We are informed on good authority that the Treasury officials
at Washington are seriously alarmed at one effect of the Bryan agitation. It has produced among the people a tendency to hoard gold, which makes it increasingly difficult to keep up the necessary supply of the metal. Should it prove to be impossible, America must either draw gold from Europe at any price, or pay all obligations in silver,—that is, practically must abandon the gold standard. Desperate efforts will be made to avoid the calamity during the six weeks of uncertainty which still remain, but the desire to secrete gold during that period will, of course, increase. The matter is of importance to this country as well as the Union, for a severe drain of gold to America would run up the rate for money and run down the prices of all securities. A mere hint of it almost produced a panic on 'Change.
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