Lyman J. Gage

“ Bryan is elected President, it is of all things the most probable that the next House will have a Democratic majority, but even admitting that that Congress, dating from March 4, 1901, will not be able to effect any change in our present financial legislation, what, we may fairly ask, will be the effect of the continued agitation of the question upon business and industry, set in motion by a President bent upon the restoration of free silver at the ratio of 16 to 1, and elected upon that platform? ”

“ Even the possibility of danger should be avoided. It is a familiar fact and one altogether too much in evidence, that an administrative officer filled with hatred and contempt of a particular law can, by perverse ingenuity, practically nullify its operations. You point out in your letter that, if the course indicated by me in the interview referred to should be contemplated by Mr. Bryan the Republican Congress which meets in December next could in advance restrain him by new and more effective mandatory provisions. ”

“ Bryan's election and of the consequent placing of our country upon the silver basis has already caused untold millions of our securities to be thrown upon the market. Scores of business orders are already recalled, a large number of manufacturing establishments have already stopped or restricted their operations, enterprise is already discouraged, and nearly paralyzed. ”