The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-08-01
.TnE EyIL EFEECTs

ofsiiser Agitniion- lilo the Farms, HIS.
tnrss Property and Home, on Whicl,
Money 10 Dae would bs SnrrinteL-k
Matter Of urtat Moment to iir People.
Washington Times Und.- Lnhor): IA
the silver wave Increases In volume aud
Importance, It's, dcmoralIzlng effect on
the moncy-holdlpg public becomes more
and more apparent. Banks In most
localities are Withholding legal tender.
ana treasury notcI frt'm circulation and
paying out nothing but silver nnd silver
certificates, Tho government refuses 10
make gold reucmptlOng GXcept at tho
New York aud San FrancIsco sub
TREASURES, and money holders, large and
small, are frantlcdlly cndcnvorIng TO
convert their currency Into gold, expect.
lnE to realize Il big premium should the
November polls record u free silver VIC
tory. The result OF this preliminary
symptom OF q panic " to contract our
currency and create n more pronounced
money stringcncy. The entire business
OF the country viii nov have To- be
transacted with silver, silver certificates
and national bank notes, OF which there
arc In actual Use less thnn 800, 000, 900,
VI "bhhN Wv INl Nalllds NOIltIlNitlSt
every dollar OF thin amount IL aS good M
gold, or we should have u distressing
money famine nt u fine when money Ia
most needed TO market our crops.
Should free silver prevail at the COM
Ing election, this. 500. 900. 900 at silver and
national bank notes Will be diminished
by the amount OF gold premium. for gold
would surely Rn TO n premium. EStl-
mating from the present gold valuA OF
silver the purchasing power OF our
available money would be contracted 10
1864, 900, 900, and when we. take Into con-
sidsrntlon that prices generally wnuld
be Inflated 10 meet the deficit created by
u deprecated money, the financial sltti-
alton would Indeed be appalling. Nor
can silver advocates gather comfort In
the thought that II free coinage bill
would SOon pass Congress and unlimited
silver dollars give relief to the strIpEcn-
cy. A coinage bill, could not pass the
senate under two years. or until there
was II reorganization, with twenty or
more active sound money senators OPP
posed 10 II; and even could Il he done.
our mintaEc capacity Is only $4,000 900
n year. ind as 1t would require q year or
two TO build new machinery and dies TO
Increase that amount. no immediate
help could be expected from that SOURCE.
Therefore, II will he seen that a free Sill
yer victory will bring on Il serious and
prolonged money famine, under the most
favorable conditions,
But that would be the least Of our
troubles when the other consequences 0f
free silver are considered. Everybody
knows that moncy-lcndRrs are not In the
business for their health. and that they
hold 5000. 6I9. 9S5 in mortgages on farms,
business property and homes OF Amcrl-
can citizens. At the time when this vast
Indebtedness was contracted every dol
lar OF It was loaned TO the different
mortgaSees In money as good as gold.
and the various mortg1Gc-holders will
not permit this enormous amount to be-
returned 10 them In 52-cent dollars II
they can find Il way 10 prevent K, and
how will 1t he done? II is generally con
coded that free coinage could not BE- put
In operation within two years OF the time
n silver Congress assembled. During
that Interval most OF the mortgages now
on record will mature and become due.
The commercial panic and the stringent
cy that must Inevitably ensue In the
event OF a sllverite victory would rem
der II impossible far most OF these debt
ridden property owners to pay OF their
mortgages, and when they sought 10
have them renewed the money sharks
would insist on mortgages with q gold
payment clause. interest and principal.
or there would be a foreclosure and a
sherln's sale. Business Is business with
men who loan money, and they gener-.
ally make the most out Of their opportu-
mites. Candldly, honestly. Is it fair 10
force the sale Of u farms and homes In
order to experiment with q debascd
money standard when the sacrifice can
be avoided?
No matter how II may be argued, free
coinage with the disparity in the prices
OF gold and silver Is an experiment rash
output OF 1894. this country would have
to provide 4 market for S16,6O5, 49, worth
OF silver before that metal could, be
brought to n parity with gold. That
amount represents the surplus OF the
worlds silver product for which there Is
no marketable demand. II Is a CONNER
ciaI law tbat the surplus OF u commodi-
ty regulates the price Of the entire pro-
duct, without regard to. the market or
locality. This fact Is demonstrated In
our wheat, cotton, corn, n tobacco
crops. as well as In every other exported
product. and the price Of the surplus that
Is sent abroad levels and fixes the price
Of the product for home consumption.
For that reason we would be compelled
to create Il coinage market for the
worlds surplus OF silver or We could
never maintain It at a parity with gold.
Otherwise Europe would MAKE the price
for us. and We would have d debaSed and
t%IuctuatIng money. With .hc Increased