The Indianapolis journal., 1893-07-30
AMERICAN FINANCES.
Brief Summary of the Marvellous FlnanciHs

Brief Summary of the Marvellous FInanciIs
Resources of United States People.
John 8. Heaion. in New York Recorder.
The first six months of 1898 saw more
numerous failures OF business houses In
this country than had occurred in any cor
responding period. Within the same time
financial experts have figured out the loss
by the shrinkage of prices of speculative
securities at from 500 000 600 to 81 OOO 000 600.
Bot sucb figures and facts. while proving
the sravest necessity for wise congress
siOnal action, are very deceptive when
taken the measure of actual loss.
There is brighter side to tho picture in
the marvellous financial prosperity of tho
plain sixty million people who are not ION
the street." Their accumulated resources
are incomparably greater than those of the
English or German people and dwarf even
tho famous 'stocking-tO toe banks of France.
Begin with the savings banks. These have.
In round numbers. 81. 800. .OO0. 900 In deposits,
almost entirely the property OF the COM
paratlvely roOr. New York's banks alone
have $500. .000. 600 or thereabout. These huge
deposits alone would give $50 for each man.
woman and child In the country. and repre-
sent. of course. q much larger average for
pTOvident ones.
Even more astounding than these fgures
10 the recent estimate OF United States
Commissioners Carroll ID. Wright that there
are 2.0J0,OU0 shareholders In building and
loan associations with assets of 5000. 600 600.
The more these figures are examined and
analyZ Zod the more impressive they become.
Barring O few scraps anG remnants, every
dollar of this money has gone into peoples
homes At an average price of u. 800. 200. 600
homes represented by this sum. Tho
average cost ls undou btedly lower. the total
number larger. Only the extant series are
represented in this computation. As the
system has heen IN operation some sixty
years, probably the matured series have
amounted to considerably more. Half q
million homes are undoubtedly to-day the
total result of building and loan opera
tIoDs.
Estimate g., 800, 0OO, 600 as the presumable
value of homes bought by extant and ex-
tinct building and loan series. and 81 .S00,-
0UO.O00 as the savings bank deposits of the
people who In any other land would be poor.
The story is not half toid. he farmer
proprietor is in this country almost
ty pIcal as the tenant farmer In England.
and his wealth does not appear In these
MAGNIFICENT totals. Farmers do not, as u
rule. deposit III saving gs banks for the same
reason that merchants DO not, on account
of the convenience of check payment In
their business. They are the back bone of
the country. these farmers. The census
can give no idea of the billions or their
wealth. but they are many. Still unrepre-
srnted are the village ebOmesacquired with
out the help of the building associations.
There are many villages I'd the middle
States where very small minority of the
people live IN rented houses. Even in fac-
tory regions one hears of such s0rprising
cases as Woonsocket where nearly half the
people live in their own homes.
The finsnciers. those buzging flies who
think they turn the wheel. are sending
their families to Norway this year because
living Is cheap thcre. But the plain people
are doing very we'll at home. thank you.
Dull times may Inconvenience them. but
not quito a. if they were living hand to
mouth. Of $47, 900. 100000 ssssssed valuation
OF this country, of the much larger actual
value of American property. theirs 10 the
larger share. No other land can say the
same.