New-York tribune., 1879-08-26
THE A BO OF FINANCE.

fees that have been made in order TO keep the
oeonles pledge. All the cost Of resumption has been
Maid; shall we throw away all the Gainsi Trees
which il has cost years Of to raise are just be-
ginning to bear. What reason have we to girdle
them or to tear them up by the rootsf 1t is ques-
tion Of honor, TOO. Why should a pledge be
broken when 1t viii cost no more TO keep tf No
ioyal man would think of backing out, but for the
fact that United States notes are used as money.
Bad money rather than good, there are some men
in every land who want Money pays debts. Iney
want cheap money to pay with. Most men are q
little ashamed 70 ask openly for worse money ana
80 the cry is for more money. Resumption was
resisted mainly on the plea that it would involve
contraction Now that it has been reached with
out contraction there is still an outcry tor more
money The real desire is for bad notes, instead OF
notes kent good by payment on demand-toT money
which shall fall short in buying power, and so be
more easy 30 get.
OF course. when debtor gains a dollar by the
rse of cheap money, a creditor must lose a dollar.
The country can gam nothing; no boy makes any
thing by robbIng bis ught-hand to OIL his left-hanu
rocket More money, being necessarily worse
money. can hep one class only by hurting another.
Self-government servant Of all alike, should seek
the greatest good Of the greatest number but the
creditors are many and the debtors few. It Is
strange that tins is not always seen. Ii 1t were
there would be fewer demagOgues urging us TO
give relief to the debtor class which Is small at
the expense OF the creditor class, which very large
But some seem to think that all the people of this
country are debtors and that all the debtors are
dishonest.
Mr.. Astor ucv owe butchers bill, or Mr.. Van
derbit a taiioI's bill. but neither belongs to the
debtor clas= Any man who has owing to Elm more
money than he owes must lose more, as creditor,
nv the use in payments Of money that loses value
or buving power, than he gain thereby as a
debtor For him, poorer money would save al the
splcot and waste az the bung To that class belohs
1Ine-tenths OF those who work for wages. There
are over eight millions Of them. and they earn more
than 50. 500. 100000 in q year. About 3'oooVVo
work on farms and are paid by the month OF sea-
son: about 100000 are domestic servants usually
Maid by the month over 100000 are employed in
manufactures OF mines, Of whom many are paid by
the month. On an average, more than 500, ,OOoO1O
ssat all times due % this army of creditors. In
Massachusetts, the Labor Bureau reports that moye
than half of the workers money and OF the rest
The large majority % make both ends meet Are the
workers i'm other States less thrifty than IN Massa-
chuserrs7 Ii not. hardly tenth of the s,OJOOoO /
yet into debt for more than their wages coming
over 1000 900 must lose If wages are paid in cheap
money; less than 100000 can gain by having
cheap money with which to pay their debts Can
The nation afford 10 harm the many in order to
help the fewi
Iii. true there are many persons who have bor-
roved money on lands or houses, OF TO carry on
business But those who lend are ten times a, many
rs those who borrow. Solvent merchants and man
ufacturers have more owing TO them than they owe
Good farmers. as a rule, have been saving money,
and before three great crops had enabled many to
clear od debts, wide search led 10 the belief that
hardly one farm in ten was mortgaged. The bor-
rowers from any bank can gather in one room. but
A. ]. .|ra'-. "a Ntt.fr .aHTl
Of depositors whose money it holds. He who holds
a life insurance policy is q creditor About 100000
roIiev-r.lders have advanced 10 such companies
small sums. wear by year until their assets exceed
500 900. but the loans on mortgage by all the
lie insurance companies number less than 10000.
Fire insurance. building, and loan associations also
rarher small sums from each of many PERSONS but
loan iu large sums TO few. 1t is probable that all
fhe loans bv all the savings banks. IN amount
$500 100000. number less than 100000 but the
nouevis gathered from 100000 depositors. In
Nev-TurIaqd. Nev-Yorll and Nev-Jersey there are
o153122 Gcp1sitors and only 1,s22,0s5 families,
60 that there are more creditors OF this sort alone
than there are families. /. takes thousand little
nils 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 I'm trade
or industry, and the men who have the means 10
use borrowed capital advantageously, and TIE
credit t0 obtain 1t, are comparatively few. One lit
lie rilr viii hardly float shugle, but thousand,
brought -oretner viii float the commerce of con-
tiuent So Of necessity, the many save and lend,
and tine rew borrow and use
The directors of the Glasgow bank went 10 ial
because they took the savings from the creditors OF
one bank. and gave relief TO a few debtors. But
"more money would do the same wrong to the de-
postors in al the banks in this country. The pres.
dent of 1u Insurance company lies 10 prison, because
be mad, things easy for dozen borrowers. but
hard Tor thousands Of pcHcy-hOlders. More
money would pay 100000 holders Of policies in
dollars worth 90 cents each, in order 20 lot 10000
borrowers have cheap money for their relief More
money would take part of every dollar due TO
24O0OoO deDositors in savings banks, I'm order that
the 100000 men to whom their money is loaned
might keep part oft. If individuals do this thing
fiji a crime. What would il beaf done by act of
Congress
The folly Of il is that more money Y" would cut
of supplies from future industry and trade. 1t
would girdle the sugaT-Tee so that the SAP should
no longer mount To rob those who have saved,
and are creditors would lessen the desire TO save or
10 lend hereafter. But those who save and lend
money are those who make future industry possible.
There could be no crop next year, if the farmers
sbould sell or eat all the grain they have raised.
and save nothing for seed and money for
workers Cloth could never have been made by
machinery if no one had saved the money TO build
MILL Not a pound of iron could be rolled in the
land If money bad not been saved to open
mines and build furnaces and mills. No
gain or growth hereafter would be pos
sible if each man should eat up his earn /
ings OF waste his gains every year. Had not
great sums been put away IN banks, Co be loaned IN
time OF need FIVE years Of disaster would have closed