The Mount Holly news. [volume] (Mount Holly, Burlington Co., N.J.) 1891-1942, 1900-10-30

4
with all of them he must be familiar II
he is fit to be presidential candidate.
Can 1t be possible that he is doing what
Representative Sulzer above describes
as playing small politicsT
IF BRYAN WINS, WHAT THEM
The Country VIII BE on a Silver
Basis at Once, with RufnOus Com
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 Ey hange, ne
cessitating the export of gold to pay
for them, or there shall be sharp up
ward start of 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-
buttons and financiers, frightening out
through the night, will 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 moyeS
ment from the few eastern seaboard
cities aIone-New York, Boston, Phila-
deIphia 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 acquireG 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 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
be may be compelled by his wants to
exchange it, and 1t 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 $9OOO00,0O0 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 kinds2 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 it's feet. 1t viii not be
able to sell its bonds, at present In
terest rates, at 60 cents to the dollar.
Nor would it be of any avail If it could,
for the gold would be taken out Of the
treasury faster than 1t could be put In
by renewed presentation of govern
ment notes for redemption, of which a
considerable amount would still be out
standing. All the notes, both national
bank and government. will imme-
diately cease to have negotiable val
ue, except 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
tificates, silver dollars and fractional
coin. Our government, being no longer
able to redeem in gold, will 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 Al cents to the dol
lar, the present market value of the
amount of silver contained In silver
dollar, our six hundred millions Of
money, then available for currency pur-
poses, will have q money value, as
compared with our present currency,
of less than $300,000,000 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 twen-
ty-one hundred millions of currency to
do business with one day, will have
but three hundred millions the next
day.
CalamitOus 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-
lions the writer VIZ 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 lnsur-
ance will 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-
ation 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 beca use he will not turn out
Jones, whom he knows and who cam
not pay, to put in Smith, whom he does
not know and who also cannot pay.
Do you wish, reader. to be buried and
to have your country and the world
buried under such an avalanche of de-
struction? Do you wish even this con-
traction of business and labor disturb
1nce that we see now. that was upon US
In worse form in the canvass Of 1896
and that we shall have with every sue
ceeding presidential canvass. SO long
as the silver issue is kept before the
country, even when 1t has the least
chance Of winning? VIII you toy with
danger so grave as this? Do you wish
to see how near you can stand to the
pathway of the lightning express with
out being hit by the passing locomo-
tive? Then there remains but one
thing for you to do. 1t is to join with
others in burying Bryan and the silver
issue so deeply that they can never lift
their heads again. r. D. KELLOGG.
Democrats Take the short End.
Democratic Manager am glad you
have arranged a deal with the Popu-
lists in your locality. What terms did
Fou make with them?
Subordinate Committeeman = Well,
we gave them the platform and the
candidates, and they let US call 1t the
Democratic ticket.-Chicago Tribune.