Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1896-10-01
Ex.SECRE1ARY SCHuHz.
Shows Clearly That Free Silver Would
Ruin Industry

interior, addressed al NEUTRALITY-SUSPICIOUS.
in Central Music hall, Chicago, on Sep
TENDER 5. Speaking Of possible free
silver victory. be said;
Consider what the immediate conse-
quences would be If Mr.. BRYAN we're
elected president, with congress to
match. Mr.. Bryan would, Of course. be
aAxicus to have his free-conage law
enacted. but that could not BIZ. even II
be called an extra session of congress,
until some time in April or May. five or
six months after the day OF election
But as soon as on the 4th OF November
the result of the election was announced
everybody would know that the parity
of gold and silver would not be main.
tanned.
1t having been made certain by Mr.
Bryan's election that the parity Of gold
and silver would not be maintained,
there would be a rush upon the treasury
for the gold in it by the persons hold
ing greenbacks entitled to redemption,
and the gold reserve would be exhausted
in twinkling. Gold will instantly
disappear from circulation, to be hoard
ed or exported. Why will It disappear?
Because every sensible person when
making payment will prefer to make
it in the less valuable dollar and hold
the more valuable gold dollar buck for
more profitable use. Gold will there
fore quickly rise to premium. and we
shall be on the silver basis long before
free-coinage law can be enacted. Our
daily transactions in buying and sell
ing, in paying and receiving wages,
will no longer be carried on upon the
basis Of the gold dollar worth 700 cents,
but Of the silver dollar worth so cents
or thereabout, for the government will
no longer hold up the silver dollar to
the value Of the gold dollar. That Is
what the silver basis means. You can
study in Mexico how itworks.
The quantity Of gold vanishing from
circulation will amount to about $780,
100000. the disappearance OF which
will make tremendous hole in the
volume Of our currency. But, says the
silver man, there will be free silver
coinage to fiji the gap promptly with
coined silver or silver certificates. Oh,
no, my fellow sufferers. The disappear
ance Of gold will happen promptlyafter
the election of Mr.. Bryan, and there
will not possibly be any free coinage OF
silver for at least six months. and it
will require a great many more months
to fiji a gap of S60o,0Oo,00O.
What will happen meanwhile? Inc
St. Louis Globe Democrat reports Mr.
BRYAN to have said some time ago: u
think it-meaning the victory of the
free-coinage movementr-wlll cause q
panic. But the country is in deplor
able condition, and it will take extreme
measures to restore 1t to q condition o.
prosperity" Whereupon the 81. Louis
paper pointedly remarks: evidently
Mr.. Bryan has heard of the doctor VIII
always threw his patientinto fits befor'
administering any curative medicine
Just so.
How, then, would Mr.. Bryan's mt
: work? The sudden disappearance o
our gold from circulation would pro
luce the most stringent contraction o
the currency on record. Business mel
who own money and at the same tim
have money due them will be forced t.
collect that money by every means a
their disposal. Nobody will be inclined
to lend out money except upon ex
traordinary security, The banks VII
naturally consider it their duty to keel
themselves strong, and therefore to ca
in loans and to restrict their discount
and advances to business men with tn
utmost caution. Business establish
ments, manufactures, mercantll
houses, unable to get the money 10
meeting their obligations. will by tn
hundreds succumb to their embarras
ments and tumble down Ike a row
bricks. Others will cautiously restri'
their operations to the narrowest poss
Bile limit, and wage-earners by the tho'
, sands will lose therempl9yment and
turned into the street.
How can foretell these things VII
so much assurance? Because they HAY
: already cast their shadows before. !
YOU remember the crisis OF lS93, VINE
the silver basis was in sight? And no
again the mere apprehension OF a pos'
bility of Mr.. Bryans election and OF Il
consequent slipping Of our country np'
Z, the silver basis has already caused u
told millions of our securities TO
,. thrown upon the market in Europe
:. well as here
!. Scores of business orders are alrea'
recalled, large number OF manufactl
me establishments have already stopp
or restricted their operations, entt
. prise is already discouraged and neal
u paralyzed, many works OF public ntl
" ty by industrial or railroad companl
+, have already been ordered OH, the
=, sands of workingmen are AREA
:. thrown out Of employment, gold IS
. ready being hoarder, capital is AREA
. being sent out of the country to be
vested in Europe for safety.
And why all this? Not, as the SLY
y men foolishly pretend, because the
'e :, isting gold standard has made mon
q scarce, for capital is lying idle in hea
~ scores upon scores Of millions, fai
y warming for safe employment.
" Ask those concerned why all this HI
pens, and with one voice they Will