Alpena weekly argus. [volume] (Alpena, Mich.) 1871-1893, 1891-10-07

each depositor. The savings banks of
nine States have in nineteen years in
creased their deposits 1928, 100000.
The English have in thirty -four years
increased theirs $2O,OOO,OOO. Our
operatives deposits 81 to the English
operatives ST."
The speaker intended by this COM
parision to show what great things
the protective tariff has done for this
country; but the only thing he really
does show is what great things it has
done for certain small part of the
country at the expense of all the rest.
Nobody denies that the protective
policy has made the New England
States enormously rich. That was the
object, and it has accomplished it with
success little short of phenomenal.
as these swollen deposits in New Eng
land savings banks bear witness.
There is nothing surprising in the
fact that "the savings banks of nine
States have in nineteen years increas-
ed their deposits $62S, 000,000"-for
these nine States are the favored
Northeastern States, the protected
manufacturing States, in which mon
strous individual fortunes, accumulat-
ed under Republican rule in the last
twenty-seven years, are to be found.
But how is it with other States |?
How do the savings banks deposits in
them compare with the favored nine |?
Let the official report of the Comptroll-
err of the Currency answer.
In the year 1886 the savings banks
deposits in all the other States and
Territories-were only $3.50, 900, 000--
less than one-half what they were in
the favored manufacturing State of
Massachusetts alone. The six favor
ed New England States. with popu-
lation of only 4,694,0OO, had (S554,5-
32, 434) four times as much as the
Twenty-Five agricultural States and six
Territories, with an aggregate popula-
tion of 100000.
The number of depositors in Mass
achusetts alone was 994,77S-one in
every two of the population, and two
and half times the number of votes
cast in the last Presidential election
and each of these depositors had 1920
to his credit in bank. If the savings
depositors in Massachusetts, had been
distributed among the whole popula-
ton, every man, woman and child in
the State would have received $3.50.
But if the deposits in Iowa savings
banks go, 969, O19) had been distribut.
ed similarly each person in that State
would have received only So.
In the year referred to by Major
Mckinley the single New England
State of New Hampshire had $780,
s82,726) moro than three times as
much as Major McKinley's own State,
Ohio (s15,O62,659); and Rhode
Island, with a population of only 345.-
600, had 1858, 1884, 2D more than
twice as much as the three Western
States of Indiana, Illinois, and Iowa
(S26,300, 00O), with an aggregate pop
ulation of 100000.
The explanation of these vast differ
ences between the New England States
and the Western, in their savings
banks deposits is that the former are
engaged in manufacturing and the
latter in farming; and the protective
tariff system which Major Mckinley
holds in such high esteem is devised
for the special benefit of manufacture
ing, while farming is left to take care
of itself.
The system has not made the coun.
try rich it has only made the favor.
ed Northeastern corner of it rich by
the substance of the other
sections into it. High tariff protec.
ton has multiplied wealth in Massa.
chusetts, New Hampshire and Rhode
Island, as the heaps Of money in their
savings banks sufficiently prove but
the 5000, 100000 real estate mortgag.
es in Iowa, S2O0,00O,0O in Kansas
and s300,000,000 in Illinois just as
effectually prove that it has had
somewhat different effect in those
States.
The mortgage Indebtedness in the
agricultural West and South is the
of the enormous bank de-
posits in the favored Northeast. The
one is as truly a product of the high
tariff system as the other is, and the
two must be considered together to get
a correct understanding of the work.
ing ofthat unjust and sectional policy.
st Louis Republic.