New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-11-03
WHAT IT ALL MEANS.

Men do not realize even now what il the real
meaning Of the fight for silver. Thanks To the
tremendous power of the Republican party ana
the de, otcL patriotism shown by Sound Money
Democrats, IL never will be- forced upon them
by storm experience TO know the frghtful ca
l,mty which the vote tomorrow will avert.
There ar. business men who have been so
deeply IMPRESSED with sense Of the emergency
thar they are paving AZ the rate OF Is per cent
a year for a guarantee against the possibility
that gold may 20 out Of use before January l.
IL is estimated that in one way or another pro-
lection has thus been secured for obligations
exceeding SlOOOOWU In amount. and This
enormous drain Oh the available resources OF
the country has raised rates for money all over
the. commercial world more than 100 per cent
having been paid on call here 1t is curious 10
see how the folly Of silver fanatics has enabled
the cold monopolsts to spoil the Egyptians but
even they while blessed with prohts. do not
comprehend, nor do the business men who buy
insurance from them the extent OF the calamity
against which they provide
Those who do know have not dared To make
the matter clear until the last chance OF
Rrvon's election was removed. Mere cOmpre-
heusion of the possible calamity might have
caused a srca; panic. The possibility has
passed II Bryan's election were possible the
many who dread that event. and have PAID
ont millions to insure themselves against the
bare possibility Of IT, are but few compared
with those who would rush at once to protect
themselves II that event should occur
There are some millions of them. Merchants.
manufacturers municipalities and great cor
poratons having debts to pay abroad In gold.
owners of real estate, all the way from sky
scrapin. buildings to small farms or modest
homes. individuals having gold notes outstand-
ing all have on hand or in bank some green
backs or can command some quickly. The man
i'm that position who would not defend himself
as far as he could by turning his greenbacks
into gold would be regarded by friends ms In
need of a guardian But when only few OF
them begin to draw gold. what would follow?
The banks would know that they must face
bankruptcy or get gold for the $16O.OOO.OOO OF
legal tenders and gold certificates they now
hold The Treasury has about S12O,OOO,OOO gold
on hand II IL only common sense TO expect
that the last dollar of It, in case Of Bryan's
election, would be drawn out. not after his In
angliratiOn bur within Il week
Could President Cleveland keep good the
Treasury reserve by selling bonds? II Bryan
were elected he would know II would be q
waste Of time to try He has no power to sell
any bonds except those payable, principal and
interest, in "c0n" which Bryan declares the
Government ought TO pay. principal and inter-
est. I'm silver Even those cannot be sold mt
less than par in gold. Not one bid would be
received for bonds under such circumstances
Without gold to meet gold obligations. without
power to borrow gold. the Government would
be bankrupt. not next year. but this week.
Wires would bring under the sea orders
To sell any part Of American securities for
81 600, OOO.OOO now held In Europe. Americans
could not buy them and pay gold without heavy
loss. because Of the certainty that gold would
command high premium. What would stocks
Of even The best railroads be worth behind obi
cations TO pay gold amounting to millions
yearly with receipts for freight and fares in
paper of swiftly shrinking value?
Let everey man think over for himself the I'M
mediate results One Of them would be the utter
disappearance Of all desire for silver coinage.
because the silver holder would know that he
could only get at the most 81 20A In paper for
his bullion, and would not have the slightest
idea what that paper would be worth from
hour TO hour. while the silver itself would
shrink In such worldwide panic, and free
coinage would give to holders nothing but
coins which nobody would take. The entire
force Of cheap-money advocates would begin
at once to seek for immediate relief The mints
can coin only 100000 Of silver per month
and not until next May or later. Paper can be