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


provision any person receiving silver in
payment of government obligations
could at once demand gold and the eff
feet would be to compel the treasurer
to maintain gold payments"
This provision was not inserted in
J the bill by the house caucus because
the republican managers feared if they
once began to tinker with the measure
it would be difficult to stop, and that
with such a provision it might be i'm
possible to get the bill through con-
gress. "-(New York Herald, September
G, 1909
So it seems the republicans did the
best they could under the circumstan-
ces.
But 1t is to be noted that even if the
silver dollar did not depreciate we
would not escape the panic, as the cred
itor class alike believe it would, and
they consequently would call in debts
and force sales just the same.
This panic, as we have seen, Mr..
Bryan fully admits will take place.
Therefore it is conceded that the conse-
quences of that panic will follow his
election.
HOW WOULD TT WORK WITH
FARMERS?
If farmer hoped to profit by a fifty
one cent dollar to pay off his mortgage
at about half it's face, how would it
work? On the 7th of November next
there will be no more silver dollars in
circulation than II Mckinley was elect
ed, nor would there be on the 9Th of
March next, since no more could be
ietc1l until ftnr q Gill;
Yer coinage law had been passed.
With probably majority in the sem
ate in favor of sound money, even IL
Bryan is elected, and with their terms
not expiring until 1903, December l,
1903, is the earliest date at which free
silver senate could meet.
Such law could not, Of course, be
passed without the most desperate
fight by its opponents, and as the
fight against the Wilson bill lasted all
summer, is not likely to become a law
before April Of 1904. and unless the
house of representatives of 1903 are also
in fafor of free silver, as well as the
senate, it could not be passed at all, as
the panic and crash would every day
strengthen it's opponents, and probably
all to their numbers too, both in the
house. and even in the senate, by rea-
son of silver politicians seeing the err
ror of their ways under the pressure
exerted by their home constituents,
Dust as we saw majority Of twenty
of the senate opposed to the repeal of
the Sherman silver law in March of
1893, changed by August of that year,
under a much less severe panic, to a
majority Elm favor of repeaD so that
there is not only a possibility, but even
a probability, that with free silver
majority in the senate in 1903, the 1902
elections to the house Of representatives
held in the midst of the panic may
have rendered the house itself in favor
of sound money and thus the panic it
self might defeat the passage of a bill
altogether, and in that case the farmer
and the country would be left founder
ing in the panic, and fail to reap the
hoped for profit.
And if the senate were Immediately
for free silver, on Bryan's election, and
an extra session were called, the law
could not be passed till September, 1901
Then to coin S29O00O00 silver dollars
to replace that number of gold dollars
driven out of circulation would require,
at the present speed over eight years.
If the printing press was resorted to, as
the populists suggest 1t would require,
at the present rate for treasury notes
on the special paper therefor, of 81 1850
600 a day, over a year. which would put
relief off till 1905, or September, 1902 as
the case might be-, or either four years
and half, Cor about two years. after |
Mr. Bryan's election.
Now as the gold would have been |
driven out Of circulation, it is evident
that until the coinage bin became
law or until April, 1904 or September, |
1901 or either for several years, or else |
for ten months after Mr.. Bryans cleo |
ton, we would have only three-fifths as
much money as now, and as the end of
the one or five years additional, no
more than now.
During all of these terrible years Cor
year, we would be suffering from such
stringency, panic and depreciation of |
values as we have never seen before,
and the prostration and dry rot follow
ing the panic would continue for years
Business activity would
not return at once with restored cur
rency, as credit is a creature of slow
growth. 1t took six years to recover
from the panic of 1873, and would prob
ably require ten years or more to re-
cover from this one.
With new corn at thirty cents bush
ell in Illinois Gin 1896 it was eighteen)
and twenty-five in Kansas and Ne
braska, Gin 1896 about fifteen) and with
those prices to be reduced by the panic,
the enforced idleness of the laboring
classes, and the consequently dimin-
ished demand, from five to ten cents a
bushel, after the laborer has been paid
and the farmers store bills settled, how
much would be left for taxes and in
terest and principal on his mortgage?
And if his mortgage falls due, or If he
defaults In either interest or taxes will
not the mortgage want his one hun
dred cents instead Of flfty-one, and
foreclose? Although foreclosure takes
from one to two years, and would take
till November of 1901 or 1902, yet as the
effects of the panic would still continue,
and with practically no money to be
borrowed, there could be but one result,
the farmer must lose his farm and be-
come q renter.