The Universalist. [volume] (Chicago [Ill.]) 1884-1897, 1896-10-31
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ADVERTISEMENT ADVERTISEMENT
SOME FACTS.
The Effect of Free Silver on the Church and Charities

The careful attention of readers is Invited to
the following statement, by competent au.
thority. of the effect which free coinage of sill
Yer l6 to l will have. II it should become law
upon religious and charitable enterprises of all
sorts.
Mr.. Bryan in his speeches announced his
financial programme, in case of his election. II
Is as follows: He will sell no more bonds with
view to maintaining the gold reserve In the
United States treasury: he will take the ground
that the principal and interest of government
bonds are payable in silver; he will redeem the
outstanding paper money in silver; and he will
as speedily as possible convene to Congress In
extra session for the purpose of passing free
coinage act.
This policy. II carried out, will put the coun-
try upon silver basis. without waiting for the
passage of free coinage act. as soon as the
gold reserve in the treasury shall have been
exhausted, If not Immediately upon his cleo.
ton.
Putting the finances of the United States
upon silver basis means, that the silver coin of
this country will no longer be redeemable, d.
rectly or indirectly in gold. Everybody knows
that, at the present time, the silver bullion In
silver dollar is not worth one hundred cents In
gold. Measured by the gold standard, the legal
Standard of valuation. it is now worth only
about fifty cents. Whenever this country goes
to silver basis, the silver coin of tine country,
Instead of passing current at It's face valuation
In gol |, will be received in exchange for other
commodities at its bullion value, or at the rate
of about fifty cents on the dollar. The only
people who will benefit by such a sudden and
radical change in the monetary standard will be
IN
slst upon paying their debts, under the legal
tender act, in this deprecated money These
form but a small percentage of the total popu-
laion. The mass Of the people will have TO I'M
deTgo the risks and hardships incident to total
arrangement of all existing business relations
1t is predicted. by those in the best position to
judge, that the banks will fall. or at least sus-
pend payment; that the factories and mills will
be closed; that the great body of workingmen
will be thrown out of employment; and that the
farming community win find diminished sale
for farm products, which will be the occasion to
them of great distress If not OF the loss Of their
lands through the foreclosure of mortgages. 1t
may be, as stated by the advocates of free coin
age. that in the end business will adjust itself
to the new conditions, that the contraction of
the currency, and the still greater suspension
of credit which would Immediately follow the
passage of free coinage act, will in time be
followed by an enlargement of the volume of
the currency through the coinage of silver or
the printing of silver certificates, and that the
prices Will, when all this shall have been ac-
complshed, be nominally higher than at pres
ent; though 1t is not believed that they will be
any higher when measured in terms of gold
But meanwhile. the greatest stringency in the
money market will prevail, which will be aggra.
waited by the throwing out of employment of so
many hundreds of thousands of men who live
by their daily labor, and by the necessity for
selling everything that can be sold at any price
that is will command In the market, with only
a limited number Of takers. which win bring
prices down for the time being to lower level