Catoctin clarion. [volume] (Mechanicstown, Md.) 1871-1940, 1896-07-09
A FAIR WARMING.
GEORGIA BANKERS TELL DEPOSlTORS
WHAT WILL BE THE INEVITABLE
RESULT OF FREE COINAGE.

ID
Good Money as Was Reoeived-May BE
Prevented by tho Awful Rush OF Ruin
Which viii Precede . FREQ Coinage Law.
The Georgia bankers have formally
declared that IAN immense majority Of
the financial men In Georgia believe
that great calamitics would befall tho
whole country If certain very extreme
views about our primary money should
prevail" This of course means FREQ
coinage by the United States.
IF these politicians succeed" say
the bankers of Georgia, 1--WE wish it
understood that it was In despite of our
warming; that we to the last protested
that we wished to pay our dcpositors i'll
as good money as we got from them;
that to tho last we besought the disturb
ers of the peace Of commerce to let coll
hdence in money revive, and when our
depositors rush upon us for their money
IN advance of the passage of such law
and In order to attempt to avoid loss
before the law deprcciatcs their money,
and when to meet their imperative and
lust demands we are forced to press col
lections and deny accommodations in
that awful rush Of ruin, let it be rcmem'
bered that we begged to be spared the
calamity to ourselves and to the coun-
try"
Commenting upon this declaration,
The Journal Of Commerce and Com
mcrcial Bulletin Of May ~ asks: "Will
the planters and the politicians Of
Georgia persist in their demand for free
coinage after this impressive protest
and warning addressed to them by their
own bankers? We fear they will. but
the immense majority Of the financial
men Of Georgia ought to be able to de-
feat the politicians if they cannot deter
them"
This declaration" says the same
paper, "is evidence enough Of what we
have 80 often said, that the silver ques-
ton is not sectional; the commercial
classes of the west and south are gcner-
ally sound on it; the issue is one be-
tween the commercial classes who know
something of the operations Of monetary
legislation and the farmers Of the non
commercial states who do not know.
and the politicians who do not even caro-
30 long as they can raise an excitement
by means Of which some of them can be
elected to office"
Continuing it says THAT most Of the
free silver talk is due to an inability to
understand the facts underlying the
question is illustrated by the protest Of
The Memphis Commercial Appeal, that
the idea that the silver men would ex-
pei gold from use as money is entirely
gratuitous, inasumch as such has never
been their intention or desire. The
Commercial Appeal is quite unable to
understand how gold would be expelled
unless law were passed to that effect.
1T is immaterial what the silver men
intend or desire if they succeed in set
ting In motion the forces that would i'll.
evitably end the monetary use Of gold
In this country. The paper has COM
plete set Of financial opinions which it
does not hesitate to insist on against the
adverse Judgment of all financial au-
thorities here and abroad, and yet it has
so little acquaintance with either the
theory or the history of money that it
does not even understand what is meant
by the statement that free silver would
drive gold out Of monetary use. OF
course it never heard of Gresham S law.