The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1888-10-20

could live only m "A wretched house which
he did not own-could only buy the
simplest article OF food and clothing
that his wife and children must toll with
him for "A mere pittance, so that the
bodies and souls OF all Of them could be
kept together, and than the present
brought no enjoyment and the future no
hope; that ON thecontrary the American
workingman fed well, dressed well, sup
ported his family by hiss efforts, sent
his children 10 school, in innnmerable
cases owned his own home, and was one
OF the vast army that had laid by from
earnings and drawing interest, "A sum In
the aggregate, SO prodigous, AZ 20 bc
almost incomprehensible-w not the
imam from the moon" want 10 know
what causes had been Mt work to produce
a contras. so wonderful. and so far as
one side was concerned, so fearfu'Y We
propose to submit some surprising figures
as 20 what the American people have
done for the rainy day, and our authority
is the tenth number OF the Statistical
Abstract OF the United States. prepared
under the direction 81 the secretary oil
the treasury In the year 1887 there
was on deposit in the savings banks oil
the United States, the gigantic sum OF one
billion, two hundred and thirty-five mil
lions, seven hundred and thirty-six
thousand dollars, Possibly the mag
nitude OF this sum may be faintly appre-
hended, 10y comparison with the capital
the country, which for the same year was
$57S, 900, 900, or only 46 per cent. The
significant fact remains To be stated
that OF this enormous sum, over eleven
hundred millions are credited 60 the New
England States. New York, New Jersey
and Pennsylvania, thegreat manufacture
ing states Of the Union. Ohio and
Illinois, combining agriculture and manu-
features, show thirty millions, excluding
Maryland and Delaware, with twenty-one
millions, but one Southern state shows
any deposits. North Carolina has eleven
thousand dollars.
Capitalists and manufacturers don't
deposit In savings banks, AZ they want
more than per cent. for their money,
hence the assumption is fair one that
the deposits ARE those 81 persons Of
moderate means, and all people OF mod
crate means, are working men and
women.
But the above SUN, gigantic as il is.
does not, by any means, represent the
money saved by the working classes The
great manufacturing states OF Pennsyl-
vnnia and Ohio show deposits of only
~ millions and 10 millions respec lively.
We must look for the savings 81 work
men in these states in another direction.
In no other state has the Building x
Loan Association met with SO large n
development and 40 abundant a success.
In the city OF Philadelphia, il is
authoritatively stated that 10000
houses are owned by the people who live
in them One may travel for miles and
miles, past tens 81 thousands Of snug,
comfortable brick houses, inhabitated by
workingmen, and built through the in
str,rmentality of building associations--
so also in Pittsburgh, Allegheny and
inland towns. Cincinnati has taken an
active part in organizing these valuable
Associations. IL is scarcely possible TO
estimate the value Of the real estate
holdings Of workingmen. paid for out Of
the savings from the wages paid IN pro-
tected America. Can any parallel be
shown in free trade England?
Can there be any radical defect in n
national policy which produces such sat
isfactory results2
Can the vine bring forth thons or the
fig tree thistle2
With the facts positively established
that during the twenty-five years of
continuous protective policy, the wages
ofworkmen have steadily increased-that
the purchasingpower ofthose wages have
increased in greater ratio that year
10y year the workmen, as class, are nc.
cumulating enormous reserves in cash
and real estate, and that their general
condition is infinitely more comfortable
and prosperous than that OF their class
anywhere clse--is il good sense, or IL IL
ordinary business prudence Co take any
step, whether short or long, towards the
adoption OF a contrary policy, which
elsewhere haswholly failed to bring
similar conditions.
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