The Louisiana Democrat. [volume] (Alexandria, La.) 1845-1918, 1896-07-01
A FAIR WARNING.
GEORGIA BANKERS TELL DEPoSlToRS
WHAT WILL BE THE INEVITABLE
RESULT OF FREE COINAGE.

R.,ter. Want to Return to Depositors as
Good Money "a Was Received-May Be
Prevented by the Awful Rush of Ruin
Which Will Precede Free Coinage Law.
The Georgia bankers have formally
declared that IAN immense majority OF
the financial men in Georgia believe
that great calamities would befall the
whole country if certain very extreme
views about our primary money should
prevail" This of course means free
coinage by the United States.
IF these politicians succeed say
the bankers Of Georgia, I'VE wish it
understood that it was i'll despite OF our
warning; that we to the last protested
that we wished to pay our depositors in
as good money as we got from them;
that to the last we besought the disturb
ers Of the peace Of comme'ce to let con-
fidence 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 dcpreciates their money,
md when to meet their imperative and
lust demands we arc forced to press col
Iections and deny accommodations IN
that awful rush Of ruin, let it be remem-
bered that we begged to be spared the
calamity to ourselves and to the corn-
try"
Commenting upon this declaration.
The Journal of Commerce and Com
mercial 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 so often said, that the silver ques-
ton Is not sectional; the commercial
classes of the west and south are gener-
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 care
80 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 tc
understand the facts underlying the
question is illustrated by the protest Of
The Memphis Commercial Appeal, that
the idea that the silver men would e1.
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 te
understand how gold would be expelled
unless law were passed to that effect.
lit is immaterial what the silver mcu
intend or desire if they succeed in s. :
ting in motion the forces that would in
evitably end the monetary use of gold
in this country. The paper has com
plete set Of financial opinions which il
does not hesitate to insist OH 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 il
- So, ~
by the statement that free silver would
drive gold out Of monetary use. OF
course it never heard of Gresham s law. F"