The morning times., 1896-07-29
The Evil Effect Of Silver Agitation.

localities withholding legal treasury
from circulation and paying out nothing but silver and
silver certificates. The government refuses to make
gold redempons except the New York and San Fran
cisco subtreasures and money holders large and SMALL
franticay endeavoring to convert their currency
into god expecting to realize big premium should the
November polls record free silver victory The result
OF this preliminary symptom of panic to contract our
currency and create money strngency
The entire business of the country will have to be
transacted with silver, silver certificates, and national
notes. of which there in actual circulation less
than 500 OOO about SO per capita Fortunately
every dollar of this amount is good as goid or we
should distressing money famine time when
money is most needed to market our crops.
| Should free silver prevail at the coming election
this $780, 600 of silver and national bank notes will
be diminished by the amount of the gold premium, for
gold would surely go to premium. Estimating from
the gold value of silver the purchasing Of
available money would be contracted to OO0
and when take into consideration that prices general
would be inflated to meet the deficit created by depre
ciated money the financial situation would indeed be ap
palng Nor silver advocates gather comfort in the
thought that free coinage bill would pass Con-
gress and unlimited silver dollars give relief to the
strngency. coinage bill could not pass the Senate
under two years, until there a reorganization
with twenty active sound money Senators opposed
it and could it be DONE mintage capacity
only $40 0OO 900 year. and it would require year
amount, immediate help could be expected from that
Therefore, it will be that free silver vic
tory will bring serious and prolonged money famine,
under the most favorable conditions
But that would be the least of troubles when the
other evil consequences of free silver considered E
erybody knows that moneyenders not in the bus
for their health and that rule they the most
heartess poverty grinding people in existence These
souess understanding vampires hold So 09 9s5
mortgages the FARMS business property and homes of
American citizens. At the time when this indebted
contracted every dollar of loaned the
different mortgages in money good gold, and the
various mortgage eholders will not permit this enormous
amount to be returned to them 52cent dollars if they
find way prevent it. and how will it be done? 1t
generally conceded that free coinage could be put
in operation within two years from the time silver Con
gress assembled During that interval most of the mort
cages record will mature and become due The
commercial panic and money stringency that must nev
itaby in the event of slverte victory would
der it impossible for most of these debtridden property
to pay off their mortgages and when they sought
to have them renewed the money sharks would insist
mortgages with gold payment clause interest and prin
cpa there would be foreclosure and sheriff ssale
Business is business with who loan money they
generally make the most of their opportunities Can
dy honestly, is it fair to force the sale of farms
and homes in order to experiment with debased money
standard when the sacrifice can be avoided?
No matter how it may be argued free coinage with
the great disparity in the prices of gold and silver
experiment both rash and inadvsable. Reckoning from
the output of 1894 this country would have provide
market for s76 779 worth of silver before that
could be brought to parity with gold. That amount
the surplus of the worlds silver product
which there is marketable demand. 1t is CONNER
cia law that the surplus of commodity regulates the
price of the entire product without regard market
locality This fact is demonstrated in wheat cotton
and tobacco crops, well in every other
ported product and the price of the surplus that sent
to foreign market levels and fixes the price of the
product for home consumption. For that we
would be compelled to create coinage market for the
worlds surplus of silver could never maintain its
parity with gold. Otherwise Europe would make the
price for u.s. and would have debased and fuctua
ting money With the increased output of silver stimu
the surplus.