The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-10-24
.A!l.RlEUNANSWERABLE
Points Based onBryan's Own AS
scrtions and 'Admissions.
.fACTs.SD.KN'oCKs 5jOuTl THEORIES L;
AnArtlels Inst Every yotsrsleald Head,
lvrI,te,i byJa,ars y. Murray The Cons
I. sequence. or Mr.. iIlryan's Election
Polluted Oat In Plain IanEaase--lIls
strongest Arguments Torn 10 Pieces

stfoheest arguments Torn " Iiects.si,l5nl
IL Mr.. Bryan, 10 elected have Syqt,
weighed what the results viii bcs'Sl \
AZ Paterson. on September =, he.
said: 81 say to YOU now that-my. clee-:
ton means that this nation shall open
It's mlnts TO the free coinage pfNboth
metals ut the earliest possible moment,
Y Not only that but my cIcctlo that
this nation shall treat the silver dollar,
just as AZ treats the gold dollar, }dnd
that We shall not issue bonds toibuy
gold" E u +,
II the treasury gold reserve is,not To-
BIZ replcnisled by bond sales We all
know 1t can't last long. Foreigners
would Immediately call3for their loans
and balances here, ard holders az the.
3cs,0Oo0o Of outstanding green backs!
and treasury, notes. according 20 the
United States treasury statement Of
October ], 1866. would quickly Sith-S
draw the si2SocO 900 of gold now In aheE
treasury, TO either export or, hoard it,i
and leave the holders OF the remaining,
$500 100000 10 take their pay5in silver.
That this goll4lll almost Immediate
/, ly3be exported Mr.. Bryan admits, On;
) September 90 at Tammasiy Hall, he,
( said: tYou know that vita, gold as our
%only primary money and the fact that
4 itheflitue quantityapf gold can be drainr.
cd away at moments notice by for-
( elgn creditors, 1t leaves us. etc." ~
AS all our material bank notes are,
rcdeemable In greanbacks, they, tno,l
4 would fall with thYm to'a silver basis
In. short, Mr.. Bryan's election would,
as soon as the present gold IN she
treasury.is exhausted, put our cur
rency on n silver I basis, md ALI.
q DEBTS, .E,SCEPT4 WHERE OTHER
WISE llXPRESSSLY; ST1PULATED,
y MOULD. BE PAID IN SILVER. !. TX :!
$ 1t Will be observed that this Would.
& NIL happen. EVEN If NO FREE SILL
YER CoINAGEsACT5 SHOULD EVER
4 BE PASSED.
AS interest on government bonds
would hence forward be paid in silver,
and also all dividends on stocks, for
eign capitalists would dispose largelyof.
their holdings in these, and thus nee
essitate further large remittances of
) gold. & Il + MI Il lif55
Their Correspondents here and bor-
rowers OF foreign money, being called
on to pay. up, would be compelled to
call in their loans, and draw their ba!-
ances out OF bank. S
All creditors in this country who pre-
Ger gold Ito silver dollars (Which in
cludes the bulk of them), would de-
mand all debts due them paid, and
getting grcenbacks or treasury notes
for their bank balances. would pres
y eat them at the treasury for gold be-
fore It was too Tote. II impossible to get
gold they would buy sterling exchange.
or exchange on Canada. The Herald
reports that prior TO October i, over.
100000 in gold had already been de-
posted in Canadian banks to avoid the
risk Of the coming election.
IN SHORT. EVERY MAN WHO
had A DOLLAR COMING TO HIM
81 WOULD WANT THAT DOLLAR
y PAID. HIM WHILE ,1T.WAS WORTH
K ONE HUNDRED CENTS. AND BE-
4 FORE IT GOT TO BE WORTH BUT
{ FIFTY-THREE. 3,
The business houses and other deb
tors called on 10 pay up. would be
compelled to call on their. debtors, and
thus all the, debtors in the country
would be called on to pay+up imme-
diately. The demands on the banks
:. would compel them to- call in their
loans. and IL not paid, to sell or try to
sellsthef coIlaterals. Il. e
Debtors would be compelled to sell
their property at any price and where
all debtors were sellers at. once, the de-
sclires would be such as we have never
3 seen before, because there has never be-
fore been such a wholesale calling in of
E debts. and consequently selling as this
would cause. IS ~ + 81 d I
Business houses the country over, be-
Ing unable to collect balances due
3 them. or to realize on their stock, ex-
cept at.ruinously lowsprices. II at. all.
mustsfap. Nothing could save them.
lis5' small Edepositurs, nervous and follow
ing 9the larger ones. would draw their
( balances and runs on banks would be-
come general III. 81 .ss
with these runs upon oil the banks.
8 they must either break. or suspend. In
: the cities the stronger ones could COM
pine and suspend, but the weaker ones.
: II iett out OF the combination, and all
& country banks, would fail. s-.5f a7r.5e
The. panic, and ruin would far exceed
that of 1879 or OF 1893, the latter OF
which, called the Silver panic" was
caused by the APP REHENSION ONLY
OF going on n silver basis. This panic
would be caused IN PART BY CT
ri GALLY GOING on THAT BASIS.
Alr. -B-yan admits this: In the Chicago
+ convention he said when you come be-
fore US and tell us that we shall disturb
your business interests, we reply that
You have, disturbed nu- business inter
ssV, And the st. Louis Globe-Demo-
crat reported his saying 81 think II
E tmeaHins the victory Of the free coinage
u fnofemenD Will cause a panic. But the
/ country Is In q deplnrabley condition.
e ana u VIII take, extreme measures to re-
store It to u condition OF prosperity
lvoull Drive Gold Out.
I'm the general scramble by foreign and
home creditors for gold, a. there ii rot
enough to so round, It would necessarily
80 TO q premium, with the inevitable re-
suit that the s517 100000 or gold now in
clrculAtioninthe United States accord
ing &c. the United States treasury clrcu-
{ lar OF October 1st. 1896 would be.export-
cd or boarded. .i3
81 Asthe total circulation OF gold, silver.
sreenbac KS, treasury notes. bank bills.
E silver certificates and all other kinds OF
4 money !ntthe United States was on Octo-
Z, her lat, 1886, S1,5S2, 900, 900. forcing s5l7. :
Z 10000 of gold out OF circulation would
s. reduce the money In circulation about
!la third. That Is to say, where there
nrhnows So OF money In circulation, there
would be but 81. s
Such a radical and sudden contrlc-
4 tion OF the currency would OF itself
alone. and entirely apart from any panic
< on account Of The depreciation OF the
currency cause n strinscncy and panic