Reporter and farmer. [volume] (Webster, Day County, Dakota [S.D.]) 188?-1946, 1896-10-29
A LOOK AHEAD.
IF BRYAN is eLEcTsS, WHAT THEM,

kuinOusiy--Iaun VIII Se Made on Banks
Gold viii Disappear-Sills VIII Close
Labor VIII no Unempioyed-Panic and
Distress WAN Follow-No Silver Could
BE Coined For Ten Months, il at AL
Capitalists Could Save Themselves but
the Poor Would Der ONE Poorer.
If Mr.. Bryan is elected, have you
weighed what the results will beg
At Paterson onsSept. % he said: 81
say to yon now that my election means
that this nation shall open its minis tc
the free coinage If both metals at the
earliest possible moment. Not only that,
but my election NEAR that this nation
shall treat the silver dollar just as il
treats the gold dollar and that We shall
not issue bonds to buy gold"
II the treasury gold reserve is not to
be r~eplenishe6 by bond sales it is Ger.
tain that it can't last long. Foreigners
would Immediately call for their loans
and balances here, and holders of the
1888, 900, 00o of outstanding greenbacks
and treasury notes would quickly with
draw the 1928, 600, 900 Of gold now in
the treasury, to either export or hoard
il, and leave the holders of the remain
ing $200,G00, 600 to take their pay in
silver.
That this gold will almost immedi-
etely be exported Mr.. Bryan admits.
On Sept. 30 at Tammany hall he said,
ssYou know that with gold as our only
primary money and the fact that the
little quantity of gold can be drained
away at a moments notice by foreign
creditors, it leaves us. etc.
AS all our national bank notes are re-
deemable in greenbacks they, too, would
fall with greenbacks to q silver basis.
In short, Mr.. Bryan's election would,
as soon as the present guild in the treas-
ury is exhausted, put our currency ON a
silver basis, and all debts, except
where otherwise expressly stipu-
lated, would be paid ia silver.
1t will be observed that this would
all happen, even if no free silver
coinage act should ever be
passed.
M a AAAtNANoh Oh SoNNAL'SS oCsNS
would henceforward be paid in silver,
and also all dividends ON stocks, foreign
capitalists would dispose largely of their
holdings in these, and thus necessitate
further large remittances of gold.
Their correspondents here end bor-
ro1ers of foreign money, being called
ON to pay up, would be compelled to call
in their loans and draw their balances
out Of bank.
All creditors in this country who pre-
fer gold to silver dollars which includes
the bulk of them would demand all
debts due them paid, and, getting green
backs or treasury notes for their bank
balances, would present them at the
treasury for gold before it was too late.
II impossible to get gold, they would
buy sterling exchange or exchange on
Canada. 1t was reported that prior
tosOct. / over So, 900, 600 in gold had
already been deposited in Canadian
banks to avoid the risk Of the coming
election.
I'm short, every man who had
n dollar coming to him would
want that dollar paid him while
it was still worth 100 cents and
before it got to be worth but 81.
The business houses and other debt
orsscalled on to pay up would be COM
PEELED to call ON their debtors, and thus
all the debtors in the country would be
called on to pay up immediately. The
demands on the banks would compel
thamsto call in their loans, and, if not
paid to sell or try to seal the collaterals.
Debtors would be compelled to sell
their property at any price, and where
all debtors were sellers at once the de.
ciines would be such as we have never
seen lbefore, because there has never be-
free ibeen such a wholesale calling in of
debts, saDd consequently selling, as this
would cause.
Business houses the country over, be-
ing unable to collect balances due them
or no realize on their stock, except at
~ruinously low prices. if at al2, must fail.
Nothing could save them.
Sanalldepositors, nervous and follow
ing the Larger ones would draw their
balances and runs OH banks would be-
come general
III 1A Nnbso Ahhc tPOhs 49, WIZ Du11o
they rnas either break on suspend. In
the cities sthe stronger mes oalld COM
b;ae and suspend, but the weaker ones
and all country banks would fail.
The panic and ruin would fas exceed
that of i873.or of 1898, the latter of
which. called the ~"silver panic" vas
caused by the apprehension Only of
going on asilver basis. This panic would
be caused In part by actually gazing
on that basis.
& Mr.. Bryan admits this: In the Chi
cage convention he said, "When ycu
come before us and tell us that WI siaal
disturb your business interests, we reply
that You have disturbed our business in
aterests." And the ST. Louis Gloee-Dom-
ocrat reported his saying: Il think it
(rneariu- tie Tictoryof the free coinage
5noyement) will eause q panic. But the
cor3itTy is III adeplorable condition. and
IRjs will tale extreme measures To restore
1T to a condition @ prosperity"
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