The Cape Girardeau Democrat. (Cape Girardeau, Mo.) 1876-1909, 1896-08-15
THE SIZE OF 1T.
A Financial journal on the Results of
Bryan's Election.

interesting n proDaDle forecast OF
the result of the election of Mr.. Bryan,
with a majority OF Congress pledged
to the free and unlimited coinage of
at Ii to |.
The outcome of the election would be
known in the first week of November,
but the new President and Congress
would not come into power till March
!. 1857. There would be an interval
of four months, in which events would
develop rapidly. The gold reserve of
500. coo. coo would be At once absorb
ed. the World thinks, by holders
of oreenbackS and Sherman notes.
Mr.. Cleveland would be willing to stay
a panic by strengthening the depleted
reserve with a new issue of bonds. but
in view of the policy of the new admin
istraticn to pay interest and principal
OF bonds in silver coin" it would be
impossible to get gold by Il new issue
of bonds.
The country's stock of some $780,
coo, 900 of gold held now as a reserve
by banks and other financial institu-
lions would be Withdrawn from this
function and boarded for a premium.
Over a fourth of our stock of money,
and the best part OF it. would thus
cease to be available for business
Having fallen to the silver basis the
value of all our other money would be
contracted by nearly One-half. Over
S346, 900, coo of greenbacks. S14o. OOO,-
900 of Sherman notes and S39S, OOO, 1908
of standard silver dollars, aggre-
eating 1892. 6S5. 900, would lose pur-
chasing power and sink to about sA6,-
900, 900 of effective money. The con-
traction of the currency due to the re-
tirement of gold and debasemens of
silver and greenbacks would be in eff
feet about 81, 200, 900. 900. To be add
ed is the contraction in value of
national bank notes, which would be
at par with such money as was to be
had. Deposits in banks would shrink
in like manne and checks on deposits
would have diminished purchasing
power.
I'm the face of such results" says
the 'World,' maturing loans and
mortgages would be called in. foreign
investments would be thrown on the
market, credit would be destroyed and
business stagnation, panic and failure
would follow. With such a contraction
LOT currency and credit all merchandise,
Including wheat and cotton, would de-
feline to the lowest values everknown.'
kShOuld the new Congress be SUMMON
led In extra session it could moi meet
before March 4, 1897. A time weald
relapse before the House could pass q
free coinage bill. There would be re-
Esistance to it On the part of the gold
standard members, but we may on
lceive that the bill would get to the
iSenase by April l. In the Senate the
minority would fight it obstinatelE, so
THAT several months might elaps- be-
Ifore the bill would be ready for the
Presidents signature. Secretary Car
Isle has estimated the coinage capac-
ity of our mints at about $40, O0e. 900
yearly. 1t would take nearly fifteen
wears II replace with new silver dol
lars the gold that had been driven out
of use. Silver men would fOresee
this, and their free coinage act HOuld
proviae for an Immediate issue sf sill
yer certificates at the IL to ] rahiO iS1
for 5le). and the whole world would
share in the rush to get certificates be-
fore they fell TO the ultimate 3allion
value of the silver in the dollar. The
dearsh of money might make nm arti-
fetal demand for a time fog such
money. as was to be had, but sith the
issue of certificates a new imitation
would begin.
The United States would receive sill
yer from all the world so long as the
silver dollar here would exchange for
more han the price of the bullion it
l~contained. The worlds stock of sill
yer is over 81, 900. OOO. 600. a great part
of which wOuli come to take the place
of gold. Wheat and cotton would,
however. continue to sell abroad at
gold prices. while our farmers would
pay inflated silver prices fos their sup
plies. India, Russia and Argentine
would compete with rs To increased
advantage and farm prices would be
worse than ever After few years of
suffering the United States would tire
of the experiment. hut would be load
ed down with deprecated silver: Us
currency would BE- in sad disorder. its
credit would he gone, and there would
be a general setback. which it would
take twenty-five years I o recover
from. In view OF this denOuement the
world" asks ~pertinently. is the
game worth the candle. Baltimore
Sun Dem
Cure for Headache.
As IL remedy for all forms of Head