The Dakota chief. (Gann Valley, Buffalo County, S.D.) 18??-1913, 1896-09-03
FARMERS WILLSUFFER
PANIC FOLLOWING FREE SILVER
WOULD AFFECT THEM.
foreclosure Proceedings on the Part of
Observation-Disclosures Would FOllow-New
Mortgages Would Call for Gold.

1t is assumed by the supporters of
Bryan and his policy in the agricultural
states where his followers abound that
the farmers, and especially those who
have mortgaged their property, would
surely be benefited if Bryan should be
elected and the 53-cent dollar substituted
for the 10O-cent dollar. The purpose of
the silverites, it is admitted, is to COM
pei all dcpOsitors in savings banks, all
holders of life insurance policies, all pen
sioncrs, ard all others who have invested
savings by loaning them directly or in
directly to suffer IA loss of about half of
every dollar which they own upon the
plea that these dollars have a value twice
rs great as they ought to have. 1t is as
sumed. however, that the farmer will not
lose. but will gain.
The farmers who follow Bryan have
been deceived. While ii is probable that
those who would suffer the most severely
are the w~orkingmen. the farmers would
stand very near them on any scale that
should measure the misery of the people.
Undoubtedly the election of Bryan
would be followed by Il panic. This is
admitted by the silverites themselves.
There would be a destruction of conf
dcnce and a paralysis of credit. Would
not this affect the farmer? Can the
farmers isolate themselves and escape
the effect 'of depression that is and must
hp felt by all other classes. spectators
possibly excepted? Even if Bryan should
be elected. at least eight months would
elapse before the silver standard could
be adopted by legislation. The panic
which would follow his election would
dcpress the prices Of farm products; the
paralysis of credit would deprive the
rni,, nf fhn SINtptninr o,y
which carries his crops after they have
been harvested and facilitates an adj
vantageous distribution of them through
out the year. The demand for these
crops in the home market would fall off,
owing to the condition of the working
men.
What would be the experience of those
farmers who have borrowed money and
given mortgages ON their holdings, many
of whom hope to be enabled to pay off
these mortgages at G3 cents on the dol
lar, perhaps overlooking the fact that
they are con>piring to rob the widow and
the orphan? According to the govern
mcnt reports, the average life of Il mort
gage in this country on farm property is
about four and onc-half years. 1t is now
stated by Western men who appear to be
familiar with the farm-mort%age business
HAT Il majority of the farm mortgages in
Wv ~ " 'hht l." W a. nat ilC
terms of them have expired and that they
continue in existence because the lenders
are satisfied with the interest received.
Would these lenders, holding mort
cages overdue. take no action if Bryan
should be elected: Does not the West
orn farmer see that they would foreclose
if payment should not be made? Would
not the election of Bryan be followed
by Il general resort to foreclosure pro-
rccdings on the part of mortgage holders
who could legally take such Il course!
Would even the offer of a renewal of Il
mortgage upon terms binding the farmer
to pay in gold prevent the lender from
Undertaking to reclaim his money? The
Bryan platform calls for legislation
which shall prevent the making of such
agreements. Could the farmers fairly
blame the lenders for desiring to recover
thclr loaned money in 1OO-cent dollars
before, proposed and impending legisla-
non should compel them to be satisfied
with ai-cent dollars?
What would be the effect upon the
farmers. whether silverites or advocates
OF honest money, of the inevitable panic
conditions and thus foreclosure move
nieht: And If the silver standard should
he adopted by legislation eight months
or Il year after the election of Bryan,
aoeS the farmer think he could then Dor
row more money without great difficulty?
Does ne think, on the whole. that the
asriculturists of the United States can
galn ANYTHING by Il policy of robbery and
Itpudiation which would make us de-
'eSiibie the world over?
ihere are many farmers-a great
many, we believe-who see clearly how
treat would be the injury inflicted upon
nnuF aSrlculturists by the election of
hPfFan. These should strive to enlignten
nose tillers of the soil who have been mis-
'ru by hired agents of the mine owners
IN other demagogues.-New York