The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1896-10-27
What Mould Follow
Brydn's Election

ing paper money in silver, ana to pass as
speedily as possible free coinage act.
What will the consequences be?
]. Since the gold in the treasury will not
suffice, by about 200 million dollars, to pay
the greenbacks and treasury notes the
last 200 million dollars outstanding must
be paid In silver. Since our national bank
notes are redeemable in greenbacks, all
of these must also fall to a silver basis.
The election of Bryan will put this country
on free silver basis so soon as the gold
reserve shall be exhausted, and without
waiting for the passage OF a free coinage
act.
2. All debts, except where otherwise
stipulated. will then be paid in silver.
3. In anticipation of this result foreign
capitalists having money loaned out or
balances due them here will, on the 9TH
of November, cable their American COR
respondents TO call in loans and remit bal
ances. These correspondents will make
heavy drafts upon the banks and Will be
among the first at the national treasury
to draw gold, which alone can be used In
making foreign remittances.
4. In order to meet this drain upon
their cash balances the banks will be
compelled to collect moneys due them
from their customers.
5. Moreover, since the principal and in
payable in silver, as well as all dividends
on stocks, foreigners will dispose largely
of their holdings in both of these classes
Of securities. and thus compel still further
large remittanceS of gold abroad.
6. The example set them by foreigners
will be followed by all American credit
ors who prefer gold to silver dollars in
cluding those who advocate the free COIN
age Of silver, but make their own mort
cages, leases, and notes payable in gold.
II gold cannot be obtained from the treas
ury they will buy sterling exchange or
exchange on Canada, thus compelling
further exports of gold.
z. The enormous demand for money
thus created will bring on n stringcncy in
the money market, which will be the oc-
casion, not merely of litigation, but of
a general run upon the banks.
s. In the cities. where combined action
is possible, the banks will suspend. The
country banks. although solvent, unless
they can devise some practicable method
of suspension of payments, will fail
3. Gold will go to a premium and be ex-
ported or boarded.
10. The disappearance OF all our gold
and the drop in the value of silver and of
paper redeemable only in silver will con-
tract the currency to One-third its pres
l2S of the United States treasury depart
ment (page 90, the stock of money in the
United States July !. 1896. was made up
of three items: "a $780, 100. 900 gold, all of
which Will disappear under the operation
OF a free coinage act; () $625, 100000 silver,
which will Immediately shrink to its bull
lion value of one-half; 60 $3.50, 800 900 un-
covered paper, which will also, when re-
deemable in depreciated silver. lose half
It's value. The value of the currency left
will be $5O4 10000, and the amount of sill
Yer required to replace the deficit occa-
stoned by change In the standard OF
valuation will be sl,104,550.OO0.
II. The immediate effect will be a gen.
eral decline in the prices of all commo-
dities Everything in the country will
be for sale, In order to get ready money,
and there will be few buyers. Speculat-
ors will enrich themselves by purchasing
at panic prices
-. In the general crash all factories will
be closed and all mills stopped.
13. With no wages coming in, laborers,
mechanics, miners and factory hands will
be unable to buy farm products, and the
farmer will suffer with the rest of the
community. When a flood devastates the
low lands adjacent to river the high
water mark on the trees in the river bot
tree, regardless of it's name or size.
H. The farmer will take the additional
risk of having all mortgages past due and
all mortgages In default called in and
foreclosed. The only bidders will be the
mortgagors, and the owners of the equi-
ties in real estate will be largely wiped
out.
10. Since all railroads and other cor
poratons must take their pay in silver.
and those having gold mortgages must
buy gold at a premium, all stocks having
gold mortgage ahead Of them will shrnl:
enormously in value and be practically
unstable.
16. The strongest banks, being thus un-
able to realize upon their assets, will be
In danger of collapse, in spite of any
combination which they may be able to
make.
H. Foreign importations will cease. and
the government will be without adequate
income to pay its current expenses
49, The disaster which will thus over
take all classes of the community, and
overwhelm the country in a common ruin,
will probably prevent the passage Of any
free coinage act, so that the sufferers from
this needless panic will reap no reward
in the end from their sacrifices.
10. But even II a free coinage act should
ue pdsSeu, IL tuhe without
long delay; first, the delay in legislation. .
then the delay in order to create new
mints and put them in operations; or, If
treasury notes are issued instead, the de-
lay in printing them: besides they can
not be issued until the bullion required to
secure them shall have hfen mined or i'm
ported and deposited in the treasury.
20. While waiting for the new supply
of money to take the place of that which
will have been lost to circulation, the
farmer will lose his land. and the work.
ingman his situation and employment: the
farmer will have to take for his product
and the mechanic for his labor any price
that may be rendered him in order to
avoid starvation. The fate Of the farmer
and workingman will be the fate of all
who depend upon those two factors in the
social organism for their subsistence and
prosperity. The interest of the en-
ployer and employee, of the buyer and
the seller. of the debtor and the creditor,
is after all a common interest The sun.
when it rises, lightens every one of them
when the sun Of prosperity sets in night,
all are alike in the darkness of common
calamity.
q. In short, Bryan's election would
mean worse calamity to the people Of
the United States than famine, pestilence
OR war
Mr.. Bryan admits that the first effect of
his success at the polls would be q panic,
but justiiies his course by saying: when
you come before Us and tell us that we
will disturb your business interests, We
reply that you have disturbed our busi-
ness interests" And again: "When the
country Is in deplorable condition, 1t will
take extreme measures to restore ii to q
condition of prosperity" The reckless
ness of the experiment which IN his ignor.
ance of finance he proposes 60 try, is
criminal reclslessness. What patriot,
what man, with due regard for his own
interest and that of his family, will cast
ballot to give him the chance to try It?
Upon that mans head will be his share
of the responsibility for all that will fol-
low.
The IdiOm.
"Whyfor eeZ 1t Eat a woman's face eez
used on zee silver dollar in zis country p'