Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1896-08-27


every description, and every one who
works for a salary. shall receive payment
in dollars worth only one-h.ilf whit they
are now, to-wit, 50-cent dollars. That all
our funded securities. stocks. bonds. mort
cages on real estate, ETC., not specifically
payable in gold, shall be only one-half us
valuable as Mt present. And all this Mt
one stroke. Suppose that a free-silver
President and Congress, pledged to carry
out this policy, were elected in November,
1916! We must recollect that they would
not go into power and could not enforcethe
new bnsis until March, 1897. Can any
body believe that the very next morning
after the election there would not begin
u mad scramble TO get what little gold
was left in the Treasury; that everybody
would not rush upon his bank to get out
his money while it was still payable in
money of the present standard; that the
gold would not be withdrawn from the
country and shipped to foreign countries
where its value continued to be recog-
nized?
There would ensue universal lack of
confidence, Il run on every bank in the
country. The banks would be forced to
close their doors and liquidate, and en-
force the payment of all money due to
them, and thus force every business man
to the wall.
Everybody would try to get all existing
obligations closed before the change to
the new standard and to sell every security
likely To be affected by the change before
it became deprecated.
All our manufacturing industries would
be forced to close their doors, to wait for
the new order of things, because they
could not manufacture products which
would soon have TO meet the competition
of free-silver wages.
We have here all the elements of panic
more widespread and disastrous than any
this country has ever had; and feel sure
that the actual loss in material wealth
10 the country due to the universal cessa-
ton of industry, stagnation of business,
and entire loss of confidence in the future
would greatly exceed our entire national
debt. In the midst of this panic those
who had debt falling due would be more
injured than anybody else, because they
would find 1t impossible either to renew
their loan or to get money to pay it and
they would he sold out. The effect upon
this country would be the same MS the
effect upon Il bank which should post
upon its doors the notice Next Spring
this Bank will pay only 30 cents upon
the dollar" Nobody need be told that
the creditors of that bank would not wait
till next spring to place il into the hands
of a receiver.
quote from Chauncey Dcpew:
Confidence and credit are the factors
| of American prosperity and progress.
With confidence the spindlcs hum, the
| furnace is in blast, the miner is at work,
the farmer happy. labor has full employ
ment, capital is active, and the wheels of
the freight car are perpctually revolving.
With confidence business of incalcu-
liable magnitude can get along with source
| ly any currency. Without confidence
there is not money enough In the world to
conduct the business of the United
States"
Have not our people suffered enough
from the hard times and panic from which
we are just beginning to recover, or must
we get completely crushed by another
and more disastcrous panic before we
come TO our senses? Common sense
would dictate that we should let well
enough alone and not try foolish expert.
ments in finance which may involve our
country and ourselves in fresh ruin and
disaster. Let us get over the effect OF
this panic and enjoy little rest before
we try any more experiments.
| We must not forget that under our
present system of finance our country en-.
Joyed Tor many years the most marvellous
growth and development and prosperity
that Mulhall tells us has never been
equaled or approached by any people in
| history nf In hnn .r
after all these fruitful years, the silver
agitators accuse it of having caused the
present panic ! want those DESTROYS OF
knowing the truth to reflect and call on
their memories whether the present manic
was not rather brought on by the wide.
spread fear that we were about to intro
duce or he forced to a silver change in
our present financial system than by that
financial system itself. And is il neces
sary that anything should he done to re-
establish the era of prosperity? Nothing
more than to announce TO the world oul
unalterable determination to maintain nj
al hazards. pure and untarnished, the
nhlncial honor and integrity of the United
STATES, flrst and foremost among nations
Macaney, the great English historian
wrote nearly forty years ago:
1.-THE day will come in the United Stute,
when the multitude, distressed by hare
times, will be called upon to choose /,
legislature. On one side is a Statesman
preaching patience, respect for vestct
rights strict observance of public faith.
I'm the other are demagogucs rantin.
about the tyranny of capitalists and usur
ers. seriously apprehcnd that the pcopl,
OF the United States will in some sucf
season OF adversely do things which will
prevent prosperity from returning: tina
they VIII act like people who should in ;
year of scarcity devour all the seed cor,
and thus make the next year n year. no
OF scarcity, hut of absolute famine. Their,
VIII be, l fear, spoliation; the spoliatiot
VIII Increase the distress. The distress,
will produce fresh spoliation.
When society has once entered O,
TINS downward progress there is notbin,
to stop it. Either civilization or Iibert,
must perish. Either some Caesar n
Napoleon will seize the reins of govern
ment with strong hand or your republi,
Will be as fearfully plundered by bnr
barians in the twentieth century ms III,
Roman Empire was in the fifth; with tbi
difference, that the Huns and VandnI
who ravaged Rome came from without
while your Huns and Yandals will bnv,
been engendered within your own countr,
by your own institutions"
Are we, in this country, about TO yerif,
TINS gloomy prediction? The hard time
are here, and also the demagogues adyo
eating the act of spOliation., With ever,
species of falsehood and misreprcsentn
.ioi theS are urging reputation of one