The sun., 1900-10-23
F BRYAN WINS, WHAT THEN?
The Country VIII De on n silver
Basis at Once, with RuinOus Con-
sequences.

tnG Oh u
Basis at once, with Ruinous Con-
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
cigners are getting out from under, by
sale of their American held securities
on the New York Stock Exchange, ne
cessitating the export of gold to pay
for them, or there shall be sharp up
ward start of run by the presenta-
tion of notes for redemption to the
treasury by our own people, long lines
of clerks Of the banks, financial insti-
tutions and tinanciers, lengthening out
through the night, will besiege the
doors of the subtreasury, on Wall
street, and before noon demands viii
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 move
ment from the few eastern seaboard
cities alone-Ncw York, Boston, Phila-
delphia 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 acquire? Will they
pay it out in the redemption of their
own notes? No indeed! They will
hold on 10 it, not as money, but as
property AS 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 single dollar will do the
same thing, holding on to it to the day
of his sorest extremity, when he will
convert it nj value vastly in excess
of any needed commodity, for which
he may be compelled by his wants to
exchange it. and it will pass into stron-
ger hands better able to hold on TO it..
Thus, in a single day. all Of our boast
ed stock of S9oO,00O,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 kinds? 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 a
national bank note for a government
note when the treasury is entirely
1 emptied of its 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 takeI
| completely off its feet. 1t will not be
able to sell its bonds, at present in
terest rates, at GO 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 it could be put il
by renewed presentation of govern
ment notes for redemption, of which {
considerable amount would still be out
standing. All the notes, both nationa
banl; ana government, will imme
diately cease to have negotiable val
ue, except very trifing ana also va
riable one speculatively, and the per
formance Of their functions as mono,
will at once and entirely cease.
We shall have still left our six hun
drcd millions of outstanding silver Ger
tihcatcs, silver dollars and fractional
coin Our government, being no longe
able to redeem in gold, will Offer to re
{ decm IT. SIlver certificates in sike
and to Keep good this Offer win b
compelled to hold on TO its stock o
coined dollars ANA silver bullion nov
in tie treasury. 1t 47 cents to the dol
lar, the present market value Of til
amount Of silver contained in a silve
dollar, our six hundred millions 0
| money, then available for currency pur
, poses, will have n money value a
compared with our present currency
! Of less than S3OOoOo,U0O. We shall b
| on 4 silver basis at once, withou
{ awaiting the installation of Bryan i
! the presidential chair and the move
ment of Bryan legislation TO this ei
feet. Our country, from having twer
ty-one hundred millions Of currency t
I do business with one day, will hav
o but three hundred millions the mex
t day.
i CaInmitous Consequences.
j What consequences will follow? n
I taxes will be paid because there will b
A no money TO pay with. How govern
d ment-national, state and municipal
@ will be carried on under such cond
| tions the writer will leave TO others t
f guess. Nearly every life insurance po
Q icy will be legally terminated by d,
r fault of the payment of premium
|. thereon, anu tile business Of life insu
T., ance will be suspended for an indei
Q mite period Of time. Every nationi
Il bank, every State bank, every truS
/ company, every savings bank, ever
q building association, every loan assoc
@ alton, every investment company an
:. every fire insurance company will .
r under. Rents VIII lie no longer pai,
hut the landlord viii not eject the ter
ant only hccausc lie win not turn ol
= Jones, whom lie knows aud who car
4 not pay, to put iii Smith whom lie doc