Herald and news. [volume] (West Randolph, Vt.) 1878-1943, 1896-07-09


debts. Industry would flourish, every
thing would thrive, everybody prosper,
The good old .'war tines would be
with us once more, with its era of large
profits and high wages. There would
be no more bond issues by the treasury
All this is to be accomplished. they tel
us, by the restoration of silver to the
position it held up to 1873 in oui
monetary system, the degradation Of
which, they declare, is responsible fol
all our ills.
This is a delectable picture, truly
and one capable of catching large
class of voters. There is, however,
another side to it, Looking back
through Our history we note the fact
that under Republican administrations
for more than thirty years, during the
most troublous times, the country was
universally prosperous. 1t was only
on the dawn Bureaucratic rule that an
era of hard times, low prices and low
wages came. The policy of the Re
publican party never embraced the
free coinage Of silver, either, and it is
remarkable that without it we enjoyed
so great degree of prosperity, if free
silver means prosperity, as the silver
ties will.haye to admit that we did en-
joy. In our everyday life, if we are
once served well by party we are in-
clined to trust him again. Why not do
so in politics ?
But conditions have changed, they
tell MS. The Republicans could not
succeed again. however benifieent their
intentions. No protective tariff. no adj
Of the treasury, nothing
short OF free silver can save us from fl
nancial wreck.
Well, then, suppose we should de
eide to adopt free silver The admitted
effect OF free silver is to be the cheap
ening ofthe dollar. The silver men
themselves believe that, and that is
what they are working for They hold
that the dollar is now too dear; that il
has appreciated in value and something
should be done TO depreciate it 30 that
it will take less of the fruits Of labor to
earn one, or, what j. the same thing,
make prices higher in relation to the
gold standard dollar Free coinage
means cheap money. Let the Dcmoc-
racy win in November on n free silver
platform and a panic would be precipi-
lated at once. Why? There would be
apprehension. yea, belief on the part of
every depositor in a bank that he was
. be repaid in cheaper money than
hat which he deposited. He would
rive himself the benefit of the doubt |
md oct on the safe side by calling for
lis money. There would be run on
very bank in the country beside which |
he experience OF '93 would be slight. |
The banks world be forced to call in
heir demand and shoit-time loans to |
meet this and would refuse to make
lew loans. The result would be the |
greatest panic the country has ever
cen. And yet some wonder that the
interests are solidly arrayed
.gainst free silver
Owing to the same fear Of cheaper
money, creditors would call in all OBJ
gations that We're due, which consti-
utes a large part of the indebtedness
t the country. Many forced collections
,ould be made. The lawyers and sher-
Is would be the busiest of all classes.
10 one would dare to loan money with
ut stipulating that it was to be repaid
! as good money as that loaned, that
!, gold.
The moment that free silver is immi-
ent, gold will 90 to a premium and
liver will rise in value as there be-
omes prospect Of its coinage. Gold
i'll 90 to premium because ev-
,ybody will be after it, since it is the
My money that the commercial world
i'll accept. Whatever Congress NAV :
esignate as legal tender, the basis will
ill be gold. The ''gold sharks" will
'ap a rich harvest in such conditions
these. As soon as gold is at pre-
ium, much of it will pass out Of the
'untry and out of circulation under
e general law governing the dearer :
two kinds Of money. The result will !,
sharp and sudden contraction of .
II currency instead Of immediate in ?
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