The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1896-10-28

by the coinage Of his bullion, they had
deprecated 10 20 cents. his profit would
cease; 30 that at one time he could
make a profit. and at another time we
could, and would have SO cent dollars
a little thought solves Mr.. Bryan's d.
lemma.
The farmer hopes TO profit by a 81
cent dollar to pay off his mortgage a,
half its face
How will this work?
On the 5th Of November next, there
would be no more silver dollars in circu-
lation than today. nor on the 5th OF
March next. since no more could be
coined until after free coinage act
had been passed.
Such a law could not be passed with
out the most desperate fight by the op-
pom snts Of free silver. The fight against
the Wilson tariff lasted all summer (till
August 2sth. 1880. and we could not
reasonably expect this to be less deter
mined. or that the bill would become a
law before about September 1st next
Then to coin s517 .OOO. 900 silver dollars
TO replace that number Of gold dollars
driven out Of circulation would require
over eight years. II the printing press
was resorted 10 as the Populists sug-
gest. II would require at the present
rate for treasury notes, on the special
paper required therefor. Of s1.25OOO0 a
day, over six weeks. which would bring
It 10 the middle Of October. and these
could not be Issued till t517. 100000 Of
silver had been deposited in the treas
ury which would require some time.
and bring II to about November lst. or
about year after Mr. Bryan's election.
Now as the gold would have been
driven out Of circulation. 1t is evident
that until the coinage bin became law.
or until September. 1897. or for ten
months after Mr. Bryan's election, we
would only have two-thirds as much
money as now. and at the end Of the
year no more than now.
During all OF this terrible year we
would be suffering from such stringen-
cy. panic and depreciation Of values.
as we have never seen before, and the
prostration and dry rot following the
panic would continue for several years
afterwards. Business activity would
not return with restored currency. as
credit is a creature OF slow growth 1t
took six years to recover from the panic
Of 1873, and would probably require ten
years or more to recover from this one.
With new corn at is cents a bushel in
/ Illinois, and Is in Kansas and Nebras-
ka, and with those prices to be still fur
ther reduced by the panic, the enforc-
ed idleness Of the laboring classes, and
the consequently diminished demand, to
from 10 to 10 cents bushel, after the
laborer has been paid and the far
mer's store bills settled, how much
would be left for taxes and interest on
his mortgage? And II he defaults in
either. win not the mortgage want his
100 cents instead of SO. and foreclose?
Although foreclosure takes from one to
two years. and would take till Novem-
Der Of 1897 or 1898, yet as the effects
of the panic would still continue, there
could be but one result, the farmer
must lose his farm, and become rent
er
The outcome therefore for farmers in
debt, must inevitably prove disastrous.
The foregoing are the immediate ef-
fects.
EFFECTS OF FREE COINAGE.
In from five to ten years hence, after
business and credit were restored, real
estate and labor to day worth 81 in
gold would again be worth that, and.
If silver dollars were worth 80 cents in
gold, they would be worth 50 in silver,
just as they are worth about 81 today in
silver bullion. But those silver dollars
would not be the silver dollars of to-
day, because not interchangeable with
gold as our are. They would only be
worth half as much, and hence be diff
ferent because deprecated.
AS well might they think to profit by
selling their farm or labor for francs
instead of dollars, because it takes I'VE
francs to make a dollar, and they would
get five times as many of
them, as that by selling for silver dol
lars, two of which make a gold dollar,
they could make a profit.
All expenses of living would mean
while have doubled. and as these ad-
vance faster than labor or real estate
(Which always rise last of all commodi-
ties) even after work was found. wages
would not buy as much as they do to-
day. Hence after severe suffering in
the start, and after low wages and
high prices for many years, the laborer /
would be no better off in the end.
And how would the farmer be benefit |
ed, 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 |
and also that 1t will double |
prices.
But little reflection will show that I
first we would have a panic, which he
admits, and afterwards prices would .
be doubled lin silver.
In this great disaster capitalists .
could save themselves by buying ex-
change or foreclosing. The hardships J.