Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1864-04-26
THE EVENING NEWS.
SUPPLEMENT
Wealth of the Million.

1t was predicted in anticipation Of the war
that the curse OF hostilIties would fall on the
masses of the operative population. Our fac
tories, it was said, would be closed, wages
would be reduced, the cost Of living would be
enhanced, and those who would not be driven
into the army by starvation would have 10
pine in hunger at their porerty-stricken
homes. A raid on the repositories Of the
savings of the poorer classes was among the
disasters foretold. 1t was ominously limited
that the necessities OF the million wonld COM
pel them to withdraw their deposits at the
savings banks, aid these institutions would
consequently have to call in their loans from
the banks, causing general financial embar-
rassmcnt and rendering it impossible for our
moneyed institutions to meet the financial
wants ofthe Government.
4 glance at the present condition Of the
Savings banks Of this State is sufficient to
show how ridiculously unfounded were these
forcbodings. The amount of deposits in
those institutions in 1868 is immensely in
excess of every previous year. In 1859,
S58, lis, 100 was due to ,697 depositors
in 1868, 500, Isl, 1884 was due to 400, l9i de-
positors showing an increase in deposits
during the last four years Of $685. 24,
equivalent to &C per cent.
The amount due depositors in 1868 are
over $50, 1000, 900 in excess Of those in 1862.
There has been large increase not only III
the number Of deposit0rs, but of the average
amount deposited. In 1862, the average sum
deposited by each depositor was Sll2 60;
in 1868, the average was Sl35 %.
This accumulation of the wealth Of the
million is becoming most important eie-
ment in the monetary affairs of the country.
The deposits in the Savings Banks Of the
State are one-half the amount Of the tOtai de.
posts in the banks. We have four hundred
thousand citizens, chiefly OF the operative
classes, who are furnished nearly one hun
dred millions for carrying on the various en-
tcrpriscs of the country. Nearly sixty mil
lions of the deposits are put out in stock in
vestments, and twcnty-four millions loaned
on bonds aud mortgages for furthering the
schemes of capitalists.
The securities of the United States Govern.
ment have been taken BY the several institu-
tons to the amount of S3l ,G35,752; so that
one-third Of the accumulated earnings OF the
poorer classes has been devoted TO the sup
port OF the nation during its struggle with re-
bellion, noble evidence Of the vital aid rem
dered BY the masses to the salvation Of the
Government. In the light Of this fact, It ad-
mits of no question that the masses, in pro-
portion to their means, are far more inter-
estcd in the preservation Of the Government
and the maintenance Of its credit than those
who hold larger amount Of wealth.
The above statistics show most unmistak-
ably that the operative classes are not being
sufferers from the war. They are saving
larger amount annually than ever, and are
becoming an important money power in the
community. 1t is no hazardous statcmentto
assert that no country on the globe can show
such ratio Of savings among the masses OF
its population for the year 1868 as has been
deposited in the savings institutions Of this
State last year. Those who are fond Of pre-.
dieting ruin to our population at the end Of
the war, may find some reason to greatly
moderate their forebodings, if they will take
the pains to estimate the strength OF one hun
dred millions OF savings to rebut the effects
OF rcvusion after the present prosperity,
should such catastrophe ever occur.