Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-08-16
The workingman and the Banks.

From the Detroit Free Press.
Pretty hard times. mister" was the SAL
utation with which a master carpenter yes
terday greeted the man upon whose house
he was at work making extensive aItera-
lions.
Il suppose it is" said the owner of the
have to complain. You have plenty of
wages?'
Yes" said the master carpenter but I
do not think work Will last very long, and
1t Is going to- be hard winter. There
wont be any money to do the work with.
Haven't you saved UP anythingr' asked
the house owner.
Yes said the carpenter Il have
lots Of poor feeWs tsas
ked the owner
uas used use to put It In the savings bank"
other day, and keep It at home now and
put my savings with it."
But you do not get any interest said
NO" said the carpenter. "but 1 know
where 1t Is and can get 1t when I want
did you ever have any difficulty in get
ting 1t when you wanted it when II was in
the bank?" asked the house owner.
No" was the response but the banks
r might !, not pay it. and thought it best to
What the master carpenter, did in this
case is undoubtedly what thousands Of
situated. have done. The amount Of money
which they have withdrawn from the banks
In senseless fear runs up inno the mil
ably, that the stagnation of business and
the loss Of employment, which they justly
fear. Is due directly to this very foolish
withdrawal Of this money from circulation
that the enterprises which would other
wise furnish employment for them and for
a9w Th nS an the
responsible for the stoppage, from which
they are to be the worst sufferers. as IL
they themselves had closed the doors Of
the factories and posted the signs annouuc-
ing suspension Of operations.
1t will be hard. perhaps, for them to real
for a moment what the banks are, and
what purpose they serve, they cannot help
realizing 1t. The banks. as they have been
told over and over again. are their agents
through which their money Is put to use
II is only by putting II to use that II earns
them the interest which Is their chief in
ducement for depositing it. II it is not de-
posted, 1t not only ceases to earn them
any interest. but 1t ceases to do the work
that earns the interest. Every working
man who has withdrawn his deposit from
savings bank i'm Detroit or elsewhere
mas contributed In so doing to that embar-
go upon industry which he Is already be-
ginning to feel, and which he and his fell
lows are destined to feel still more severe
ly as winter comes on.
Nor is this all He has, It is true, the
money by him. but he cannot keep it The
most Of 1t must be expended during the
period OF idleness I'm the support of him
self and his family. il he has one: and the
chances are. as he probably knows by ex-
pertence. that II will be expended much
more rapidly and with less Judgment than
1t would be II he We're saving and COM
PEELED to 60 to the bank for it from tine
probably be wasted. In the end ii win find
It's way back to the banks, for that is the
inevitable result of such periods OF strin-
gency as that through which we are now
passing: but II will not be his money. He
Will have had the consciousness of his mon
ey being safe. He will have enjoyed the
sensation Of not being compelled to trust
any banker. But he will have no money.
All that he Will acquire in the matter win
be additional wisdom; and the utmost tina I
can be hoped is that this will be sum
Gent to preserve him from making a SINH
lar mistake in the future when Confidence
is restored and he again has money to put
by.