The Providence news. (Providence [R.I.]) 1891-1906, 1896-10-28


ton and drg rot following the panic
would continue FOR several years after
wards.
Business activity would not return at
once with restored currency, as as credit
is creature OF s!owgrowth. 1t took six
years TO recovef from the panic OF 1873,
and would probably require ten years or
more to recover fromthis one.
With prices of form PRODUCTS re-
duced by the panic, the enforced idle
ness OF the lsboIing classes, ana the conse-
quently diminished demand, after the
laborer has teen paid and the farm
ers' store bills settled how much
would be left for taxes and in
terest on is mortgage? And il ne
defaults in either will not the mortgages
want his 100 cents instead of 90, and
foreclose? Although foreclosure takes
frcm one to two years and would take
Till November OF 1897 or 1898, yet as the
effects OF the panic would still continue,
there coClo be bat one result, the farmer
mus, lose his farm, and become a renter.
The outcome thefef Jre for farmers In
debt, must inevitably prove disastrous.
The foregoing are the immediate
effects.
In from five TO ten years herce, after
business and credit were restored, real
estate and libo- today worth 81 in gold
would again be worth that, end, IL silver
dollars were worth but 80 cents in gold
they would be worth 81 in silver, just
as they are worth about S2 today in
silver bullion. But those silver dollars
would not be the silver dollars OF today,
b,cause not interchangeable with gold
as ours are. They would only be worth
htlf as much. aud hence be different be-
cause deprecated.
Asweli might they think to profit by
selling their farm or labor for francs in
instead of dollars, because i: lakes FIVE
fr, mes TO make a dollar, and they would
consequently get i've times as many of
them, as that by selling for silver dollars.
two of which make goll dollar, they
could make a profit.
All expenses of living would mean
time 30 doubted, and az these ADVANCE
faster than lator or real estate (Which al.
ways rise last OF all commodities) even
after work was found, wages would not
buy as much "a they do today. Hence,
after severe suffering in the start, and
after low wages and high prices for
many years, the laborer would bc no bet
ter OF in the end.
And how would the farmer be benefit
ed, IL starting In debt, he had in the
process lost mis- farm?
MIR. HRYAN claims it is inconsistent to
say that free silver coinage will cause dis
aster ard also that it will double prices.
But little reflection will show that
first we would have paEic, which he
admits, and aiterward prices would be
doubled (in silver.
In this great disaster capitalists could
save themselves by buying exchange or
fore closing. The hardships ana mi,ery
would fall upon the laborer, and those
In debt, that Is, upon the mass OF our
people, and tend, IL anything. to make
the rioh richer-surely, to make the poor
poorer.
ly increase, and driven by hunger and
despair become rampant.
Instead of mvre money, which Mir.
BRYAN promised us, we have seen that
his election means a money famine for Ia
year and more, ana instead OF "prosper-
ity for the producers OF wealth" there
would be but losses, hardships an suffer-
ing.
Iv VIEW OF THESE INEVITABLE, AND
MANY OF THEM CONCEDED, coNsE-
QuENcEs or MR. BRYAN's ELECTION, rs
1T WISE TO PUT MN iNg j.. NJ.