The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1890-07-28

THE SAVINGS OF LABOR
Sometnsng About Them That IL Ma
Generally Understood.

Something About Them That A Not
Generally Understood.
New York Commercial Bulletins
Returning to the question OF savings
bank deposits and the accumulated earn
ings OF labor, 1t Is proper to remember
nrst that the amount Of deposits does not
/ at any time accurately indicate the amount
saved BY labor from its earnings For this
there are two reasons. The savings banks
Ale everywhere used TO some extent. about
pnicn there has been much dis
pnte, by Others than the wage
earners. Bot If they were not. the
wage edrners themselves have at times
other sums to deposit besides their current
savings For instance, new industry in
massachusetts draws 20 that state 100 of
the mos1inte.ligent workers from adjoining
states, and they naturally take their saw
ings with them, perhaps several hundred
collars each. These new deposits in
massachusetts,, like the Withdrawals In
other states, mean nothing regarding the
current savings OF labor, and since the
statistics include only part of the states,
me recorded amounts may at any time in
ciude considerable sums taken from other
states to those which report. Nor are
wage earners entirely destitute of other
properly. They buy and they sell houses
lands, furniture, animals and even securi-
ties. When they buy. deposits are often
Withdrawn. and when they sell deposits are
often made
But it remains true that in a general wav
the increase of deposits Indicates an accu-
mutation OF savings by labor in that form,
while the shrlnkage OF deposits indicates
either shrinkage of savings or the trans
fer TO other forms This brings us TO the
second phase of the inquiry. are the bank
deposits the larger or the smaller part of
the savings of American iabor7 About this
there can be little doubt. The deposits
represent only a small fraction OF the sums
earned and accumulated by wage earners
in this country
The evidence on this point is not as COM
plete as one could wish, but complete
enough to be entirely convincing. There
were in 1880 about 100000 dwellings for
10000 coo families. Say that there we're
more dwellings on farms than there were
farms. still that part of the population did
not occupy more than half the dwellings,
and part of these we're owned by the wage
earners. The rest of the families. about
the remaining 100000 dwellings,
and any student of the subject
will be driven TO the conclusion that
considerable proportion of the working
men own their own homes. In every man.
ufacturing town the number of little homes
owned by artisans and mechanics and
workingmen in manufacturing establish
ments is large. OF great many establish
| ments fully third OF the hands own their
homes. lust as it would be an absurdity
| to suppose that all the 4, 100000 non-farni-
| ing dwellings we're owned by workingmen.
| so It would be an absurdity to suppose that
none OF them, or no considerable part of
| them, were so owned. But If half of these
homes in number are thus owned, that
alone must represent an aggregate saving
| of g 000. 600 at q low estimate.
| When one remembers the multitude of
| building and loan associations that have
| been in operation for years, each creating
| homes for many workingmen, and further
/ remembers thai in the other states, where
| these particular organizations are not
| numerous, the workingmen OF the same
/ class have the same industrious habits and
/ thrift, earn as good wages, and undoubt-
| eddy come to own through other methods
nearly as large proportion OF homes.
/ IL must be conceded that the savings
| of labor in this one form far exceed
/ the savings in the form of bank deposits
| But there Is also the value OF furniture. OF
| which each one of millions of homes con-
| tains some of considerable worth, and the
| horses. pigs. cows and other animals owned
| by working people. All these represent
/ savings of labor, whether paid for by work
/ or by money drawn from deposits. Nor Is
| 1t to be forgotten that the workingmen' s
/ shares in building and loan associations are
| not the only stocks that they own. In
| mining regions they own mining stocks.
| elsewhere railroad, bank or manufacturing
/ stocks. In the aggregate the savings must
| exceed several times the entire amount OF
! savings bank deposits.