The morning times., 1896-08-24

i
! Outside the redemption reserve held by the Treas
the greater part of gold is in the hands of bank
ing and trust companies where it has been gradually
accommodating since the enactment of the Sherman law.
When Congress passed the act authorizing the monthly
purchase of 600 of bullion silver ranciers
foresaw that would result creating extraordinary
demand for gold and through the medium of banks
lceariug houses they Immediately began gather it up
The panic of 1893, brought by this law, stag
trade decreased to such
to deplete Treasury and place the gold
the mercy of spectators. The general loss
of confidence in the financial situation also caused in
dviduals hoard gold and stop investment and it be-
came necessary sell bonds to maintain public credit
France, England Germany and other countries have
passed through similar crises, and there is way to
avoid them except to reject all propositions adopt
unsound monetary theories There would be much less
danger of pancs and financial agitation if the busi-
of banking and currency redemption entirely
divorced from government affairs. Congress could con-
tinue to exercise supervision the issue and re-
demption of currency without making first party in
the transaction.
The slverite remedy for the defects of our none
tary system the free and unlimited coinage of silver
without waiting for the aid consent any other
nation. Contrary to the opinion of MIR. Bryan,
in the above quotation the first effect of silver
te supremacy would be to increase the influence and
profits of banks and brokers' by forcing gold prem
um. They control the greater part of the gold of
the country and every importer of foreign merchandise
and every person obliged gold for the payment
debts for any purpose whatever would be compelled
to patronize these bankers. They own and
possess s4O0 900 of god and the premium they
would derive from this immense would afford them
greater profit than made the entire bond
sales of the Government The next advantage to be
gained from free silver victory by money holders gen.
orally would be the wholesale purchase sheris sale
of debtors property during the money famine and panic
Isure follow. 1t is simply impossible to prevent
contraction of currency by the withdrawal of gold
there way to prohibit frightened creditors from
forcing the collection Of overdue debts and mortgages
The of 1890 shows that there were 4,77769s
mortgages force the farms and lots of the United
States which represented Indebtedness of So O19-
$685. and is than likely that the greater part
of these would become due while the Senate
successfully opposing the passage of free silver
bill There ALSO millions of homes under purchase
by wageearners the instalment plan of which
would be sacrificed in the loss of employment, brought
about by monetary stringency. These losses alone
should prompt every publicsprited citizen oppose
free silver, and if there any who sincerely believe
that this policy would lessen the influence of money
let if free silver would not rather
than diminish opportunities for money holders to gain
wealth. The real holding situation cannot be
changed without destroying the use of money. Those
who control its circulation under present standard
would continue to do under silver policy. The
financial line that separates money makers from pro.
ducers would be marked as
A thoughtful study of the question will show that
bankers and brokers thrive best the misfortunes Of
the public. Like human vutures they prey on financial
troubles, and the severer the money strngency the
greater will be their profits. Prosperity is the onlv
safeguard against their depredation and that come
only when there clouds financial horizon
The ten-year period of 1SSO1S9O was the most pros
every respect that the United States has
experienced The return to specie payment and the
peal of the Bland Allison silver act had restored con-
6dence monetary system. and induced capital to
make liberal investment The enactment of the Sher.
law however, destroyed this favorable condition
and although that unwise been repealed we
again confronted with the silver heresy in more
alarming form than Free silver would prove as
great bane to this country has been and is to
Mexico and the South American republics. 1t is dis.
organizer of society and foe settled conditions be-
cause it is itself unsound. unreliable and uctuating in