The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-10-11
FINANCIAL An {. / RUIN
Would DO tho Immediate Rosul. Of
Hryan'a Election.
ATTAcKUPON GOLD STANDARD
Causes Fear In Money circles-1llus-
trations Of Wild Struggles In tho
Business World In Case Of o Change
Of Policy.
From wool and COTTON Rsportor,--

FROM WOOL ana cotton Reportcr!- r7
We have been asked Just. what would
be the order OF events In case Bryan
We're elected President OF the United
States next November. It is repeated
ly asserted that his success would mean
a financial disaster OF great magnitude
to the country; but how would this ac-
tually come about? Specifically, what
would occur? This IS a reasonable
question, and Il Ia our purpose to try
to answer It. 81
The reason Bryan Is feared by the
conservative element Is, that no has
catagorlcally asserted that the gold
standard will not be maintained in the
country longer than I am able to get
rid OF It." Surprising. therefore. that
ths country wakes up on November 2
{ and learns that Bryan has been elected
President, what will DO the flrst
thought in every ones mlnd7 It will
be-. that Bryan has promised to over
throw the gold basis In the United
States, on which the huge structure OF
our industrial enterprise has been
erected.
Mean Revolution.
Every one would Immediately per-
ceivc that this would mean revolution
in our manner OF conducting business.
not gradual change in methods, to
which the, country would adjust Itself
without appreclable loss, but sudden,
sharp reversal Of the established order,
such as could not occur without the
most distressing consequences. Tho
first impulse OF everybody would there
fore be to make instant preparation for
the worst that could possibly happen.
Any one familiar with economic his.
tory knows that when q great number
of people are seized with fright at the
financial outlook. the fundamental
traits Of human nature assert them
selves. and that the only maxim that
is recalled Is. Every one for himself"
The policy which every class in the
community would. therefore. adopt on
the morning Of November 7 would BIO
that of every one for himself.
Think of Personal Safety.
That is, just as in burning struc-
ture the tendency Is for every member
OF the crowd to think only OF saving his
own life, so on the announcement OF
Bryan's, election the tendency OF every
Intelligent person in the United States
would be to convert us much Of his
wealth as he could Into gold, to call In
his loans In the shortest space OF time,
to rescind whatever contracts he might
have outstanding to pay out money on
the basis Of the terms that existed be-
fore November C. and then 10 sit down
and walt. IN other words. the frs; re-
suit of BryaB's election (lnd II would
he. Immediately would be = great rush
to. get TO shelter, which would be FOL-
lowed by i prolonged quiet, during
which every one would be afraid for Ills
life to move.
Let us Illustrate. Nothing Is more
certain than that. In the event of Rry-
4 ans election on November 6. there
would Immediately be wild struggle
In Wall street.
( More Reasons Than One.
This would be the case for more rea-
sons than one. In the first place. the
holders OF securities would OF them.
selves be prompted TO unload them In
great quantities.: and In the second
place, they would be forced to lqui-
date by the banks, which would begin
to scrutinize their loan account very
sharply. Blu; the liquidation would not
stop with the stock market. The banks
j are all the time having great many
commercial loans maturing. and as
these became due the lenders would lie
disposed to have them paid Off rather
than renewed. In fact. 1t may be TAX
en- for granted that mercantile business
would be paralyzed upon. or soon AFTER
the announcement OF Bryan's election.
1t may be claimed that the banks would
do nothing rash-that their every effort
would be to prevent smash. That
sounds very well: but there is this pc
culiarity about the banking community,
when 1t becomes frightened 1t Is more
terrified than any other class, and Is
very apt to act without much thought
OF the consequences to any but itself.
Silver Would be the Standard.
With Bryan elected, the banks would
realize that inside of six months steps
would be taken to discontinue the gold
standard which would mean that
sooner or later, silver lin which cur
rtncy debts would be paid) would pass
at Its real OF commercial value, In
stead OF its coinage value, as at pres