Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1896-10-01
Elk SECRETARY
SEIZURE.
gHOWS CLEARLY THAT FREE SILVER
WOULD MEAN RUIN TO INDUSTRY.

WOULD MEAN RUIN TO INDUSTRY.
| Threat to Put the United States on the
Silver Basis Would Cause Business Stag
milton Mr. Bryan, Schcmn e. Throw
the Country Into Fits SO That He Can
! Try His sixteen TO One Qnach Medicine
| Evil Effects of the Free Coinage Agta-
| tIon Already Manifest
Hon. Carl Schurz, cx-sccrctary Of the
| interior, addressed an immense audience
in Central Music hall, Chicago, on
Sept B. Speaking Of possible free sill
yer victory he said:
Consider what the immediate conse-
quonccs would be If Mr.. Bryan wcro
elected president, with n congress to
match Mr. Bryan would Of course be
! anxious to have his FREQ coinage law
enacted, but that could not be, even if
| he called an extra session Of congress,
until Some time in April or May, five or
six months after tho day Of election.
But as soon rs on tho 4th Of November
| the result Of tho election was announced
everybody would know that the parity
Of gold and silver would not be main
tanned.
1t having been made certain by Mr.
Bryan's election that the parity Of gold
and silver would not be maintained,
there would be rush upon tho treas
ury for the gold in it by persons hold
ing grccnbacks entitled to redemption,
and the gold reserve would be exhaust
cd in twinkling. Gold will instantly
disappear from circulation, to be hoard
cd or exported. Why will it disappear?
Because every sensible person when
making payment will prefer to mako
it in tho less valuable dollar and hold
tho more valuable gold dollar back for
moro profitable use Gold will there
fore quickly rise to u premium, and wo
shall be on tho silver basis long before
u FREQ coinage law can be enacted, Our
daily transactions in buying and sell
ing, IN paying and receiving wages,
will no longer DO carried on upon the
basis OF the gold dollar worth 100 cents,
but Of tho silver dollar worth 80 cents
or thcrcabout, for the government will
no longer hold up tho silver dollar to
tho valuo Of the gold dollar.
Tho quantity OF gold vanishing from
circulation will amount to about $780,
600, 600, tho disappearance of which
will mako u tremendous holo i'll tho
volume Of our currency. But, says tho
silver man, thoro will be free silver
coinage to fiji the gap promptly with
coined silver or silver certificates. Oh,
no, my follow sufferers. Tho disappear
anco Of gold will happen promptly after
tho election Of Mr.. Bryan, and there
will not possibly be- any FREQ coinage of
silver for ut least six months, and it
will require great many moro months
to fiji n gap of 5000, 900, 600.
What will happen MEANWHILE Tho
st. Louis Globe Democrat reports Mr..
Bryan to have said some timo ago: Il
think it--moaning tho victory of tho
FREQ coinage movemcnt-will cause n
panic. But the country il in u deplor-
ablo condition, and it will take extreme
measures to restore it to u condition of
prosperity. " Whcrcupon tho St. Louis
paper pointedly remarks, Evidently
Mr.. Bryan has heard OF tho doctor who
always throw his patient into fits before
administering any curative medicine. I"
just 80
How, then, would Mr. Bryan's eft"
work? Tho sudden disappearance of our
gold from circulation would produce
the most stringent contraction of tho
currency on record Business men who
owe money and ut tho Same timo havo
money duo them will be forced to col
loot that money by every means ut their
disposal Nobody will be Inclined to
lend out any money except upon oxtraor-
binary security. Tho banks will nat
urally consider it their duty to keep
themselves strong, and therefore to call
III loans and to restrict their discounts
utmost caution. Business establish
monts, manufactures, mercantile
houses. unablo to get tho money for meet
ing thor obligations will Ivy tho hun
| drcds suocumb to their embarrassmcnts
and tumble down like u row of bricks.
Others will cautiously restrict their OPP
| erations to tho narrowost possible limit,
and wage earners by tho thousands will
lose their employment and bo turned
into tho street,
How can foretcl! these things with
so much assurance Because they have
already cast their shadows before. DO
you remember tho crisis Of 1898, when
tho silver basis was in sight9 And
now again tho mc-o apprehension Of
n possibility Of MIR. Bryan's election
and of tho consequent slipping of our
country upon the silver basis has al
ready caused untold millions of our
securities to be thrown upon the
market i'll Europe as we'll M here.
Scores of business orders are already
recalled, largo number Of manufao-
turing establishments have already
stopped or restricted thcir operations,
enterprise is already discouraged and
nearly paralyzed, many works of public
utility by industrial or railroad COM
| Onnica hayo n1rcady hcan ariercH pfY