Smyrna times., 1900-10-24
IF BRYAN WINS, WHAT THEM


Basis at Once. with RuinOus Con-
sequences.
On that fatal morning when it shall
appear that Bryan has been elected
or there shall be reasonable ground for
belief even that he may be elected,
and it shall be announced that the for
eigners are getting out from under, by
sale of their American held securities
on the New York Stock Exchange, ne
cessitating the export Of gold to pay
for them, or there shall be 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-
tutions and financiers, lengthening out
through the night, will besiege the
doors of the subtreasury, on Wall
street, and before noon demands will
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? Will 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 a 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 will do the
same thing. holding on to it to the day
of his sorest extremity, when he will
convert it at a value vastly in excess
of any needed commodity, for which
he may be compelled by his wants to
exchange it. and it will pass into stron,
ger hands better able to hold on to It.
Thus, in single day. all Of our boast
ed stock of S900.OOO.000 of gold will be
completely retired from circulation as
money.
Taken Completely on Our Feet.
What will become of our remaining
twelve hundred millions of circulating
medium Of various kinds? The note!
Of our national banks are required by
law to be redeemed in government
legal tender notes. But of what value
~ -, - ,
national bank note for a governmen
note when the treasury Is entirel.
emptied of its gold and the govern
ment no longer has the power to max
IT'S own notes good to the holder o
them? The government will be take
! completely off its feet. 1t will not b
able to sell it's bonds, at present In
terest rates, at 60 cents to the dollar
Nor would it be of any avail If 1t coulC
for the gold would be taken out of tn
treasury faster than it could be put
by renewed presentation of govern
ment notes for redemption. of which
considerable amount would still be ou
standing. All the notes, both nation;
bank and government. will imm,
diately cease 10 have negotiable va
ue. except a very trifing and also V;
riable one speculatively, and the pc
fOrmance of their functions as none
will at once and entirely cease.
We shall have still left our six hui
dred millions Of outstanding silver ce
tificates, silver dollars and fraction;
coin Our government. being no longC
able to redeem in gold, will offer to r
deem it's silver certificates in silv'
and, to keep good this offer, will
compelled to hold on to it's stock (
coined dollars and silver bullion no
in the treasury. At Al cents to the dc
lar, the present market value of Il
amount of silver contained in a slv,
dollar. our six hundred millions
money. then available for currency pu
poses. will have a money value,
compared with our present currenc
Of less than S3OO.OOO.OOO. We shall |
on a silver basis at once, withol
awaiting the installation of Bryan
the presidential chair and the NOV
ment of Bryan legislation to this G
feet. Our country, from having tive
ty-one hundred millions of currency
do business with one day, will ha'
but three hundred millions the ne
day.
CaIamitOus Consequences.
What consequences will follow?
taxes will be paid because there will
no money to pay with. How cover
ment-national, state and municipal
will be carried ON under such con,
tions the writer will leave to others
guess. Nearly every life insurance p
icy will be legally terminated by {
fault Of the payment Of premium
thereon, and the business of life insl
ance will be suspended for an inde
t mite period of time. Every natior
{ bank, every state bank, every trI
: company. every savings bank, eve
: building association, every loan asso