Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1896-08-19

PANIC FOLLOWING FREE SILVER
WOULD AFFECT THEM.
foreclosure Proceedings on the Part of
Nortgage-Holders Would FOllow-New
Mortgages Would Call Cor Gold.

1t is assumed by the supporters of
Bryan and his policy in the agricultural
states where his followers abound that
the farmers, and especially those who
have mortgaged their property, would
surely be benefited If Bryan should be
elected ard the 53-cent dollar substituted
for the 1OO-cent dollar The purpose of
the silverites, it is admitted, is to COM
pei all deposit0rs IN savings banks, all
holders of life insura nee policies, all pen
sioners, and all others who have invested
savings by loaning them directly or in
directly to suffer loss of about half of
every dollar which they own upon the
plea that these dollars have a value twice
as great as they ought to have. 1t is as
:sumed however, that the farmer will not
lose, but will gain.
The farmers who follow Bryan have
been deceived While it is probable that
those who would suffer the most severely
are the Workingmen, the farmers would
stand very near Them on any scale that
should measure the misery of the people.
Undoubtedly the election Of Bryan
would be followed ny a panic. This is
admitted by the s;lverites themselves.
There would be destruction of conf
.1ence and Il paralysis of credit. Would
not this affect the falmer? Can the
farmers isolate themselves and escape
the effect of depression that is and must
be felt by all other classes, spectators
possibly excepted? Even if Bryan should
be elected. at least eight months would
elapse before the silver standard could
be adopted by legislation. The panic
which would follow his election would
slepress the prices of farm products; the
paralysis of credit would deprive the
grain grower of the sustaining power
which carries" his crops after they have
been harvested and facilitates an adj
yantageous distribution Of them through
out the year. The demand for these
crops in the home market would fall off,
owing to the condition of the working
men.
What would be the experience of those
farmers who have borrowed money and
given mortgages on their holdings, many
of whom hope to be enabled to pay or
these mOrtga geS at % cents on the dol
lar, perhaps overlooking the fact that
they are conspiring to rob the widow and
the orphan? According to the govern
ment reports, the average life of mort
gage in this country on farm property IS
about four ana one-half years. Il is now
stated by Western men who appear to be
familiar with the farm mortgage business
that a ma Ority of the farm mortgages III
force are due; that Is to say, that the
continue in existence because the lenders
are satisfied with the interest received.
Would these lenders, holding mort
cages overdue, take no action if Bryan
should be elected? Does not the West
-crn farmer see that they would foreciose
if payment should not be made? Would
not the election of Bryan be followed
by general resort to foreclosure pro-
ceedlngs on the part of mortgage holders
who could legally take such a course
You'd even the offer of a renewal of Il
mortgage upon terms binding the farmer
to pay i'll gold prevent the lender from
undertaking TO reclaim his money? The
Bryan platform calls for legislation
which shall prevent the making of such
agreements. Could the farmers fairly
blame the lenders for desiring to recover
their loaned money in 1O0-cent dollars
before proposed and impending legisla-
ton should compel them to be satisfied
with 53-cent dollars?
What would be the effect upon the
farmers, whether silyertes or advocates
of honest money, of the inevitable panic
conditions and thus foreclosure move
ment? And if the silver standard should
be adopted by legislation eight months
or a year after the election of Bryan,
does the farmer think he could then bor-
row more money without great difficulty
Does he think, on the whole, that the
agricuiturists of the United States can
gain anything by a policy of robbery and
Reputation which would make us de-
testible the world over?
There are many farmers-a great
many, we beIieYe-Who see clearly how
great would be The injury inflicted upon
our agriculturs,f by the election of
Bryan. These should strive to enlignten
those tillers of the .oil who have been mis-
led by hired agents OF the mine owners
and other demagogues.-NeW York
Times.