Crawford avalanche. (Grayling, Mich.) 1879-19??, 1896-08-27
FARMERS WILLSUFFER
PANIC FOLLOWING FREE SILVER
E3tAWoULD AFFECT THEM.
Forceiesnre Proceedings on tho Part Of
Mersgaxe- Holders Would Foiiow--Nsw
Mortgages Would Call for Gold.

1t II assumed by the supporters of
Bryan and his policy in the agricultural
states where his followers abound that
the farmers, and especially those who
have morgaged their property, would
surely be benefited If Bryan should be
elected and the 53-cent dollar substituted
for the l00-ccnt dollar. The purpose of
the silverites, it is admitted. is TO COM
pei all depositors in savings banks, all
holders pf life insurance policies, all PEN
sioners. ard all others who have invested
savings by looming them directly or in
directly TO suffer n loss of about half OF
every dollar which they own upon the
plea that these dollars have a value twice
as great ashley ought to have. 1t Is as
stunned, however, that the farmer will not
lose. but will gain.
The farmers who follow Bryan have
been deceived. While y is probable that
those WHO would suffer the most severely
are the workingmen, the farmers would
stand very near them on any scale that
should measure the misery of the people.
Undoubtedly the election of Bryan
would be followed by Il panic. This is
admitted by the siverites themselves.
There would be a destruction of conf
dence and q paralysis of credit. Would
not this affect the farmer! Can the
farmers isolate themselves and escape
the effect of depression that ia and must
be felt by all other classes spectators
possibly excepted? Even II Bryan should
be elected, ut least eight months would
clapse before the silver standard could
be adopted by legislation. The panic
which would follow his election would
depress the prices of farm products; the
paralysis of credit would deprive the
grain grower of the sustaining power
which ''carries" his crops after they have
been harvested and facilitates an adj
vantageous distribution of them through
ont the year. The demand for these
crops in the home market would fall off,
owing 10 the condition of the working
men.
What would he the experience Of those
farmers who have borrowed money and
given mortgages on their holdings, many
of whom hope to be enabled to pay off
these mortgages at 53 cents on the dol
lar. perhaps overlooking the fact that
they are conspiring to rob the widow and
the orphan! According tn the govern
mept reports, the average life of II mort
gage in this country on farm property is
about four and one-half years. 1t is now
stated by Western men who appear TO be
familiar with the farm-mortgage business
that a majority of the farm mortgages in
force are due; that is to say. that the
terms of them have expired and that they
continue in existence because the lenders
arc satisfied with the interest received.
Would these lenders, holding mort
cages overdue, take no action if Bryan
should be clectedI Does not the West
ern farmer see that they would foreclosc
If payment should not be made! Would
not the election of Bryan he followed
10y a general resort to foreclosure pro-
ceedings on the part of mortgage holders
who could legally take such Il course !?
Would even the offer of Il renewal of Il
mortgage upon terms binding the farmer
to pay in gold prevent the lender from
undertaking TO reclaim his money? The
Bryan platform calls for legislation
which shall prevent the making of such
agreements. Could the farmers fairly
blame the lenders for desiring to recovec
their loaned money in 1O0-cent dollars
before proposed and impending legisl;s
ton should compel them 10 be satisfied
with 53-cent dollarsp
What would he the effect upon the
farmers, whether silverites or advocates
of honest money, of the inevitable panic
conditions and thus foreclosure move
menty And if the silver standard shouht
be adopted by legislation eight month";
or II year after sthe election of Bryan,
does the farmer think he could then Dor
row more money without great difficulty :?
Does he think. on the whole. that the
agricultursts of the United States can
gain anything by Il policy of robbery and
reputation which would make us de-
testible the world over?
There are many farmers-a great
many, we believe-who see clearly how
great would be the injury inflicted upon
our agricuturists by the election of
Bryan. These should strive to enlignten
those tillers of the soil who hu yc been mis-
led by hired agents of the mine owners
and other demagogues.-New York