New-York tribune., 1896-10-30
DISMAL APPREHENNIONN

Pcssimists are not in order in these glad days
of dawning prosperity. Yet one strong Demo-
crat. who has apparently just walked up, en-
deavors to describe the frightful consequences
which would follow the election of Mr.. Bryan,
whom he has been supporting. lie draws dis
nal picture: but words are not enough to por-
trav the consequences Of such IN event He
points out most correctly. that the buying ana
selling by individuals depends upon their per-
sonal beliefs about the future. and that Eu-
ropean holders would in that case sell American
securities. No doubt. but American holders
would not bc idle. If there were real doubt
about McIIinleys election. securities would aver
age 20 per cent lower today than they do now.
This selling movement. hc thinks. would In
volve general bankruptcy. The statement Is not
cvcrStraincd for Europe holds about sl,l0o.-
900 900 Of American securities. and an attempt
TO realize on half Of them would involve panic
far greater than that of 1898 But Americans
have as much sense as foreigners. and those who
have sense enough to possess large investments
are almost unanimously convinced that Bryan's
election would spell ruin. What would happen
if the greater proportion of the S9000.O0O,WO
they hold In securities should be thrown on the
market? There is nothing fantastic in the idea.
IL
more than Its earning power In silver about
half what it Is now. Hosting rates would be
idle: panic brings bad business, anyhow, and
panic with doubled rates would bring worse.
The selling would exhaust the gold reserve.
or course; less than Hftieth part of 1t would
do that and the rest Of the selling would be
mere scrambling for enough silver to buy little
gold TO he boarded. But what IS TO be said Of
the notion that currency would fall TO the value
of silver bullion? las silver bullion any value
| under such conditions? This country keeps
$40. .OOO. 600 of il of the market. and France
about as much but what If France were unload
ing on the United states: What If all the paper
IN the country wcrc rc1ecmabe In silver only,
which nobody wants, as II would be within Il
week on the exhaustion Of the Treasury reserves
Of gold: The paper makes prices nov. II repre-
scntS gold. Leave il to represent nothing but
silver. with s9o0,0oo.OOo silver crowdlns for a
buyer and what would the paper be worth?
The slow recovery Of business has this oh
vions explanation. Between utter ruin and pros
pcrty the gulf Is So great that men do not try
TO span it. Everybody Is closc-hauled. spending
no more and riskng no more than he can help.
because venture now means a little gain on one
side and an almost immcasurabc loss on the
other Men who believe. mca who are absolute
iy certain that Mckinley Is going TO be elected,
say To themselves. There is yet n possibility.
"one in thousand: but II Bryan should bc
elected. Free Trade and free silver would wipe
INC ont II is better to risk the loss OF the little
| money nigh, make than 10 risk tho loss Of
"all | have" That is the IRON ball chained TO the
leg Of business to-day. and II stops running most
effectively But nine out of ten men who re-
strict thci- transactions 10 the utmost feel that
II T. rs certain rs any funrc cvcnr can hc that
they viii be doing much larger business NJ
higher prices within two weeks from this day.
They believe. but they do not want TO risk all
they have. and Bryan's election would mean too
| big risk for them To face.