SHRINKAGE AND PANIC.
The True Result of Unlimited,
Free Coinage of Silver.
THE GOLD WOULD DISAPPEAR.
A Distinguished Boston \Vriter Suinmar-
in»; in a Nutshell the Dangers of the
Free Silver Preposition—General Bank-
ruptcy \Vould Ensue and Labor for Years
“ :mld Be a Drug in an Overstocked
1Rackets—ml":ine-Owners and Speculators
Alone \Vould Profit.
Let us suppose, says a well—known
Boston writer on economic subjeC'CS.
that the congress which convenes in
December, Q7, together with the new-
ly-elected president, should favor‘ free
silver.” They assemble and pass an
ac; for unlimited coinage, at the ratio
of 16 to 1, to take effect say Jan. 1,
18:43. This is just what the advocates
of unlimited silver mistakenly think
would inaugurate general prosperitY-
Le; us see what would be the real re-
suit.
The moment that such an enactment
bicame even probable, there would be
suchadelugeof American securities and
st ecks, corporate, municipal, state and
national, returned from the Old World,
~ that prices would rapidly approximate
tog-‘ztl‘d one—half of present values. Be-
sices, all stocks and bonds that are
more exclusively held in this country,
would sympathetically decline with
than: in about the same proportion.
"‘1e $650, 000, 000 of gold coin (m01e or
lest) now in the country, would at Once
3036 its function as money, and com-
' mand a high premium. It would rapid-
ly leave the country, and, for the time
being, there would be a contraction of
the monetary medium to that amount.
No matter how much subsequent infla-
tion might come after a few years of
free coinage, the immediate effect
would be a general collapse and uni-
versal paralysis. The panic of 1893 was
puny and infantile when compared
with the one that would come in 1898.
There would .be an immediate and
tremendous shrinkage of all values,
and of labor the most'of all. Few Who
were in debt could pay, but ’When
things really got to the worst, the op-
portunity for the wealthy to purchase
at great bargains would be immense.
Thus the already rich would become
vastly richer, and the present inequali-
ty be greatly increased. There would
be general bankruptcy, and for a few
years labor would be a drug. Severe
as was the panic of 1893, it was com-
paratively but a mere step (and then
arrested) in the direction indicated. Aft-
er weary months and years, business
would slowly emerge from the wreck
and chaos.
But in, the meantime, another current
would have started. The silver of the
world would be dumped upon the Unit-
ed States, and with greatly increased
mint service, in perhaps three or four
years, an inflation would begin to make
itself felt. But, even then, the increase
in values would only be seeming and
nominal, for the basis would be sil-
ver. Foreign exchange would approxi-
mate towards 100 per cent. premium,
and all the rise in prices Oculd be
only apparent and deceptive.
The final effect of this inflation would
be still again to make the rich, richer,
and the poor, poorer. All kinds of com-
modities would nominally rise, but
what of the man who had no commod-
ities? The property of the millionaire
would be doubled (nominally) and the
man 1\ ho before had nothing, would
have twice nothing.
Wages, after three or four years,
would apparently rise, like everything
else, but they are always the last of
the procession. Long before that time,
every commodity that the laboring man
needs would have doubled, and, there-
fore, he would be, not only relatively,
but positively, worse off than before.
Both by the panic and by the subse-
quent inflation, therefore, the present
inequality would be terribly intensi-
fied. The unscrupulous financier, the
wrecker, and the shrewd operator,
would fatten, for they always can take
advantage of violent fluctuations,
whether upward or downward.
All wage-earners, people on salaries,
and eveiy producer, as well as all legi-
timate business would suffer, both dur-
ing the great depression and the final
inflation. Unsettled conditions, of
whatever nature, always lodge more of
the fixed wealth of the country in the
hands of those who already have the
advantage.
‘We already have a practical bimet-
allism, if that be construed as meaning
the two metals in liberal supply. This
is only possible, when the dearer metal
is made the standard, and then a cer-
tain amount of the inferior metal can
be floated at a parity.
The fall in the price of farm products
has not been cauSed by any lack of sil-
ver, but by improved machinery and
the competition of cheap-labor coun-
tries, like Russia, India, Australia and
the Argentine Republic. But even this
decline benefits consumers, and such
compiise the great majority.
But, not withstanding the general de-
cline in other values, wages have ad-
vanced. Do wage-workers want their
wages cut in two through the influence
of unsound money? No, the best is
1 one too good. The only gainers would
1:: the owners of bonanza mines, who
are mostly millionaires, while every-
body else would suffer.
Sour". money creates confidence, and
that is the foundation of_business.
Distrust and threatened anarchy kill
all demand for labor, and always
bring “hard times.” Degraded money _
1'1 ould be suicidal to all labor, industry
and business.
The Miracle of Silver at $1.29.
But if it were to be conceded that
the United‘ States should be able to
achieve the impossible, and to raise the
price of silver that its mercantile ratio
with gold should correspond to the le-
gal ratio, who would be benefited?
Would prices rise, the burdens of debt
diminish and everybody feel sensibly
richer? It is, $1.29.per ounce in gold
that silver is to be worth in the mar—
lkets of the world, according to the can—
didate of the silver party, and the price
of other products of human la‘bor will,
of course, be measured in gold, too. The
standard of price will be the same as 1“
is now, only silver will have advanced,
by a miracle, to a price at which the
coinage ratio of 16 to 1 expresses its
market value. Precisely how it is to
be kept there is a detail to which the
candidates does not give any attention. '
.m
111.
IS ON.
NOW is he TIM
Beth Papers Sent to one Address,
To Subscribe for the
for $I.OQ a Year
THE Emmi-m:
FOR EVENlNG WEAR.
Some ofthe Gowns that Will Cldthe Society
the Coming Season.
(By Special Arrangement with the N. Y. Sun.1
' The changes .in the cut of skirts
and sleeves will not be sorapid as peo-
ple 'had reason to believe, but will come
slowly, and so will not plunge women
into despair immediately. The newest
skirts seem to be modified as to fl-ane.
Shirred clh'antilly tulle, both black and
white, is very much used for evening
and home wear, and is made without
any lining. The effect of the arms'
seen through innumerable folds of the
transparent material is very charming.
u)\/
\\"‘
The dainty gown often seen is
of the new figured silk. About
the hem of the skirt the mater-
ial is cut into vandykes, each
one edged with a narrow trim~
ming of sequins. Showing through
the points are two tiny frills of difien
en-t colors, each taking a tone from the
silk. The corselet bodice of lace is
lined with plain silk of one of the
colors and turned back with fevers.
About the waist is folded a belt of vel-
vet. The tight-fitting sleeves are of
the figured silk, and at the shoulders
they are trimmed down with small
frills, which take the place of puffs.
Another mode-1 is of rosy pink satin.
The crossed bodice and the band about
the foot of the skirt are of brocaded
moire, and are 'headed by a tiny ruche
of the chiffon that composes the low
chemisette and the frills of the sleeves.
Still a third evening gown is of bro-
caded silk in apricot and white, with
' a plain colored swath-ed bodice sewn
with paste jewels, and fitted at the
waist with a wrinkled belt of the slik.
The bodice is fastened by two large
choux of white chiffon, each having
a fine paste button in the centre. The
short sleeves are of wrinkled chiflon,
with deep flounces falling to the el-
bows, and are surmounted by pleated
shoulder frills of brocade and chiffon.
Across the bodice front is a band of
jewels.
Old fashioned flounces are coming
back to us—even flounces half way up
the skirt; and they supply a. very grace-
ful way to renovate a black silk by
flouncing it with silk‘ muslin, Covering
over the close 'black sleeves, using deep
flounces of the muslin for berth'a and
epaule-ts.
The princess gown bids fair to be
exceedingly fashionable this winter for
outdoor, house, and evening wear.
Some of these gowns button down each
side of the front breadth or are fastened
under a belt across the front; but as
a rule they are fastened under the left
arm and on the shoulder.-
Sister’s Little Brother.
Little Charley—Herr Schulze, sister
Baum said at the dinner table yester-
day that you had the finest m1.1st.1."-'he
she had ever seen.
Herr Schulze—Now, Charley, you
ought not to repeat everything you
hear.
Charley—But, she gave me an extra
copper on purpose to tell you What
she said.—Heidenheimer Tagblatt.
GAZETTE " rm ” ; '.
@MMMMMMMMMMMMMMMfi ‘
,, gThe Neat
and Tidy
hous Cewi- c dreads the daily shaking
down of the lumace, unless it is pro-
1/ 1de.l with a dust damper which com-
'pletely confines within the furnace
itself all the dust and dirt raised by
shaking it. we have given special
attention to the development of this
dust damper, and the Bay State might
well be celebrated for this improvement
alone. It is a. clean furnace. merger
BARSTOW STOVE CO., 228 Water Stu New York
Foundries-Providence, R. 1. Boston Office—56 Union St.
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BICYCLE ,
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Towle Vault Light Company, t
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48! B;l;cl;;ryllVENllE. I I ‘ l51 Elcl’lmz'llEET,
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Beautiful Art Catalogue of Columbia and Hartford Bicycles is free ifyon call upon any '» .I.
Columbia Agent; by mail from us for two 2-cent stamps. - -
POPE MFG. CO., Hartford, Conn.
Branch Stereo and Agencies in almost every city_ and town. If Columbia: are not '
. , properly represented in your vicinity, let us know. ~
Norwalk Chronicler