The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-07-24

supposed rise In Its price would I'M
mrnscly Increase Its output at the
mines OF all producing countries. OF
course. they have no choice between
affirming these claims and admitting
In advance the certain defeat OF their
experiment.
Would Meet Dl,,rnst 1T the Start.
This Is their theory OF the working
OF their scheme. Let us weigh some OF
the obstacles which free coinage must
encounter from the day OF It's lnccp-
ton and even before, Being violent
revolution. the project would encounter
universal distrust OF It's success; and,
from the instinct Of sclt-protcction. the
financially influential classes would OPP
pose II ut every point. The earliest OPP
position would naturally come from the
creditor interests. and first from Eli
rope, to which this country Is enor-
mously indebted. England Germany,
and Holland hold m amount OF our
bonds. mortgages and stocks estimated
varlously at from 81 800, O0O, 900 TO s.. 900,
100000. Hitherto. the principal and In
terest OF these Investments have been
regarded as payable in gold or its rep
resentativcs. In spite or the protcsta-
to keep unlimited Issues OF silver upon
party with gold. these creditors would
regard their Investments as having be-
come payable In silver OF
Utterly Uncertain Value.
It has already been made ubundantly
plain tina, they have no confidence
whatever in the possibility OF rcStor-
Inv sIlvnr =, to F,r,,,ar MN pntnr,. fupr-
tons and value; not even II X were
guaranteed by the strongest possible
international union: and much less
when the suarantcer is Il solitary ma
ton, and when the guarantee would
be worthless unless the Guarantor We're
able to restore silver from trirty-onc
pence to ,siXty-one pence per ounce the
whole world OYER, and to keep It there.
Inevitably, therefore, the first step Of
his influential mass Of creditors would
be 10 send our securities home for reali-
cation. Ordinarily sudden return OF
800, 600 600 or $50. 00O, 900 worth OF our
securities has SUiiiced 10 produce panic
In New York; what would be the sort
OF panic when the amount OF invest
ments seeking realization was ten or
fifteen times these amounts? The crisis
would be Instantaneous and over
whelminG:
Surprising In the Extent OF Its Rain
anything experienced In the history of
this or any other country. Its effects
would extend to all the European mo-
ney markets. and London would suffer
n shock compared with which the great
Barring failure would be a small affair.
Our vast liquidations OF foreign debt
would compel an immediate suspension
OF gold payments. Every obtainahle dol
bar OF gold would be forthwith exported
TO settle the enormous adverse balance
OF the exchanges thus arising; and the
yellow metal would rise to a premium
regulated only by the necessity OF pro-
curing It In large sums for export and
the disposition to hoard 1t rs the only
safe money In the country. This eShauS-
tton of our stock OF gold payments 10
our foreign creditors would leave US
with no other proCurable coin legal
tender than the silver dollar: and thus
We should BE- hOpelessly prcclpitatcd
upon the single silver basis. and the de-
probation Of silver would be measured
by the premium on gold. The imme-
date effect would thus be that. instead
OF the bimetalIc basis which the silver
iteB profess TO aim At. we should be
committed to silver mon0mctallism, and
the plan would break down at It's ear
Hest inception. s
Universal Wreck and Ruin,
The Imagination shVinks from the
sickeninS spectacle OF the condition Of
domestic commerce and finance which
must attend and long succeed this do
q tFNtt l., n
financial relations. The reality. in
deed, would far exceed ANYTHING the
anticipation conld forcshadow. What
would be the wrcckage of our banking
and credit sySt"mg. represented by
F',2i7.OOO 900 Of assets. all thrown into
confusion; by SS,l75O0O.O0O Of loans and
discounts, placed In suspense and un-
renewable when liquiiated: by $780,
OoooOO or private deposits. the payment
OF which would be thrown Into un-
certainty: by 100000 900 Of legal tender
assets, IN" redemption of which would
be suspended? Where, again. would our
savings banks stand, With their 81 $40
OOO.oO0 OF deposits. representing the
savings OF 100000 citizens OF small
means? Can any apprehension over
estimate III" Reorganization OF busI-
moss and the ruin Of credit that would
attend such disruption of our whole
financial system? The Unprecedented
bank panic or 1893 would b. the vcricst
triile to the banking and monetary crIs-
Is Incident to the introduction OF free
coinage. The whole system Of agencies
incident il industry and to the trans-
action of business would be thrown into
suspension, with what collapse OF In
dustry and trade 1t Is needless to IN
dicatc In detail.
Examples of History.
This enumeration Of consequence IS
no mere thcorctIc portraiturc. 1t Is n
sober and unrcstralncd deduction from
an obvious process of cause and effect
which no candid economist or intclll-
gent man of affairs would deny TO be
inscparablc from such Il violent none
tary revolution MS the silver faction
proposes TO Introduce. History presents
no instance OF the deterioration OF n
money standard unattended by con-
Hcquent violent disturbance of the for
clGn exchanges and by dlstruSt and col
lapse IN domestic interests: no ease Of
forcing into circulation dubious and
lluctuatlng currency alongside one Of
stable value without cyDGlllns the su-
p"rior money from the country nr out
or circulation Every nation has be-
qucathcd us lessons OF disaster due to
triIiing with the quality OF It's currency.
Not one Of the numerous nntionaliticS
has escaped the penalty Of dishonest de-
tcriorntion of the money standard, and
to-day the countries that are weakest,
least progressive, lowest In credit and
least able to stand the contest Of In
trrnational competition arc those whose
monetary system Is unsound or dlScrcd-
tied. Under free COinngc that would he
our rnnlt, In spite Of our magnificent
resources. The most splendid sources