Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1900-11-03
IF BRYAN WINS, WHAT THEM
The Country VIII he on a silver
Basis mt once. With Ruinous Con-
sequences.


appear that Bryan has been elected
Or there shall be reasonable ground Tor
belief even that he may be elected.
and II shall be announced that the for
eisners are getting cut from under, by
sale of their American held securities
ON the New York Stock Exchange, ne
eessitating the export of gold to pay
for them. or there shall be a sharp up
ward start of a run by the presenta-
ton of notes for redemption to the
treasury by our own people, long lines
of clerks Of the banks, financial insti-
tutfons and financiers, lengthening out
through the night, viii besiege the
doors Of the subtreasury, on Wall
street. and before noon demands win
be made on our government to more
than empty from the public treasury
our governments entire stock Of gold
down to its last dollar. By this move
ment from the few eastern seaboard
cities alone-New York. Boston. Phila-
delphia and Baltimore-before the
shadows of nightfall every dollar of
our governments gold will be de-
manded.
What will the banks do with the
gold that they thus acquire? VIII they
pay it out in the redemption of their
own notes? No indeed! They will
hold on TO it. not as money, but as
property as convertible asset
which they can always realize upon at
any moment for all that it is worth.
Every individual holder of gold
throughout the country in any amount
down to a single dollar viii do the
same thing. holding on to it to the day
of his sorest extremity, when he will
convert it at n value vastly in excess
of any needed commodity, for which
be NAV be compelled by his wants to
exchange it, and it will pass into stron-
ger hands better able to hold on to 1t.
Thus, in a single day, all of our boast
ed stock of 5000, 100000 of gold will be
completely retired from circulation as
money.
Taken Completely OF Our Feet.
What will become of our remaining
twelve hundred millions of circulating
medium of various kinds? The notes
of our national banks are required by
law to be redeemed in government
legal tender notes But of what value
to the holder will be the exchange of
national bank note for a government
note when the treasury is entirely
emptied of it's gold and the govern
ment no longer has the power to make
It's own notes good TO the holder OF
them? The government will be taken
completely off its feet. 1t will not be
able to sell it's bonds, at present in
terest rates. at 60 cents to the dollar.
Nor would ii be of any avail If it could,
for the gold would be taken out of the
treasury faster than it could be put in
by renewed presentation of govern
ment notes for redemption, of which
considerable amount would still be out
standing. All the notes, both national
bank and government, will imme-
diately cease to have negotiable val
ne, except a very trihing and also va
riable one speculatively, and the per-
| Torrance of their functions as money
will at once and entirely cease.
| We shall have still left our six hun
dred millions of outstanding silver GER
tificGtes, silver dollars and fractional
coin Our government, being no longer
able to redeem in gold. win offer to re-
deem it's silver certificates in silver
and. to keep good this offer, will be
compelled to hold on to its stock of
! coined dollars and silver bullion now
in the treasury. At AZ cents to the dol
! lar, the present market value of the
! amount of silver contained in a silver
| dollar, our six hundred millions of
money, then available for currency pur-
/ poses. will have a money value, as
compared with our present currency,
4 of less than $500 100000. We shall be
| on a silver basis at once, without
awaiting the installation of Bryan in
! the presidential chair and the move
ment of Bryan legislation to this eff
| feet. Our country, from having TWEEN
! ty-one hundred millions of currency to
do business with one day, will have
! but three hundred millions the next
day.
CnIamitous Consequences.
What consequences will follow? No
taxes will be paid because there will be
no money to pay with. How govern
ment-national. state and municipal
will be carried on under such condi-
tons the writer will leave to others TO
guess. Nearly every life insurance pol
! icy will be legally terminated by de-
fault of the payment of premiums
thereon, and the business of life insur-
ance viii be suspended for an indefi-
mite period of time. Every national
bank, every state bank, every trust
company, every savings bank. every
building association, every loan associ-
alton, every investment company and
every fire insurance company will go
under. Rents will be no longer paid,
but the landlord will not eject the ten
ant only because he will not turn out
Jones. whom he knows and who can
not pay, TO put in Smith. whom be does
| not know and who also cannot pay.
NtuN 49, "a