Reporter and farmer. [volume] (Webster, Day County, Dakota [S.D.]) 188?-1946, 1896-10-29
gold now in circulation in the United

gold now in circulation in the United
States wonld be exported or boarded.
Railroad stocks with gold mortgages
ahead of them Gas gold must be bought
to pay interest, thus increasing if not
doubling this fixed charge and to that
extent diminishing or entirely wiping
out the net earnings applicable TO divi-
dends), with earnings diminished by the
business collapse, would in the general
panic become absolutely unsuitable.
The bottom would have dropped u Of
them. Banks, therefore, would become
absolutely unable to realize on their col
lateral, and though a combination
might save the strongest for a time ulti-
mately 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, ever though paid for
In deprecated dollars.
AS unemployed laborers could buy
neither food nor clothing, the dimin-
ished demand would cause the prices of
grain, cotton and all farm products TO
fall, as is always the case even in sail
panios.
OF course all mortgages past due or in
default would be Immediately eslled in.
and if not paid foreclosed aud The mort
gageors largely wiped out.
1t is needless to say that there would
DO no money to loan, for who would
lend a hundred cents, or even
90 or 90, i'm order, later on TO
get back but 81?
The farmer hopes to profit by a 81
cent dollar with which to pay off 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 han 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 rot be passed with
out the most desperate fight by the op-
ponents of free silver. We could not rea-
sonably expect that the bill would be-
come a law before next September.
Gold would go out, but no silver
would take its place. Financial strin-
gency would exist for nearly a year.
| During all of this time farmers would
have no crops to sell and coEld 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.
Aswell might farmers think to profit
by selling their farm or labor for francs
instead of dollars because it takes 8
francs TO make a dollar, and they would
consequently get five times as many of
their, as that by selling for silver dol
lars, two of which make u gold dollar.
they could make a profit.
ALI expenses of living would mean
time have doubled, and rs these advance
faster than labor or real estate (which
always rise last of all commodities),
even after work was found, wages would
not bny as much as they do today.
Hence, after evere suffering in the start
and after low wages and high prices tor
many years, the laborer would be no bet
ter of in the end.
And how 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 q little reflection will show that
first we would have q panic, which he
admits, and afterward prices would be
doubled Gin silver.
In this great disaster capitalists could
save themselves by buyialg exchange or
foreclosing. The hardships and misery
would fall upon the labOrer and those
in debt-that is, upon the mass of our
peopIe-and make the rieh richer and
the poor poorer.
Crime and lawiessness would neces-
Garily increase.
Instead Of more money, which Mr..
Bryan promised Us, we have seen that
|! his election means a money famine for
q year and more, aud instead of pros
perity for the producers Of wealth"
there would lie bat losses, hardships
sevi suffering.
In iowof tllescinegi.abic and
Gucnces of Dir. EIyan's election,
IL st vfg.. 80 xn.p tan. imp