The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-06-13
ROBBING THE MANY TO ENRICH THE
FEW.

Those who are so indignant over the
alleged crime of 1873 that they seem
to have lost the capacity of cool rea-
soning declare that the outrage consists
in denying the debtors the privilege of
paying their obligations in the two kinds
of money which they assert were in
circulation at that date, and compelling
them to pay them in one kind, namely,
gold.
If these men are intelligent they know
that for nearly six years after the drop
ping of the standard silver dollars from
the coinage of the United States in 1878,
the greenback was the money in which
payments were made. They know. also,
if they are intelligent, that there were
no standard silver dollars in circulation
in 1873, and that the silver dollar had
a commercial value of almost cents
more than the gold dollar at that date.
Consequently the debtor was not de-
prived of any rights in payment Of
money on contracts at that time.
But the important point. which these
advocates Of the interests of the mine
owners ignore. is that no contracts such
as mortgages which individuals give
upon farms and houses. made in 1873.
are alive to-day. The average life of
an ordinary mortgage is less than six
years; but here are these champions of
the free coinage of silver demanding
free coinage in behalf of debtors who
were outraged because the larger part
of them had given mortgages on farms
and homes more than twenty-five years
ago, As Il matter of fact, municipal
bonds issued in 1873 bearing IS per cent.
interest have been paid off by bonds
bearing 4 per cent.
BY the last reports it appears that
the savings banks held $1.7S9. 100000 OF
deposits which belong to 4.S3O.595 de.
positors-an average of $369.55 each
Comparatively little of these deposits
was made prior to 1878. The life in
surance companies owe their policy
holders about $500. 900 paid-up insur-
ance. A few rich men are insured, but
by far the larger part of ii measures
savings from small incomes and wages
The building and loan associations hold
s526, S52,SS2 Of the savings of those who
are CdlleQ poor people, lie S-,oaZ.VUU,VVs
of deposits in banks and trust companies
are owned by 100000 depositors. That
is, there are about ten million of peo-
pie in this country who are creditors be.
cause they have deposited s5.740 900. 00t
of their money in the four institutions
above named. a large part of which /:
invested in mortgages.
All, or nearly all. even the advocates
of free silver coinage. claim that tn,
result of that policy would be TO lesser
the purchase power, that is. the valu,
Of dollars. Most intelligent people be
lieve that free silver coinage by the
United States alone would reduce tn,
purchase power of the present dollar
from one-half TO one-third. 1t means
then, that these ten millions of deposi
tors etc. nine-tenths OF whom are wha
may be called the poor. will be robbed
OF one-half or one-third of their saving
by the free silver policy.
And for whose benefit? That of few
thousand silver mine owners. to the enc
that they may become millionaires al
have a few like the late Senator Fair
1t means the enrlching Of the few b,
robbing the many.