The Republican. [volume] (Oakland, Md.) 1877-current, 1900-11-01

called on TO pay up would be COM
PEELED to call on their debtors, and
thus all the debtors in the country
would be called on to pay up as eXpe-
ditiously as possible. The demands
on and Withdrawals from the banks
would gradually compel them to call
in their loans, and if not paid to sell
or try to sell the collaterals.
Debtors would be compelled to sell
their property at constantly dimin-
ishing prices, and where all debtors
We're sellers at once the declines would
be such as we have never seen before,
because there has never before been
such wholesale calling in of debts,
and consequently selling, as this
would cause.
| Business houses the country over,
being unable to collect balances due
them, or to realize on their stock, ex-
cept at ruinously low prices, if at all,
must fail. Nothing could save them.
| Small depositors, nervous and fol-
lowing the larger ones, would draw
their balances and runs on banks
would become general.
With these runs upon all the banks
they must either break or suspend.
In the cities the stronger ones could
combine and suspend, but the weaker
ones, left out of the combination, and
all country banks, would fail.
The panic and ruin during those
three years of grace land if perchance,
as the New York StG0tS-ZeituQg, in
coming out to support Mckinley on
October 8th inst, suggests, "It is not
well to rely too firmly upon the hope
fhof Gnnuracc will aNnfin11n
majority friendly to silver. And we
must consider that his election would
be interpreted as a victory of silver.
Many of the Senators and Represen-
tives who are now opposed to free
coinage have voted for it before, when
they thought the majority of the peo
pie desired it, and they would do so
again. While we earnest desired an
entirely different solution, and must
/ acknowledge that we are bitterly dis
appointed, we cannot resist the con-
clusion that the success of the Repub-
lican ticket, while undoubtedly a
grave evil, will be the lesser of the
two evils, and that, therefore, the
election of William Mckinley will be
connected with less immediate dan
ger than that of William J. Bryan,
and if as thus outlined there should
be free silver majority in Congress
we would have these evils upon us at
once'0 would far exceed that of 1878
or 1898, the latter of which, called the
"Silver Panic" was caused by the
apprehension only of going on a sill
yer basis If such panic was caused
by the fear only of going on that basis
what sort of a panic would be caused
by actually going to that basis?
BRYAR 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 bus
mess interests we reply that you have
disturbed our business interests. -
And the st. Louis Globe Democrat, in
the fall of 1896, reported his saying:
81 think it, (meaning the victory of
the free coinage movement) Twill
cause a panic. But the country is in
a deplorable condition, and it will re-
quire extreme measures to restore it
to a condition of prosperity"
Have you noticed his silence on sill
yer 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, 900, 900 of gold and gold
coin certificates now in circulation in
the United States (U. S. Treasury cir
cular of Oct. 1, 1900,) would be hoard
ed and go out of circulation, for who
would pay in gold when he could pay
in cheaper silver?
AS the total circulation of gold, sill
yer, greenbacks, treasury notes, bank
bills, silver certificates and all other
kinds of money in the United States
was ON October /, 1900, $2.113, 900, 900,
forcing $829, ,000,0 of gold out of cir
culation would reduce the money in
circulation about two-fifths. That
is to say, where there are now s. of
money in circulation then there would
be but So. Such radical and sudden
contraction of the currency would of
itself alone and entirely apart from
any panic on account of the depreci-
alton of the currency, cause strin-
gency and panic such as we have
never known. But coming on top of
the other panic the ruin it would
spread would be difficult to describe.
Thus railroad stocks with gold mort
cages ahead of them las must be
bought to pay interest, thus increas-
ing if not doubling this fixed charge,
and to that extent diminishing or en-
tirely wiping out the net earnings ap-
plicable to dividends) with earnings
diminished by the business collapse
would in the general panic become
absolutely unsaleable. The bottom
would have dropped out of them.
Banks therefore would become abso-
lutely unable to realize on their col
lateral, and though a combination
might save the strongest for time,
ultimately they, too, must go to the
wall. The decentralization would be
complete.
FACTORIES CLOSED.
In this general crash all factories,
mills, building operations, etc, would
shut down, and all classes of work
men, mechanics and laborers, except
farm hands, be generally thrown out
of employment.
Under the keen competition of this
mass of unemployed for the little
work left it is clear that wages, i'm