THE FARMER AND TflE CURRENCY. 373 



tainly the farmers. Under present conditions the production 

 of gold is rapidly increasing, which, in due time, will cause an 

 increase of prices. 



II. It is expedient. Justice is always expedient. The 

 serious proposal to admit silver to free coinage in this country 

 was sufficient to seriously affect credit and is responsible for a 

 great part of the business troubles of the past few years. Men 

 will not invest in business, or lend money to be so invested, 

 while they fear that their returns may be in a currency which 

 they do not desire. Arguments based upon prophecies of 

 general prosperity are of no avail. What men with money 

 think of is their own prosperity. They put in gold, and wish 

 to know that they are to take out gold. If this country does 

 not wish their gold on these terms, they will send it elsewhere. 

 The success of a party pledged to the adoption of free coinage 

 would, for this reason, absolutely }>aralyze business until the 

 new basis should be established. This period might extend 

 from the November elections in one year till some time in the 

 summer of the second year, and must do so unless an extra 

 session of Congress w^re called. This entire period would be 

 such a season of distress as no country has ever witnessed 

 in modern times. There would be a universal scramble for 

 gold, and an equal universal refusal to lend it, on any terms 

 which legitimate business could pay, because it could be more 

 profitably employed in speculation. Foreign holders of Amer- 

 ican securities would become alarmed and return tliem to this 

 country for sale at prices far below their value. Of course 

 this would be foolish, because those securities are as valuable 

 in foreign hands as in those of our own people, but capitalists 

 are as easily j)anic-stricken as other people, and the return of 

 these securities could be absolutely depended upon. Our own 

 capitalists would be better informed as to these securities tlian 

 foreigners, and would use their knowledge to profit by tiie 

 {)anic of foreigners; but it would, for the time, lock up money 

 all the same. Such money as should be absolutely required 

 to "move crops" could, of course, be had, but at high prices, 

 which would mean low prices for crops, foreclosurers of mort- 

 gages, stoppage of manufactures, and mercantile failures. The 



