, 1875-02-18

LII uEllEl Ill tlsEti6blOIl9 VI tu1 NnTS
and means of specie resumption, it Inns BEEN
assumed on ono sido and tncity grantcl on
the other TINT tho great rlass Of our people
form what hns been called "tha tobtor
Glass;" and would therefore bo injurio,sly
affected by any advance in tho value of the
*'monoy" with which they must pay their
debts. The Nation attacked this theory n
month or two ago, md DAVID 4. WELLS, in tie
letter on which We commented Wednesday,
gives it n thorough overhauling.
The truth Of the matter is, that the ,uass
Of tho people aro both debtors and creditors.
4 MN must own good doa] Of property or
have good income before he lns sufficient
credit to allow him to borrow any amount Of
money. THUS, only q minority Of our popu-
lation can run heavily in debt. The men WHO
owa much must have owned much in order 10
get tho loans they must repay. They can
therefore stand slight advauco in the va1uo
Of tic currency. Tho great majority OF the
'.ople are in debt only from week to week or
from month to month. They arc trusted by
their grocers, and Bakers mud butchers, hut
these littlo dobts are Ill they owe. It is
fact by no means to bo forgotten
that these people arc debtors because they
Gre creditors. Their employers owe them, as
fl rule, more than they owe their tradeslnen.
Each one Of them las in lis account certain
debts which arc offset, md usually more
than Offset, by certain credits. If the two
sides Of the account balance, he is neither
winner nor loser by m adyance in the value
of the commodity with which he pays his
debts and in which he is paid by lis debtor.
If his credits ara larger than his debts, that
is, if he ia earning more than ho spends, he
gains by any such advance. Almost all
Americans who save money are creditors.
Very few laborere save enough to engage in
business on their own account. They put
their surplus wcalth into the banks, or they
buy or build O dwelling 80 as to have home
OF their own.
Tho man who mako deposits in bnnks aro
creditors, not debtors. Tie wage-gottinq
class are the largest creditors in tho country.
They own tho greater part OF tho savings
banks deposits, These deposits according to
Mr.. WELLS amount to 81, 100, ,000, 600, though
they are usually stated Mt from S7oo, o,ooO 600
to $500, GOO, 900. Thus hundreds Of millions
of dollars aro deposited in savings banks by
tho very wage-gottors who are usually reck-
oncd by thoughtloss persons as members OF
'tho debtor class" The ninth annual report
Of the Massachusetts Commissioner Of Saw
iugs Banks which has been published since
MIR. WELLS wrote his letter, shows TINT the
ITO sayings banks of TINT State hold Sal7,-
452, 100 Of deposits1 The depositors number
over $4,000. Notwithstanding the hard
times Of 1874, the deposits increased 7 l-2 per
cent. Massachusetts Is an exceptionally
thrifty State, which enjoys high protection
for her industries; but tLeso figures are
presumptive proof Of the accuracy OF Mr..
Wells statement.
The truth Of tho matter is, that there is no
such thing in this country as debtor class Of
itself, unless we count bankrupts in TINT CATO
CORY. All thoir property, mich or little, be-
longs to, and will be taken by, their creditors,
90 that they cannot bo hurt by an increase III
the value Of currency. All other mon, with
the innnitesimal exception Of those who re-
caiva each day what they pay out tho same
day, arc both debtors aud creditors, "Tho
debtor class," as the words are commonly
used, is o myth, bugaboo with which
Messrs. BUTLER, VOORHEES,, and KELLEY ore
trying to seare an Intelligent people into q
foolish nbhorrence for the worlds currency.
honest gold, and foolHh belief in the spec
u}ator's currency, dishonest and dishonored
paper. ---