The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1896-10-22

ulators Alone Would Profit.
Let us suppose, says a well-known
Boston writer on economic subjects,
hat the congress which convenes in
December, 1897, together with the new
NEGLECTED. president, shall favor free
silver" They assemble and pass an
act for unlimited coinage, at the ratio
of sixteen to one, to take effect say jan
uary l, 1898. This is just what the ad-
yocates of unlimited silver mistakenly
think would inaugurate general pros
perity. Let us see what would be the
real result
The moment that such an enactment
became even probable, there would be
such q deluge of American securities
and stocks, corporate, municipal, state
and national, returned from the old
world, that prices would rapidly ap-
proximate toward one-half of present
values. Besides, all stocks and bonds
that are more exclusively held in this
country, would sympathetically decline
with them in about the same proper
ton.
The $3.50, 100000 of gold coin (more or
less) now in the country would at once
lose its function as money, and COM
mand high premium. 1t would rapid
ly leave the country, and, for the time
being, there would be a contraction of
the monetary medium to that amount
No matter how much subsequent in
hation might come after a few years
of free coinage, the immediate effect
would be a general collapse and uni
yersal paralysis. The panic of 1893 was
puny and infantile when compared
with the one that would come in 1895.
There would be an immediate and
tremendous shrinkage of all values,
and of labor the most of all. Few who
were in debt could pay, but when
things really got to the worst, the OPP
portunity for the wealthy to purchase
at great bargains would be immense.
Thus the already rich would become
vastly rich, and the present inequali-
" be greatly increased. There would
be general bankruptcy, and for few
years labor would he a drug. Severe
as was the panic of 1893. it was COM
paratively but a mere step land then
arrestcd) in the direction indicated.
After weary months and years business
would slowly emerge from the wreck
and chaos.
But in the meantime another current
would have started The silver of the
world would be dumped upon the
United States, and with greatly in-
creased mint service, in perhaps three
or four years, an imitation would begin
to make itself felt. But. even then,
the increase in values would only be
seeming and nominal, for the basis
would be silver. Foreign exchange
would approximate towards 100 per
cent. premium, and all the risein prices
would be only apparent and deceptive.
The final effect of this imitation would
he still again to make the rich richer,
and the poor poorer. All kinds of com
modities would nominally rise, but
what of the man who had no commod
titles? The property Of the millionaire
would be doubled (nominally) and the
man who before had nothing would
have twice nothing.
would apparently rise, like everything
else, but they are always the last of
the procession. Long before that time
every commodity that the laboring man
needs would have doubled, and, there
fore, he would be, not only relatively,
but positively, worse off than before.
Both by the panic and by the subse
nuent imitation, therefore, the present
inequality would be terribly intensi
fed. Tho INSCRIPTIONS financier, the
wuecker, and the shrewd operator,
'would fatten, for they always can take
advantage Of violent fluctuations.
whether upward or downward.
All wage-earners, people on salaries,
ana every producer, as we'll as all le
ultimate business would suffer, both
during the great depression and the final
initiation. Unsettled conditions, of
whatever nature, always lodge more
of the fixed wealth of the country in the
hands of those who already have the
advantage.
We already have a practical bimet
,alliSm, il that be construed as meaning
the two metals in liberal supply. This
is only possible. when the dearHr metal
is made the standard, and then n GER
tain amount of the inferior metal can
be flOated at a parity.
The fall in The price of farm products
has not been caused by any lack of sill
Yer, but by improved machinery and
the competition OF cheap-labor coun-
tries, like Russia, India, Australia and
the Argentine republic. But even this
decline benefits consumers, and such
comprise the great majority.
But, Notwithstanding the general de-
cline in other values. wages have ad-
yanced. Do wage-workers want their
wages cut in two through the influence
of unsound money? No, the best is
none too good. The only gamers would
be the owners of bonanza mines, who
are mostly millionaires, while every
body else would suffer.
Sound money" creates confidence,
RIal that is the foundation of business.
Distrust and threatened anarchy kill
al demand for labor and always
bring hard times" Degraded money
world be suicidal to oil labor, industry
and business.
Is it Bryan and Sewall, or Bryan and
Watson? Ii is immaterial. In either
case IT as Bryan and populism-Bryan
and experimentation AID riot
Bryan and ruin.-Louisville Courier
Journal.
Photography and Ducks.