Pine Bluff daily graphic., 1895-06-09

pilttu ID IS now, TOT or course it thlg Is not to be the result money would be no cheap CT than 1t Is now. To assert that the people are in debt Is simply to say that they hays' traded with each other on credit that onA part of our fellow citizens, relying nponl the integrity and financial standing ofl their neighbors and acquhintances, have lent them money on time and sold proper ty to them without demanding Immediate payment in cash, and that in this way they have enabled many people to carry on useful business and live in comfortable homes who otherwise could not have done SO. If 1t Is n crime to lend money to man who wants to borrow 1t or to sell | property on credit to e man who wants to purchase 1t and has no ready money to pay for ib, let tho perpetrators be properly pun ished, but lot us not involve the whole l country in confusion and dtsaster and Inn, molate tho innocent and guilty alike in order to punish the real offenders If our people are in debt, they owe each other and | consequently about as many would Do ae- tually injured as would Do apparently ben eflted by scaling tho obligations down to silver standard.
 No Distinct Debtor Glass.
 The Indebtedness of tho farmers, me- chanics and other laboring classes of our RSOpAct RiOhOuHh ABo .ki tStp hkEEbHhtBj L1 | quite small in comparison with the whole Indebtedness of the great railroad end manufacturing corporations, tho national and state banks, savings institutions, trust companies, Insurance companies, building 1 associations and other organizations en7 gagged in financial and commercial enter 1 prises These various organizations arc in- debted to the people to tho extent of many l billions of dollars, and while it ia true that many of the people arc also indebteG to them their debtors and creditors are not l tho same persons, and therefore the debts cannot be set off against each other and extinguished in that way. 1 deny that there Is any such thing as distinct "debt- or class' in this country, for, while nearly every ono owes some debts, large or small, nearly every ono has also some debts owing to him-in other words, he is both debtor and creditor. &
 Tho laboring people, as n general rule, owe worry little ct any ono time while their | employers are always indebted to themy because wages are not paid in advance, and, besides many of them have small de- | posits in savings and other banks, in trust companies, in building associations, and large numbers Of them have thelr liyeslin- sured for the benefit of their wives and chill | dTen, and consequently they are creditors da the banfs and tho iAsurahcp cohrpaniea The savings bank depasitors tn this country lass year numbered {, 771, 661, and she wives and children ot tho depe34t64s l who depended upon these accumulated earnings for future support doubtlesa nufn- bored 10, COG, GOO moro There were i,03h. 840 depositors tn tho national banks lest year, and ii7e4, orr of them had depoalts of less than sl. 600 each while stato aid private banks and loan and trust conn panies held deposits for i, a86. 685 people.
 The building and loan associations had nearly 9,000,000 members, all of whom had paid their money in as required by the rules of the body to which they belonged Here, then arc about 21, 900, boo of our people, generally poor os ct least people of moderate means, who hayo given credit to these great corporations and companies, and, in my opinion. 1t would be q grievous wrong to adopt any policy which would deprive them of the legal right to demand and receive just as good money Rs they parted with whom they made tine deposits in tho banks or paid the premiums on their insurance policies. The hard earned Bav- ings of tho poor ought not Go be sacrificed to the avarice of tho wealthy mine oWhers or the ambition of aspiring politicians, .and If the people who have substantial filter est In the welfare of tho country and Just appreciation of their responsibilities aa cit izens will exert their proper infuenee.in public affairs this great wrong can ne1er be perpetrated. .E9
 Preserve tho Standard of Value.
 Mir President, but little remains foi me to say before bringing these remarks ko a conclusion. It is not my purpose toldis- cuss upon this occasion tho various pr0fAO- sitions which have been made from ttjhe to time for the improvement of our bAflk- ing system or for the retirement of United States notes, because tho questions involy- ed in them aro SO important and SO large that they cannot be properly considered In connection with the subject to which my time has been devoted. We have an abun- dance of money In this country for all the purposes of trade, and the disturfaances and hard times of 1893 and 1894 wer4 hot caused by scarcity or contraction oNt the currency. but by contraction of credM re- sulting from loss of confidence in tho sta bility and value of our currency.
 So far as the mere volume of our cur rency is concerned, we had then aud hlvo now an ample supply for all necessary Jar~ poses, but under tho existing systonl34t Is not properly distributed and is not fnf1r ciently elastic to meet all the ohangina xe- quirements of business at different pef(Qda of the year. The United States shouidsgo entirely out of tho banking business5by the withdrawal of It's arbitrary and oom- pulsory issues of notes and afford tho peo- pie an opportunity to supply their own Cur rency based upon their own means and credit. thus enabling every community to utilize it's own resources when necessary and adjust the circulation from t1rae to time to the actual demands of Legitimate commerce.
 In what way this shall be accomplished Is question which has already en8aged the serious attention of tho peopld and public authorities and it will no doubt continue to be investigated and discii4sed until plan Is formulated which, # bot perfect will at least have the merit ~ be. ing great improvement upon the exttting system.
 In the meantime our highest duty}Js to preserve the present standard of W1A maintain the parity of the two metalS Ind