Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1888-08-24

engaged in education, male and female
which includes professors in universities
and colleges, principals and teachers in all
other schools. The limit for any one depos-
itor is one hundred and fifty dollars per year
and the total amount cannot exceed one
thousand dollars with interest. What pro-
portion the deposits of wage workers bears
to the whole is not officially reported. but as
in this country is simply estimated. | found
In England that the amount belonging to ae-
tual wage workers was variousiy stated
some putting it as low as ten per cent. of the
total deposits, while most of those from
whom | sought information put it at about
twenty-five per cent. For the sake of being
just and even generous in the comparison,
let us estimate that thirty-6ve per cent. or
more thaD third of the total deposits, q
sum equivalent to one hundred and eighty
two millions of dollars (sls2 900 ,000) be-
long to actual wage workers in the Kingdom.
That is an estimate many millions higher
than was made to me by any Eugiishman Of
whom | made inquiry.
Let US nov turn TO Massachusetts for the
other side of this comparison At the close
of last year the total amount of deposits in
the savings banks of that Commonwealth
was more than three hundred and seventeen
millions of dollars (S3l1 900 ,0O0), and this
in addition to nfty-eight millions S5S 900 ,Oo0)
in trust companies and cooperative banks,
which also receive deposits from wage workers
but of which shall take no note, eontining
myself to the savings banks proper. As in
England there is no official statement as to
the occupation of the depositOrs of this vast
sum, but at the Treasury office of Massachu-
sets it is estimated that seventy y-hve per
cent. of the whole amount, or two hundred
and thirty seven millions (s237 900 ,000) be-
long to the wage-workers of the State. In
the case of the British depositors, assigned
them ten per cent. more than any estimate
which received in England. So now let
us reduce the estimate Of the Treasury of
Massachusetts, by ten per cent. and assign
only sixty-fve per cent TO the credit OF the
wage workers of that State, and the amount
viii be found to be two hundred and six mil
lions (S20e .0o0, ,000) or twenty four smllions
(S24 900 ,000) more than the amount to the
credit of the wage-woEkers of the United
KiagdOm.
beg you. gentlemen, to take in the full
force of this statement. ! am making COM
parison between the savings of the wage
workers Of kingdom accounted tho wealth
lest of Europe. with a population of thirty
eight millions (3S 600 ,Q00) on the one hand
and on the other hand the savings of the
wage workers in one of the smallest States
terrtoraliy of the American Union, with
| population at the last census of million and
| three-quarters, Il 1888 ,0S5) aud only little
more perhaps than two millions today-the
British artesan. working under a system of
absolute free trade, and the Massachusetts,
workman working under a well organized
system of protection. The figures have such
| portentious meaning that it is no wonder that
the free trade democratic papers fly from
them and reject their conclusions But they
cannot escape, for am willing after vindi-
| eating as | have, the correctness of my own
statement as made in New York, to take the
statement which they imputed to me and ask
them TO publish the figures and the compari-
sons which are SO readily deduced.
Admit for the argument that the whole
sum of five hundred and twenty millions
| $3.50 900 ,000) in the savings banks and pos
tai banks belongs to the wage workers of the
United Kingdom. and that on the other hand
the entire three hundred and seventeen mil
lions (S3l7 900 ,OO0) in the savings banks il
Massachusetts, belong to the wage workers
of that State. What then is the inference?
That the wage workers among thirty-eight
millions of people have saved the one sum,
while the wage workers among two millions
of people have saved the other; or that nine
teen wage workers in England have saved
two hundred and sixty dollars, while one
wage worker in Massachusetts, has saved one
hundred and fifty-eigh dollars and fifty
cents; or that one wage worker III Massachu
sets mas saved as much as t"eNe wage
workers In England.
But anticipate the fling from the Demo-
cratic editors that these startling statistics
are in Massachusetts and tnat she has al
ways been especially favored in the accumu-
lation of wealth by the protective tariff and
has grown rich at the expense of other States
of the Union. Let them then turn to New
York, whose electoral vote transferred the
national administration to the Democratic
party. New York has today about SIX mil
| Ii MS of people, or somewhat less than one
sixth of the population of the United King
dom. Her savings banks contained at the
beginning of this year five hundred and hye
millions of dollars, $500, 900 000) within
| small fraction, or if the exchange be cor
rectly made, the full equivalent of all the
deposits in the savings and postal banks of
the whole United Kingdom. III the United
Kingdom had the same proportional amount
of deposits in her savings and postal banks
as New York. the sum total would exceed
three thousand millions of dollars (S3,e00,-
600 ,000) and almost offset her gigantic ma
honal DEBT III,
Or II you please take announcer ota'e winch
helped to give the country Democrauc ad-
ministration' Conhectcu1 win oniy h.'ie
over SIX hundred thousahd people a. ,ne ias.
census mas enc zen nunnred @ anu TWO n''liohs Oh
dollars (sloZ'ooo'ooo) depos'teu IN her saw
ings banks VI you choose' ~'.hou'
further considering indiViduai states, let US
group New York with the SIX New England
States, and you VIII nnd the aggregate
amount IN the savings panks OF tne seven
States is today eleven huhoiea niihons oi
dollars (sl, 100, ,0OO, ,ooO). The amount In
these respective States belonging TO wage
workers in every State, but Connecticut Is
| reckoned at seventy-hve per cent, while IN
New York the estimates exceed eighty (so)
per cent. But to make the statement aoun-
dainty safe take sixty-tive 900 per cent. for
the whole and you have over seven hundred
and fifteen millions (S1l5,OO0, ,0Oo) in the
savings banks of the seven States credited to
wage workers. To state the fact in other
words you find that an American population
of eleven millions ll,0O0,0o0) IN which the
present savings of the wage workers are four
times as great as the savings of the wage
workers among the thirty eight million (3e,-