The representative. [volume] (St. Paul, Minn.) 1893-1901, 1896-09-23
THE GOLD MORTGAGES.

We have received the following let
ter which explains itself:
HON. IGNATIUs DONNELLY:
There are large number of farmers
here that have their farms mortgaged,
the gold clause is inserted and they are
fearful that if Bryan is elected they
will have to pay two dollars in silver
fer one, to satisfy the mortgage.
L understand that the Supreme
Court, has decided that such is uncon-
stitutiOnal. II it is UNCONSTITUTIONAL,
and it you would kindly make it
known through your paper you would
do the farmers great favor and
would save hundreds OF voters to the
'silver cause" it is the Lion in the
way here" and is used as red rag by
the Republicans papers here to
brighten silver men over to Republi-
canism. 1t is used as the ''job lash"
is with the working-men.
BIT. WARREN.
Lakewood, MINI.
In reply to our correspondent we
would say that the fall the in price of
silver, which has occurred since 1873, is
due to the fact that the silver bullion
cannot be exchanged at the mint, as
previously, for silver dollars. II is
therefore thrown back upon the pu b.
lie market, and has to be sold as a
commodity, for what it will fetch, like
corn or pork.
AS soon as it becomss apparent that
Mr.. Bryan will be certainly elected,
with Congress to sustain him, and
that the minis will again be thrown
open for the receipt of silver bullion
and the delivery of silver dollars. sill
ver-bullion will at once rise to be
worth 100 cents, on the dollar. for
every 4129 grains. This was proved by
tie fact that in 1890, when an act
was passed by the Senate of the
United States, to repeal the act of
1873, and thus open the minis to free
coinage, silver bullion rose, not only IN
the United States, bat ouer the ,ohole acorld,
from less than 100 cents an ounce to
III cents an ounce; and there is no
possible doubt that if the House had
passed the bill it would have risen the
other 8 cents, and all difference be-
tween gold and silver, on the basis of
16 to l, would thus have disappeared.
But unfortunately Wall street bought
up the House and changed it from a
majority of 40 for free silver to ma
jority of IA against it.
Our correspondent can see that the
election Of Mr.. Bryan will mean a re-
monetization of silver. 1t will be
worth as much as gold. at the ratio of
Is to l. 1t will not be to the interest
Of the MISREPRESENTATION to demand
gold because the silver dollar will be
worth just as much, not only here, but
all over the world, as the gold dollar.
Hence the threat to which he refers
falls to the ground, and the gold
clause in the farmers mortgages
ceases to be of any effect.
But if. on the contrary, the single
standard Rold-party shall succeed, it
is plaiD,-from votes already taken In
Congress, to wipe out the green backs
and subtitute government bonds in
their place,-that the difference be-
tween gold and silver will continue to
grow greater. Gold will become, day
by day, more valuable, and hundreds
of millions Of dollars of bonds will
have to be issued, like the 10000, 900
that have already been issued by Mr..
Cleveland, to maintain the parity be-
tween the rising gold and the falling
silver; and If, from any cause. the link
which unites them Is broken, then
gold would rise to large premium
over silver. and the farmer would
have to pay % per cent or so per cent
more of the money secured by the
mortgage on his farm than he would
now have to pay.
1t is therefore of the utmost inter-
est to every man in debt to see that
Mr.. Bryan is elected. and silver re-
stored to its old place in tue currency
of the country.
II we have not sufficiently answered
this question, we would be glad to
hear from our correspondent, or any
one else, for this is very important
matter and should be thoroughly dis.
cussed and understood.
II we are right, and we believe we
are, the election of Mr.. Bryan means
the salvation of the debtor-class Of
this country, and that too without
any injustice to the creditor class, for
it simply puts things back to where
they were in 1873.
Let US study this question and get
at the facts. Our columns are open
to any one who will say that we are
wrong.