The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1879-12-12

servants, usually paid by the month; over z,
100000 are employed in manufactures or mines
. OF whom many are paid by the month. On a
average, more than 600, 10000 is at all time
due to this army OF creditors. In Massachu
sets the Labor Bureau reports that more thai
, half OF tho workers save money, aud OF tn
} rest the large majority snake both ends meet
Are the workers in other States less thrifty
than in massachusetts? III not, hardly TENT
OF the 100000 get into debt for more thar
their wages coming. Over 100000 must los,
IL wages are paid in cheap money; less thar
100000 can gain by having cheap money Will
which TO pay their debts. Can She nation af.
ford &c harm the many in order to help tho
few?
1t s true there are many persons who have
borrowed money on lands or houses, or 10
carry on business. But those who lend are ten
times as many as those who borrow. Solvent
merchants and manufacturers have more ow-
ing to them than they owe. Good farmers, as
rule, have been saving money, and before
three great crops had enabled many to clear off
debts, wide search led to the belief that hardly
one farm in ten was mortgaged. The borrow
ers from any bank can gather IN one ROOM but
If it fails, the streets are blocked with the
throng OF depositors whose money it holds.
He who holds a life insurance policy is a
creditor. About 100000 policy holders have
advanced to such companies small sums, year
by year, until their assets exceed $400, 000, 900.
but the loans on mortgage by all the life insur-
ance companies number less than 10000. Fire
insurance, building, and loan associations also
gather small sums from each OF many persons
but loan in large sums to few. 1t is probable
that all the loans by all the savings banks, in
amount $500, 900 900, number less than 100000,
but the money is gathered from 100000 de-
positors. In New-Englnnd, New-York and
New-Jersey there are 2,l53,l22 depostors, and
only 1,S22,0S6 families, 80 that there are more
creditors o, this sort alone than there are
families. 1t takes thousand little rlls to
make one river, and many lenders to supply
one borrower For the small savings of the
millions are not large enough to be separately
used in trade or industry, and the men who
have the means to use borrowed capital ad-
vantageously, and the credit to obtain it. are
comparatively few. One little rill will hardly
float 4 single, bat a thousand, brought to-
gether, will float the commerce OF a continent.
SO, OF necessity, the many save and lend, and
the few borrow and use.
The directors of the Glasgow bank went to
jail because they took the savings from the
creditors OF one bank, and gave relief to few
debtors. But more money" would do the
same wrong to the depositors in all the banks
in this country. The president of an insurance
company lies In prison, because he made things
easy FOR dozen borrowers, but hard for thou
sands OF policy holders. "Mors money" would
pay 100000 holders of policies in dollars worth
on cents each, in order to let 10000 borrowers
have cheap money for their rehei. 'More
money would take part OF every dollar due to
100000 depositors in savings banks, in order
hat the 100000 men to whom their money is
loaned might keep part OF it, IL individuals
10 this thing it is crime. What would it be
4 done by act OF Congress?
The folly OF 1t ia that "more money would
Tut off supplies from future industry and trade.
1t would girde the sugar-tree so that the sap
should no longer mount. To rob those who
lave saved, and are creditors, would lessen the
iesre to awe or to lend hereafter. But those
Who save and lend money are those who make {
uture industry possible. There could be no
rop next year, If the farmers should sell or
at all the gram they have raised, and save
othing for seed and no money for workers. {
10th could never have been made by l
Machinery, If no one had saved the money to ,
uild mill. Not pound Of iron could be t
oiled in the land, il money had not been saved
open mines and build furnaces and mills.
70 grain or growth hereafter would be possi- b
lie, II each man should eat up his earnings or t
aste his gains every year. Had not great
ums been put away IN banks to be loaned IN !,
me OF need, Eve years of disaster would have :,
1890 AcoAiy al tuo IulllS ana furnaces :,
the land. Suppose that the savings of times
asst had been taken from the millions who
ad earned them, for the relief OF the tbou-
lnds who were debtors in 1878. Ruin that =
man can measure would have been the lot
industry in this country. o
Cheap money for debtors will not only wrong :,
lose whose savings have now been loaned
lerefore. but those who will need to borrow
GREATER. The supply Of money to be loaned r
not so great in this country that borrowers :,
N afford to make it less. If blight should \
IL the grain, and leave no seed for another h
'wing, we could still buy from abroad. But j.
oneyIioes not come to be loaned to coun- .,
where the dollar lent is apt to be twice AZ
as the dollar paid. The debtors who want W.
is thing are not many, nor the best. Most n
en-, who have the sense to use borrowed =,
cans in large enterprises, know that no coun- q
can afford to relieve the shift less by rob- n
% the thrifty. As rule, the debtors who dc
mt cheap money have rlsked the means OF q,
hers not wisely. Better that they should 90 CT,
wn than that saving and lending for future tb