The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1896-08-29

and 1873, which demonstrated the impot-
ency of this country's attempts to main
tain bimetallism by coinage of silver at
10 to /, 16 to l, or at any ratio which did
not approximate the commercial (bullion)
ratio between gold and silver.
We now ask consideration of the conse-
quences of the Inauguration of the Demo-
cratic-Populistic policy.
As PREDATORY to this we call attention to
results which have been already developed
imminent. On July last in the New
York Journal" Bryan and Sewall and
free silver paper, there appeared an article
under this heading in display type: ga
$500, 100000 drop in twelve days. Inter
esting array of figures which show the
effect Of the present political crisis upon
the stock market"
Under the editorial remarks respecting
the subject there was printed a table of
twenty nine listed securities dealt in on
the New York Stock Exchange. which dis
played shrinkage of $50, 260, 900, as hav-
ing occurred in twelve days up to the date
Of that issue of the Journal" and the
editorial stated that ''the shrinkage in the
hundreds of stocks not listed cannot be
accurately fixed, but careful estimate of
the decline in this market puts it at $780,
600, 000." This decline the journal"
regarded as a dscounting of the Chicago
Convention, which had not then convened
to announce its free silver policy.
Mr.. Bryan, Mr.. Bland, Ex-Governor
Davis of Rhode Island, and Prof. Andrews,
together with other prominent advocates of
free silver, have admitted that the immedi-
ate effect of free coinage Inauguration
would be to produce great business depres-
sion and panic.
In order to reconcile his patients to his
prescription DR.. Bryan, in admitting that
such would be the effect of his policy, said:
''If man is sick and grows worse he can't
put off taking his medicine, even though
the medicine would produce other sickness
for while
What result other than disastrous bust
ness panic can be expected from monetary
system which, as was said by Senator John
Sherman recently, would be in direct viola
ton of every contract for the payment Of
money made since January, 1875 when the
resumption act went into operation provid-
ing for the payment in coin, on demand,
of all United States notes presented for
redemption?
All forms of our money were then, and
have ever since been maintained at parity,
and gold and silver coins, at par with each
other, have been the standard of value of
all loans, contracts or purchases, and the
faith OF the United States was pledged fer
their maintenance at parity with each
other
If free coinage of silver at 16 to l is
authorized the market value of silver
bullion becomes the standard for payments
on all past, present or future contracts
That market value for 4124 grains of stand
ard silver bullion-now 53 cents-can be
coined, upon the demand of any holder of
such bullion into a dollar, delivered to
the holder of the bullion unsupported by
the fiat of the government, which would
not undertake maintenance of its relative
value with gold. 1t would be stamped
lone dollar and be legal tender for one
dollar Of debt, but in the purchase of any
article would have purchasing power of
only SO cents, for the seller of the article
could and would fix his price according to
the kind of money offered.
''It is impossible, said Senator Sherman,
''to estimate the wrong and injustice that
will be done to creditors by the scaling
of nearly one-half of debts due them. The
very threat to do it will lead to the prompt
and harsh collection of debts before free
coinage can become a law. l am advised
that, already, debts that would have re-
manned uncalled for have, in fear of such
law, been enforced. 1t is certain that be-
fore free coinage bill can become law
the wide distrust by the pending of such
measure will lead to the rapid collection of
debts, the sacrifice of property, and deepen
existing financial difficulties growing out
of insufficient revenues for the national as
well as for many state governments.
In view of the foregoing it is quite peril
nent to ask to what extent and in what
respect either the masses or the classes"
into which categores free silveritcs divide
the people Of the country, are to be bene-
fitted by free coinage?