The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1878-08-23

The National speakers and writer's have LAID
great stress upon the clam that they we're the
friends Of the poor man, and THAT an irredsm-
able and inflated currency would relieve the
burdens Of the masses. The fact 10, that the
evils OF an irredsemable currency are felt most
heavily by the poor-the day laborers, the
workiagmen OF the country. We give herewith
a number Of extracts upon this subject, show
ing not only that this is the case, but the rea
sons Cor it, and the way in which our inflated
currency Expresses and robs the poor man.
First, let US requote the impressive words OF
one OF the greatest OF American statesmen:
DANIEL WEBSTER.
The very man OF all others who has the deep
est interest IN a sound currency. and who
suffers most by mischievous legislation in
money matters, is the man who earns his
bread by his daily toll. A deprecated currency,
sudden changes of pr.ces, paper money falling
between morning and noon, and falling still
lowe. between noon and night, these things
constitute TIE very harvest time OF spectators,
and OF the whole race OF those who are at once
idle and crafty. disordered currency
is one OF the greatest political evils. 1t under
mines the virtues necessary for the support OF
the social system, and encourages propensities
destructive to its happiness. 1t wars against
industry, frugality and economy, and it fosters
the EVIL spirits Of extravaganza and spscula-
ton. OF all the contrivances for cheating the
laboring classes OF mankind none las been
more effectual than that which deludss them
with paper money. This is the most effectual
OF Inventions 10 fertize the rich mans fields
| BY the sweat o! the poor mans brow. iOrdnary
tyranny oppression, excessive taxation, these
bear lightly upon the mass OF the com
and the robberies committed by deprecated
paper.
JAMES A. GARFIELD.
In Gen. Garfeld's speech in Congress on
November 16, 1877, against the repeal OF the
Resumption Act. he thus touches upon this
point:
now proceed 20 notice the second point that
has been made in favor OF this bill. II Is as
sumed that specie payments will lDjure the
debtor class In this country. and thereby OPP
press the poor; in other words, that the en-
forcement OF the Resumption law will Cypress
the poor and increase the riches Of the rich.
It Is assumed that the laboring men are in debt,
and that the rich men constitute the creditor
class I deny this proposition in toto. | affirm
that the vast majority OF the creditors OF this
country are the poor people: that the vast
majority Of the debtors of this country are the
well-to-do people; IN fact, people who are
moderately rich.
AS matter Of fact, the poor man, the labor
ing man, cannot get heavily in debt. He has
not the security TO offer. Men lend their
money on security; and, in the very nature
OF the case, poor men can borrow but little.
What, then, do poor men do with their small
earnings? When a man has earned, out OF his
hard work, 800 more than he needs for cur
rent expenses, he reasons thus: / cannot go
into business with 5l00 l cannot embark in
trade: but, as 1 work, want money to work -
And 90 be puts his small gains where they will
earn something. He lends his money to q
Weather neighbor, or puts 1t into savings
bank. There were in the United States on the
lst OF November. 1879 4,476 savings banks and
banks of deposit; and their deposits amounted
to 1877 100000, almost three-fourths the
amount OF our national debt. Over 100000
citizens OF the United States were depositors.
In some States tho deposits did not average
more than $3.50 each The great mass of de-
posters are men and women Of small means
laborers. widows, and orphans They are the
lenders OF this enormous aggregate. The saw
lngs banks. as their agents. lend 1t to whom !?
Not to tAe laboring poor but TO business men.
who wish to enlarge their business beyond
their capital. Spectators sometimes borrow it.
but. IN the man, well to- do business men Dor
row these hoardings. Thus the poor lend to
the rich
Gentlemen assai the bondholders CT the
country as the rich men who Cypress the poor
Do they know how vast an amount OF the pub.
lie securities are held by poor people? l took
occasion. few years since to ask the officers Of
bank IN one OF the counties OF my district
a rural distrct-to show me the number Of
holders and amounts held OF United States
bonds on which they collected the interest The
total amount was $4,000. And how many
people held them? Ore hundred and ninety
six. OF these, just eight men held from SIS 900
to 100000 each The other 1873 ranged from
$50 up to $4,000. found in that list fifteen
orphan children and sixty widows, who had
little left from their fathers or husbands
estates. and had made the nation their guardian.
And found 12l laborers, mechanics ministers.
men OF slender means, who had kept what they
had and put 1t in the hands of the United
States that it might be safe. And they we're
the "boated bondholders," against whom so
much eloquence is Illuminated in this House.
There is another way In which poor men
dispose OF their money. A man says | can
keep my wife and babies from starving while
live and have my health. But If die, they
may be compelled to go over the bill to the
poorhouse: and, agonized by that thought he
saves of his hard earnings enough to take out
and keep alive small life insurance policy, so
that il he dies there may be something left,
provided the insurance company to which he
entrusts his money is honest enough to keep