The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1900-11-02

SlIGu IL, anu llley WOulu no ~ eEollll'
| "While we earnestly desired an entirely
different solution, and must acknoWl-
! edge that we are bitterly disappointed,
we cannot resist the conclusion that the
| success of the republican, ticket, while
undoubtedly a grave evil, will be the
! lesser of the two evils, and that, there
fore, the election of William Mckinley
will be connected with less immediate
danger than that of William j. Bry-
an" And if as thus outlined, there
should be free silver majority in con-
gress, we would have these evils upon
us at once-would far exceed that of
1873 or 1898, the latter Of which, called
the "Silver Panic" was caused by the
apprehension only of going on a silver
basis. If such panic was caused by
the fear only of gazing on that basis,
what sort of a panic would be caused
by actually going to that basis?
BRYAN ADMITS THE PANIC.
Mr.. Bryan admits this would be one
of the effects of his election. In the
Chicago convention in 1896, he said,
''When you come before us and tell us
that we shall disturb your business in
terests, we reply that you have dis
turbed our business interests" And
the St. Louis Globe-Democrat in the
fall of 1896. reported his saying Il
think it, (meanlng. the victory of the
free coinage movemenD will cause a
panic. But the country Is in deplor-
able condition, and it will take extreme
measures to restore it to condition OF
prosperity"
Have you noticed his silence on silver
in this campaign? Why is it?
CURRENCY REDUCED TWO
FIFTHS.
In the general scramble for gold, as
there Is not enough to go round, it
would necessarily (under the greater
demand than there was supply go to
premium, with the inevitable result
that the $S29,OOOO0o of gold and gold
coin certificates now in circulation in
the United States GU. S, treasury cir
cular of October T. 1900 would be
boarded and go out of circulation,-for
who would pay in gold when he could
pay in cheaper silver?
As the total circulation of gold silver,
greenbacks. treasury notes, bank bills,
silver certificates and all other kinds of
money in the United States was on
October 1, 1900 $2113, 100000 forcing
$S29,000000 of gold out of circulation
would reduce the money in circulation
about two-f1fths, That Is to say,
where there are now five dollars of
money in circulation, then there would
be but three dollars. Such a radical
and sudden contraction of the currency
would of itself alone, and entirely apart
from any panic on account of the de-
probation of the currency, cause
strngency and panic such as we have
never known. But coming on top of
the other panic, the ruin 1t would
spread would be difficult to describe.
Thus railroad stocks with gold mort
cages ahead of them Gas gold must be
bought to pay interest, thus increasing
if not doubling this fixed charge, and to
that extent diminishing or entirely
wiping out the net earnings applicable
to dividends) with earnings diminished
by the business collapse would in the
general panic become absolutely I'M
saleable. The bottom would have
dropped out of them. Banks therefore
would become absolutely unable to re-
alize on their collateral, and though a
combination might save the strongest
for a time, ultimately they, too, must /
go to the wall. The Generalization
would be complete.
FACTORIES CLOSED.
In this general crash all factories,
mills, building operations, &c, would
shut down, and all classes of workmen,
mechanics, and Iaborers except farm
hands, be generally thrown out of en-
ployment.
Under the keen competition of this |
mass of unemployed for the little work
left, 1t Is clear that wages, instead of |
rising, must in the near future, fall, !
even though paid for in deprecated |
dollars, because of the many who want |
employment, and must take It at any !
price to save themselves and their I
families from starving.
With no wages, the unemployed Ia
horers could buy neither food nor |
clothing, and the diminished demand |
would cause the prices of grain, cotton
and all farm products to fall, as is al
ways the case even In small panics
and such want, suffering and misery
would be entaied upon the laboring
classes as we never have known before.
OF course all mortgages past due or
in default would be Immediately called
In, and if not paid, foreclosed, and the
mortgagors largely wiped out.
WHO WOULD LEND MONEY?
It is needless to say that there would
be substantially no money to loan, for
who would lend one hundred cents, or
even ninety-five or ninety, in order
later on, to get back but fifty-one?
And who would lend on a gold basis at
per cent, when he could make 100 per
cent. profit in buying bargains offered?
WOULD THE GOLD ACT PROTECT
But perhaps some one may ask does
not the gold act make it the duty of the
of the treasury to keep silver
dollars at parity with gold, and hence
until 1t is repealed, or free silver
coinage bill is passed would 1t not pre-
vent a depreciation Of silver dollars and
a premium on gold?
The gold act makes it the duty Of
the secretary Of the treasury to main
tain all forms of money issued or coined
by the government at parity with
gold, and provides a gold reserve fund
Of $150,0 900 to be replenished by sales
Of per cent. United States gold bonds,
to be used to redeem United States
notes and treasury notes, and "for no
other purpose" and provides that 1.-THE