would sympatheticall decline with them
in about the same proportion. Silyerites
and nnti-silverites agree that this would
be so.
The $3.50, 600, 900, more or less, OF gold
coin now in the country, would at once
lose ito fanction as money, and command
a high premium. 1t would rapidly leave
the country, and for the tim. being, there
would be contraction OF the monetary
medium to that amount. No matter how
much subsequent imitation might come
after a few years OF free coinage, the. i'm
mediate effect would be a general collapse
and universal paralysis. silverites and
| anti-silverites agree as to this 1rst effect
of free silver law. The panic OF 1898, was
puny and infsntile when compared with
the one that would come in 1893. There
would be an immmediato and tremendous
shriakage OF all values, and of labor the
most of all Few who were in debt could
pay, but when things really got to the
worst, the opportunity for the wea lthy to
purchase at great bargains would be i'm
mense. Thus the already rich would be-
come vastly richer, and the present in
equality be greatly increased. There
would be general bankruptcy, and for a
few years labor would be drug. Severe
as was the panic OF 1893, It was compara-
lively but mere step and then arrested
in the direction indicated. After weary
months and years, business 81 vould slowly
emerge from the wreck and chaos.
But in the meantime, another current
would have started. The silver OF the
world would be dumped upon the United
States, and With greatly increased mint
service, in perhaps three or four years,
an imitation would begin to make itself
felt. But, even then, the increase in
values would only be seeming and nomi-
nal, for the basis would be silver.
Il oreign exchange would rise to one
hundred per cent. premium, and ell the
raise in values would be only apparent
and deceptive.
The final effect OF this imitation would
be stili again 10 "make the rich, richer,
and the poor, poorer" All kinds OF
commodities would nominally rise, but
ities7 The property OF the millionaire
would be doubled nominaliy and the man
who before had nothing, would have
twice nething.
Wages, in time, would apparently double,
like everything else, but they are always
the last OF the procession. Long before
that time, every commodity that the
la aborIng man needs would have doubled,
and, therefore, he would be, not only
relatively, but positively, worse of than
before.
Both by the panic and by the subse-
quent imitation, therefore, the present
inequality would be terribly intensified.
The unscrupulous hnancier, the wrecker,
and the shrewd operator, would fatten,
for thoy always can take advantage OF
violent, fluctuations, whether upward or
All .wage-earners, people on salaries,
and every producer, as we'll as all legitl-
mate business would suffer, both during
the great depression, and the final in.
flation. Unsettled conditions, OF what
ever nature, always lodge more of the
liked wealth OF the country In the hands
OF those who already have the advantage
SILVER MoNoMETA ELISM.