, 1875-07-25
THE VALUE OF DEPOSITS III THE SAVINGS
BANKS.

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to their credit no less than $759, ,946, ,G32, O
an average for each depositor Of $347. Th'
population OF these same States at that TIM
was IL, tx, 800, showing that one in every
five and one-third persons Was deposition
Making an allowance for deposits by the SAINT
person in more than one bank, it is assumed
that there is q depositor in every sir persons
of the whole population Of these ten States
They were the New England States, Califor'
| MIA, New York, Pennsylvania, Maryland, and
Ohio.
The savings deposits in Chicago now ag'
gregate $4,000, 900, which, assuming the
population to be 450, 900, and allowing one
depositor for each ten inhabitants, will give
45, 900 persons-men, women, and chlldren-
who are depositors in the savings banks Of
this city, having IN average deposit Of $222
each There is therefore, an average Of one
savings-bank depositor in every two families
Of five persons in Chicago. These depositors
are men, women, and boys and girls, who are
at work, and are exclusively working peo-
pie, dependent on their current wages They
include those who have several years sayings,
amounting to 81, 200 or 81 800 each, down to
those who have 5000, $500, 800, $50, $40,
and to the beginners who are striving to get
their first $40. This body Of persons, who
may with propriety be called the real repre-
sentatives of the industrial classes, have now
on deposit to their credit $40, 100000, which
is payable to them in greenbacks How are
they affected by tue rise and fall Of the ralne
of currency? These hard-working people are
not speculators or gamblers; they are not
betting on the price of commodities; they
owe little or no debts; they arc holding these
savings for days of sickness, for the time when
they may be out Of employment, or accumu-
1ating enough to purchase house or lot. To
them every penny added to their stock is Of
great value, and every penny taken from it is
SO much health, strength, and life-blood taken
from them
Assuming for the occasion that greenbacks
are worth S. cents on tha dollar, the money
for which they have toiled will purchase but
SIS, 500, 600 Of food, fuel, clothing, or other
property. It may be that what they can buy
with it will BE- sold as worth $40, ,000, 900, but
that does not alter the fact that the $40, ,000,-
600 Of greenbacks will only purchase precise
ly what 8,500NO0 Of real dollars will buy
and pny for.
When, therefore, greenbacks fail in value
to 81 cents, the value Of their deposits shrink
500, 600; when greenbacks fall to So cents,
their deposits are worth S., 70o, 900 less than
In Iovn n11T
deposit Every fall of / cent in the value Of
greenbacks, and the changes are sometimes
frequent in single day, is equal to $10o, goo;
every advance of cent IN the value Of green
backs is equal to IN increase of correspond
ing sum in the aggregate value of their de-
posts. On Friday last the value OF green
backs changed several times They opened
in the morning at 88$$ cents, advanced to 89a
at noon, and closed ut SO cents The value
Of $1,000, 600 Of greenbRcks on deposit
in the Chicago savings banks changed
from $6,875,O0O in the morning to
$s, ,950, 600 at noon, and then fell back to
SS. 800, 900 at the close of the day. Ten days
ago they were worth $500, 600, and the ad-
vance Of cents in the value Of greenbacks
has added $400, 600 to the coin value Of the
deposits in the Chicago savings banks.
Tho working people, who by se1f-sacrifce,
self-denial, thrift, and economy have a,nassed
this large sum Of savings, have therefore q
deep interest in the question whether the
$40, ,O0o, 900 which the savings banks of Chi
csgo owe them shall be paid to them in
money worth 100 cents On the dollar, or in
deprecated money worth IS, 80, IS, rs, OF
60 cents on the dollar. All Of the depositors,
by looking ut the daily quotation in TIE
TRIBUNE Of the value Of greenbacks, can tall
how much they ere short Of their nominal
value as dollars, aud can estimate how much
tho daily changes have reduced or increased
the value of their own deposits Each ds-
pokitor con readily estimate how much he
and his Neutrality-suspicious. will lose should
there be another issue Of greenbacks, sending
their value down to Is or 20 cents on the
dollar. But the deposltors in the savings
banks are not the only persons interested in
having the value Of greenbacks advanced to
par. There were few days ago on deposit in
oll the banks Of this CITY, in round numbers,
the following sums:
In eavings han&a: .S1o0 0co
IN National banka. a........-............-... 0aN'OOO
In 6sAt9 bAnxe... bU0to0
Total. .....-"..$&7,oocooo
That is the sum Of money which the banks
owe to the people Of this city, and which is
payable in deprecated notes. 1t is the accu-
mulated gains Of the deposltors; it is the ac-
tive capital employed to handle the crops,
pay wages, purchase goods and materials, and
to produce salable ARTICLES It is question
Of concern to these depositors, including
substantially the whole population, whether
the banks shall pay these depositors $47, ,0oo,-
600, or broken promises to pay $40, ,00o, 900,
or So, ,ooo, 900, or $50, 100000. Every cent
taken from the value Of greenback is equal
to $470, 900 IN the value Of these deposits
every FIVE cents taken from the valne Of
ezesnh4ou h equal 70 e2s5o, ,ooa tak4a fxnn