The Maryville times. (Maryville, Tenn.) 1884-1944, 1898-04-09
ONE RESULT OF FREE COINAGE.
The sixteen to One Policy Would
Bankrupt the Nation.


The sixteen to One Policy Would
Bankrupt the Nation.
Ever since the national government
was established individuals who have
suffered property losses by reason of
the acts of its agents have been apply
ing 10 congress for relief. Their claims
have been pressed By congressman and
by lobbyists. An enormous amount of
money has been paid out in hundred
years on account of private claims, a
large percentage of which, it may be
stated, were exaggerated or fraudu-
lent.
So successful have these claimants
been that every man who can make
out shadow of case against the gen.
eral government makes application for
relief, confident that if he keeps at
it long enough he will be sure to. OBJ
tain redress. He expects his repre-
sentative to take up his case and work
for him. If that representative seems
to take no interest III the matter, then
the claimant and all his relatives and
friends began on him.
Suppose congress were to change and
debase the money standard in the man
ner demanded by the Chicago platform,
thus enabling those who owe gold
value money to force on their creditors
dollars whose actual value, as measured
by the old standard, would be less than
half face value, then millions of men
and women would be damaged direct
" to the amount of billions of dol
lars.
The indirect damage need not be con-
sidered, enormous though they would
be. But there would be a direct pc
cuniary loss falling on depositors in
savings and commercial banks, on per-
sons who had sold real or personal prop
erty on time or who had loaned money
in any way, and on all benefciaries OF
life insurance policies. Each of these
would be deprived by the act OF. the
government of portion of his prop
erty.
The first act of these sufferers would
be to apply to congress for relief
Among these applicants would be many
men who voted for the congressman
who changed the money standard ant
thus deprived so many citizens of theil
property. They would be sorry fol
what they had done when they felt
the effects of the policy they had ig
norantly indorsed.
There would be so many of these
claims that it would be impossible tC
introduce separate bill in each case
1t would be necessary to lump the
cases. There would be bills ito in
demnify bank depositors for losses sus
tanned by reason of the change of none
tary standard" to indemnify mortgage
holders, and bondholders, and life in
surance policy holders.
The persons in whose behalf these diff
ferent bills were introduced would no
ask for restoration of the gold stand
ard They would simply ask congress
to appropriate enough cheap money t.
pay them for the property they hat
been deprived of by the change of stand
ards.
A single claimant sometimes nearl,
drives congressman wild. 1t is cas-,
to imagine what the state of mind o
representatives and senators would b
when each of them had several thou
sand men at his heels begging for tn
passage of relief bills and threateniH,
vengeance at the polls if the matte
was not attended to quickly.
What would the free silver democrat
in congress do? What would free silve
democrats outside of congress advis
them to do? Many of those congress
men would feel that it was hardly SAT
for them to return to their districts
indemnity measures were not adopted
But to settle all these claims woul
call for appropriations amounting t
many billions. If the losses footed Ii
$s,00o,000,Q00 in gold value money, the
it would be necessary to appropriat
$16,oO0,oO0,O00 in cheap silver dollars t
cover the losses. That sum would hav
to be obtained by the sale of cheap ST
yer ''relief" bonds, and the taxes woul
have to be increased considerably t
raise the money with which to pay tn
interest on them.
) So if the free silver democrats wer
to come into power and carry out thei
| sixteen to one" policy their represer
tatives in congress would straightwa
find themselves in a pretty pickle. The
, would be besiegcd by legions of me
claiming compensation from the gov
eminent for damages inflicted by i
On the other hand, the magnitude {
those damages, which could be mad
good only by selling vast quantities {
a., bonds "in time of peace" and taxing til
l entire community heavily to pay their
terest on them, would appall congress
men. Those senator's and represent;
tives who voted for free silver with
5 light heart" would feel differently afte
, the damage claims were pressed o
, them.-Chicago Tribune.
UThe Dingley tariff law during Eel
ruary produced revenue of more tina
million dollars day. For the fir:
| &c -, 1,o4 ~,