The daily Argus. (Rock Island, Ill.) 1873-1877, 1875-09-30

there is an oYerstocked market and a
downward tendency, and I am Obliged to-
take in sail; have but little work for you
at low figures, or no work at all at last -
The shipwreck is complete. The rich
man is in the life-boat and the poor man
in the breakers with nothing to float him.
About that time l hope Gov. Allen and
Gen. Gary will come along and repeat their
speeches about "the peoples money"
What will then the poor laborers respond?
Talk to me about your peoples money!
II is gamblers money, the devils money"
ALLEN and Gen. Cary and the other apos-
ties of the the peoples money" to stay
away from the streets where their robbed
and outraged victims cOngregate. ap-
prehend the vengeance of the poor, which
Mr.. Kelley of Pennsylvania in this cam
paign so loudly threatened against advo-
Gates of resumption might turn the other
way.
THE WORKING PEOPLE A CREDITOR CLASS,
We are told that an expansion of
currency and its consequent depreciation
will benefit the poor, inasmuch as it will
benefit the debtor as against the creditor,
by enabling the former to pay off his debts
in less value than that In which they were
contracted. The morality of that argument
L will not discuss. prefer to leave it to
the Conscience of the people But let us
look at the pretended facts upon which it
is based, Is it true that the poor men are
the debtors of the country? Tocontract debt
requires credit, and credit is based upon
the means with which to pay. Men OF
very small means are seldom in debt, be-
cause they have no opportunity for being
so If we had statistics of private indebt.
ness in the United States before US, they
would unquestionally show that more thar
rs per cent Of it is owing by men command.
ing comparatively large means, and thai
the laborers for wages are the least indebted
class Of society, even in proportion to theil
earnings and savings, and next to them
the farmers and small business men. But
laboring people are, to a very
heavy amount, creditors of the
country. l venture to say that there il
neither manufacturer, nor q mer-
chant, nor professional man of means il
this assembly who is not a debtor, anC
among his creditors are, in ninety nine
cases out of hundred, his workmen or hi,
servants, to whom he owes wages for par
of week or a.month. 1t has been calcu
lated by good authority that the wage
thus constantly owing for an average o
half months service or work amour
in the whole country to 1920, 100000. AM
who is it that owns the deposits in the say
/, ings banks, amounting to about $760,000,
600 ? Not the rich, but the laboring PEG
pie and persons of small means, who pu
their surplus earnings there for safe keep
ing. 1t is estimated that the same elias!
has in national and private banks and il
trust companies another 100000, 900 anC
that nearly $3.50, 100000 is owing them il
other kinds of debts There is then tn
sum of about 81, 200 100000 owing to tn
laboring people and men of small means
constituting their savings to that amount
, That class are creditors, and you pretent
that for their benefit you will expand tn
currency. Gold being at Is per cent pre-
+ mum those savings have value of 81
e O2O, 100000 gold. Expand the currenc
. until gold IS 80 per cent premium
\ and you have robbed those peopl
of $lS0,OOO,OOO. Expand it until the gol
/ premium is so per cent, and you hav
;. stripped them of $42O,OO0,OOO of har
!. earned money.