New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-08-11
SOME OBVIOUS RESULTS.

Everybody knows that disaster of some sort
and extent would come from the election of
BRYAN. Some of his supporters admit that
panic would result but imagine that 1t would
be n Wall Street affair." deprving rich men of
their wealth. but hurting nobody else. Definite
w. what would be the result? The counting Of
votes would be finished November I, and before
night that day the currency would be contracted
more than a third Nobody would have any
gold to deliver except at a high premium. Every
body who could draw gold from the Treasury
with gold certificates or legal tenders would
make haste to do so in order 10 lock up the coin
and realize the premium. The banks and cor
poratlons being able to act quickly. would get
the gold: In fact, the banks and other corpora
tons in this city hold demand obligations on
which they could draw out practically all the
gold there is in the Treasury, and could do so
in single day
The bankruptcy Of the Government could not
be averted by borrowing. because nobody would
lend with a certainty that the Government could
pay nothing but silver. The moneyed interests
and great corporations, holding nearly all the
gold and having sums out in gold loans, would
have a direct interest to put up the price Of
gold to the point representing the relative value
OI
of coins and to do it quickly in order that the
period Of destructive uncertainty might speedily
end so that 100 would probably be quoted with
in a short time. The great corporations, TOO,
having large debts which they must meet in
gold would advance their charges for trans
portation and all other services so far as the
laws restricting rates permitted. being able 10
act quickly in concert, and mOney-lending cor
Ill 1n-n
the great number of mortgages which have been
permitted stand overdue on continued pay
ment Of interest unless where the borrower
should be found both willing and able TO pay
gold This would mean the most frightful cpl
demc of foreclosures on farm mortgages that
the country has ever seen. and as there are In
the twelve States between Pennsylvania and
the Rocky Mountains more than 61SOo0 mort
gagged farms. on most Of which the loans are
either due or are renewable within year, the
number of titles which would speedily pass TO
lenders might be enormous.
Prices Of commodities ought in equity to go
up in harmony with the premium on gold In
ported commodities would be advanced at once,
because each holder would know that he would
have to pay 81 90 in American paper or silver in
order to replace goods worth 81 in gold But It
is simply impossible that all prices should be
thus advanced. The people canot possibly pay
out more than they receive and until wages
rise the 250oOO00 wage-earners must either eat
less and wear less, or else buy most of their do
nestle products al nearly the old prices. If they
should eat less and wear less the vast surplus
of products unsold would keep prices from
rising as high they otherwise would rise In
every panic prices of farm products go to the
bottom. Nor with recovery could the farmer ex-
pect to get any marked advance for wheat or
| corn cotton or hogs. until wages of labor had
| been generally advanced. He would inevitably
| come late because the people having foreign
| trade or gold debts would he compelled TO lift
prices at once, and the great corporations would
| have power to do so by concentration and by
| control of markets. But the markets for the
| chief farm products would be at the mercy of
| foreign buyers. through their control Of foreign
! exchange.
The wage-earner would begin at once to de-
mand higher wages. and would actually need
them. but would have to face extremely trying
conditions. A great panic always closes thou
sands Of establishments, and throws out Of work
hundreds Of thousands whose struggle to get
employment tends powerfully to drive down
wages The enormous contraction Of currency
by withdrawal Of gold from would also be
attended by a greater contraction Of credits. both
because Of alarm and because everybody would
look forward to great bargains in securities and
real estate and fixed property Of all kinds. At
such n time wages advance with the greatest
difficulty. The millions of workers would begin
the free-sllver era with hundreds of desperate
strikes. with great armies Of them out of work.
and with prices mounting every day in legal
tender dollars. though actually falling In gold
All these things would come to pass, moreover
not after n year or two, but before the electoral
votes had been east and as soon as the result
had become known. There some millions
who think Of voting for Bryan who wonl1 fer
venjly wish he or they had never been born long
before he could be inauguratcd