The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1900-08-29
A Real Danger.

The Post-Intelligencer some time ago
pointed out the fact that the election
of Mr.. Bryan would involve a financial
revolution just as complete and i'm
mediate as would have followed his
election four years ago. Nor does this
rest upon the contingencies OF con-
gressional action. 1t is true that, IL Mr..
Bryan were to succeed, any such tre-
mendous reversal OF public opinion
would necessarily sweep away the pres
ent Republican majority in the house
Of representatives. Mr.. Bryan has an
nounced that his first act would be TO
call congress together. and we may be
certain that currency debates would oc-
cupy a large share of its attention The
effect OF this upon industry and finance
would be precisely that of the appre-
hension of Democratic success and free
coinage in 1896.
But we need not go so far or wait so
long. The truth is that every essential
damage which could be done by a legis-
lative act establishing the silver stand
ard could and would be done without
that and without any action by con-
gress whatever. We repeat the state
ment made some weeks ago In these
columns and now corroborated by an
authority no less weighty than that Of
the secretary of the treasury. Mr..
Gage has said that a secretary OF the
treasury who was so minded could re
duce the country virtually to a silver
basis by his own act: and II is obvious
that he could. or the interest-bearing
obligations of this government, only
the new per cents are payable express
ly In gold by the terms of the contract.
Interest on the others Is payable in
'eoin." That such interest would be
paid in silver dollars by Bryanite
secretary OF the treasury is Just as GER
tain as that Mr.. Bryan himself would
endeav0r TO withdraw our troops from
the Philippines.
But, says the ohiector. where would
all the silver come from with which
to make this change? The question IL
puerile. Was there any difrculty IN
1893 and thereafter about finding green
backs with which to keep the endless
chain In operation and deplete the gold
reservc7 They were ample for that
purpose, though their total amount ia
far smaller than that Of the
coined standard dollars. The records
OF the treasury show that when
the silver fright was at its
worst gold ceased 10 be paid in
Tor the settlement; Of dues 70 the gov
eminent SILVER and silver certificates
took It's place. So Il would be again.
Let a secretary Of the treasury order
that interest on the public debt and
current appropriations be paid, as far
as practicable. IN silver. and We should
De on the silver basis IN twenty-four
hours Gold would disappear Instantly.
Everybody would hasten 20 get ria u
silver. believing that Il would dcpreet-
ate Private aud pablic debts would De
settled by the tender Of silver dollars
or silver certificates.
There were in actual circulation in
this country on the hrst day Of June
SeS 90 30 ~ standard silver. The
amount, n silver certificates. represent
ing silver dollars stored IN the treas
ury. in circulation az the same time
was t4o7 900 600. The sum Of these q
greeter than all the expenditures u the
government for the FIRST eleven months
OF the fiscal year. These dollars would
begin 10 pour into the treasury in a
steadily Increasing stream from the
hour Mr.. Bryan's election should be
announced. and paid out again to meet
necessary expenses. In fact, his sec
Eeiarx " the treasury would need to