Litchfield enquirer., 1878-02-14
WHOLE NO. 269S

New-York and New-Jersey, 2,2O3, 272 deposi- tors in saqings banks the aggregate of whose deposits equal $786, 1S3, 542-a sum exceeding by $500 96S, SIS the total corporate capital of the National banks of those States, and by $305, 715, I'll that of all the National banks in the United States. The average amount do posited by each person equals $357. The debtors to these depositors are bankers, manu- lecturers and owners of real estate. The num- Der of the latter will not exceed 30, 900. For
 every debtor at the savings banks, there are therefore at least 700 creditors. Should silver
 be nonetized at the rate proposed (say 90) the loss to the depositors in the savings banks of the State named-a class belonging almost wholly to the laboring people, and whose de- posits are their all-would equal SIS, SIS, ,354 ! Shall such monstrous wrong be inflicted on this numerous class of our citizens for the ben eft of another far less needy and numerous,
 and certainly no more deserving?
 The majority of the citizens of the United States, to-day, are laborers for wages in some form. They, with their families, constitute a
 majority of our population. If the purchasing power of money be reduced, their compensa.
 tion would be reduced As the nominal rate
 of their wages would long remain unchanged,
 every day would something be foregone in con
 sequence of the depreciation of the money. ln
 time they might get some relief, but only by
 demonstrating that they could no longer sub
 sist on their reduced compensation. eWhatev-
 CT the disturbance and disaster to follow the
 characterization of silver they would be the first to feel the effect. They have no mode of
 escape. They cannot well change their places
 or occupations, but must toll on, as best they
 can, through all the calamities that bcfal
 them The products of their labor, when gath
 cred up into the great reservoirs, constitute the
 capital of the United States. Upon them tn
 fact, rests the great fabric of society. To eve-
 rv one of them the monetixatien of silver would
 be an unmitigated evil. The difference be-
 tween the nominal and the real value ot the
 coins, they would be compelled, in great
 measure to make up. Will Congress impose upon those whose lives are of necessity already condemned to severe toll, vastly heavier bur-
 dens, and subject them to new disasters which
 mnst result from the passage of the proposed
 measures, for the benefit of those involved in debt or of those who, as the favored owners of mines seek to swell into still vaster dimen sions that fabulous wealth which is even now,
 the wonder of the world 4.... ..... Such are some of the reasons which induco the undersigned to remonstrate most earnestly, not only against the passage of the so-calIed ''Bland bill, ," but against the reconciliation
 of silver, 80 as to make it, equally with gold,a | standard of value and legal-tender in all tram
 sections. ** The proposed measure will
 not increase the amount of money in the coun- | try by a dollar. It will debase whatever we
 have, for the benefit of single-and by no means the most numerous -class of our people. It is just as important that the measure of val ue be uniform one period with another, as that measures of extension and quantity should be | uniform. Of all the disturbing causes to which society is subject none are so speedy and fatal in their result as fluctuating standards of value of those instruments by means of which eX- changes are effected The moment they cease | to be uniform in quantity and value all the op- erations of production and distribution are
 brought to a stand. It is not necessary to cite examples. Our own experience, unfortunately.
 is too full of them. It has been demonstrated,
 most conclusively, for many years past at lenst, | that silver has not been fitted to serve as the | standard of values and that had it been used
 as such, the gravest disasters would have over
 taken the Nation. If such, which no one can deny, would have been the result, is not tho
 first step to be taken, instead of making silver
 the standard for the future, to inquire whether | the infrmity it has shown in the past IS likely | to continue If so, however much opposed to | the opinions or wishes of numerous class
 among us there is but one conclusion 10 which | all must come. If such inquiry cannot be ail- swered most conclusively in the negative, your 1 memorialists submit, that our present system, | against which, so far as it relates to metallic | money not breath of censure has been or can | be raised, should be maintained instead of our entering upon an experiment from which no good can possibly result, but which seems cer-
 tain to involve the Nation in almost infinite
 confusion and loss The memorial is accompanied by numerous
 tables proving the assertions of the petitioners.