Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1896-10-27

free coinage act e, SCI $1,000 silver
which will Immediately shrink ia It's hal
lion value of oII4.-half f3i $gS8 $50 $50 an.
covered paper. which VIII also. when re-
dtensiible in deprecated silver lose halt
its value. The value of the currency ls-ft
VIII be siai, 40 tssl. ana The amount of sill.
yer required to replace the deficit occa
stoned by change In the standard 81
valuation viii he 81 l0 550n1.
IL. The immediate effect Will be q gem
eral decline in the prices of all commod
tiles Everything In the country win BE-
for sale, in order to got ready money
ana there VIII he few buyers. Specult-
tors will enrich themselves by purchasing
al panic prices.
u. la the general crash all factories
Will he closed ana all mills stopped.
IS. With no wages coming in. labOrerS
mechanics. miners, and factory hands
will he unable to buy farm products. ans
the farmer will suffer with the rest of the
community. When Ii Hood deFasfate:
the low lands adjacent to a river the high
water mark on the trees in the river bot
tom stands at the same level on every
tree. regardless of Its name or size.
II. The farmer will take the additional
risk of having all mortgages past due anf
all mortgages in default called in anf
foreelosed. The only bidders viii he this
mortgagors, and the owners Of III,
equities in real estate will be largely
wiped out.
Is. Since all railroads and other corpor-
atoms must take their pay in silver. ant
:
gold at a premium, all stocks having
gold mortgage ahead of them will shrink
enormously in value and be practically
able.
Is. The strongest banks. being thus un-
able to realize upon their assets, will be
in danger of collapse III spite OF any
combination which they may be able tc
make.
L. Foreign importations will cease, ans
the government will be without adequate
income TO pay its current expenses.
Is. The disaster which will thus over
take all classes OF the community. and
whe!m the country in a common ruin. viii
probably prevent the passage OF any free
coinage act, so that the sufferers from
this needless panic will reap no reward In
the end from their sacrifices.
49, But even il a free coinage act should
be passed. 1t can not take effect without
long delay: first. the delay in legislation
then the delay in order to create new
minis and put them in operation. or. if
treasury notes are issued instead. the
delay in printing them besides they can
not be issued until the bullion required
to secure them shall have been mined OF
imported and deposited in the treasury.
20. While waiting for the new supply OF
money to take the place OF that wnlch
will have been lost to circulation. the far
mer will lose his land and the working
man his situation and employment; the
farmer will have to take for his product
and the mechanic for his labor any price
that may be rendered him. in order to
avoid starvation. The fate Of the far
mer and workingman will be the fate of
all who depend upon these two factors
in the social organism for their subsis-
tence and prosperity. The interest Of the
employer and employe. <of the buyer and
the seller. of the debtor and the creditor.
is after all a common interest. The
sun when it rises lightens every one of
them: when the sun of prosperity sets in
night. all are alike in the darkness Of
common calamity.
81 In short. Bryan's election would
mean a worse calamity to the people of
the United States than famine. pestilence
or war
Mr.. Bryan admits that the first effect of
his success at the polls would he a panic
but justiiies his course by saying: "Wher
you come before and tell us that we
will disturb your business interests. we
reply that you have disturbed our bust
ness interests" And again: when the
country is in a deplorable condition. il
will take extreme measures to restore
it to a condition of prosperity" The
recklessness of the experiment which in
his ignorance of finance he proposes to
try. is criminal recklessness. What pa
triot. what man, with a due regard for
his own interest and that of his family
will cast a ballot to give him the chance
to try it? Upon that mans head will be
his share of the responsibility for all that
will follow.