Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1896-10-30

sarily 90 to a premium, with the inev-
liable result that the $5l7, 600, 600 Of
gold now in circulation in the United
States would be exported or boarded.
Railroad stocks with gold mortgages
ahead of them Gas gold must be bought
10 pay interest, thus increasing if not
doubling this fixed charge and to that
extent diminishing or entirely wiping
out the net earnings applicable to dlyi-
dends), with earnings diminished by the
business collapse, would in the general
panic become absolutely unstable.
The bottom would have dropped out Of
them. Banks, therefore, would become
absolutely unable to realize on their col
lateral and though a combination
might save the strongest for time ulti-
matcly many would fail.
Decentralization would follow
Factories, mills, building operations,
etc, would shut down by wholesale and
all classes Of workman, mechanics and
laborers generally, except farm hands,
would be thrown out of employment
Wages instead of rising, must in the
near future fall, even though paid for
in deprecated dollars.
As unemployed laborers could buy
neither food nor clothing, the dimin-
ishod demand would cause the prices Of
grain, cotton and all farm products to
fall. as is always the case even in small
panics.
OF course all mortgages past due OF in
default would be Immediately called in,
and if not paid foreclosed and the mort
gagcors largely wiped ont
1t is needless to say that there would
be no money 20 loan, for who would
lend hundred cents, or even
% or 90. i'm order, later on, to
get back but 81?
The farmer hopes to profit by 81
cent dollar with which to E1y of his
mortgage at half its face.
How Will this work;
On the 9th Of November next there
would be no more silver dollars in cir
culation than today, nor on the 9th Of
March next, since no more could be
coined until after a free coinage act had
been passed.
Such a law could not be passed with
out the most desperate fight by the OPP
ronents Of free silver. We could not roa-
sonably expect that the bill would be-
come law before next September
Gold would 20 out, but no silver
would take its place. Financial strin-
eoncy would exist for nearly year.
During all of this time farmers would
have no crops to sell and could not get
much of the cheap silver money. They
would, however, be paying silver prices
for everything they have to buy. They
could not easily obtain money with
which to pay debts, and mortgages
would be foreclosed by wholesale
Business activity would not return at
once with restored currency, as credit IS
a creature of slow growth.
The outcome, therefore, for farmers
in debt must inevitably prove disastrous.
As well might farmers think to profit
by selling their farm or labor for francs
instead Of dollars because it takes .
francs to make dollar, and they would
consequently get five times as many Of
them, as that by selling for silver dol
lars, two Of which make gold dollar
they could make "A profit.
All expenses Of living would mean
time have doubled, and as these advance
faster than labor or real estate (Which
always rise last of all cOmmodities),
even after work was found, wages would
not buy as much as they do today.
Hence, after severe suffering in the start
and after low wages and high prices for
many years, the laborer would be no bet
ter off in the end.
And bow would the farmer be bene-
fitted if, starting in debt, he had in the
process lost his farm?
Mr.. Bryan claims it is inconsistent
to say that free silver coinage will cause
disaster, and also that it will double
prices.
But a little reflection will show that
first we would have a panic, which he
admits, and afterward prices would be
doubled lin silver.
In this great disaster capitalists could
save themselves by buying exchange or
foreclosing. The hardships and misery
would fall upon the laborer and those
in debt-that is, upon the mass Of our
poople-and make the rich richer and
the poor poorer.
Crime and lawlessness would neces-
sarily increase.
Instead Of more money, which Mr..
Bryan promised US, we have seen that
his election means a money famine foy
a year and more, and instead of pros
perity for the producers of wealth
there would be but losses, hardships
and suffering.
In view of these inevitable and
many of them conceded. cOnse-
quences of Mr.. Bryan's election,
is it wise to vote for him?
If Bryan Is Elected.