The times. [volume] (Richmond, Va.) 1890-1903, 1895-06-20
Lynchburg. Va. JUNG rs. lsg5.


Lynchburg. Va. June l5 1895.
To the Editor OF Inc Times:
Sir,-In your able article Of yesterday
YOU omitted one effect that must result
to laborers from the change OF standard
from gold to silver. The circulating me
dunn OF all countries from the nature OF
the case always belongs 10 the poor.
This is not generally believed, but never
theless a fact The Comptroller of the
Currency reports for 1894. the deposits in
the savings banks of this country as
81, 739, OO67oo, and II is estimated that this
sum is owned in the proportion OF SS55.9i
TO each depositOr
Muhleman gives the effective circulation
outside OF the Treasury. in round num-
htrs 81, SOC. $4,000. Any depreciation in the
standard brings to each Of these deposit
ttrs in the savings banks q correspond
ing depreciation in the real value OF his
deposits 70 20 on the silver standard
tomorrow would practically rob the de-
positors in saving banks Of little more
than Ss50,0O0,DO, or little over Sl2 per
capita of .he entire population OF the
United States. Let every laborng man
remember that a change to he silver
Standard means loss OF half his saw
ings deposited at the time Of the change
Not only this, let all remember that IL
destroys half of the value of every paper
a, d silver dollar that they may have In
their possession az the time OF the
change That the labOring class own the
circulating medium is easy or demon
straton. The investor AMI trader will
not keep money, because IL is nOn-pro-
ductive, they invest il in stocks, bonds,
land and merchandise OF all descriptions
Therefore, to bring IL TO a last analysis,
let us remember the last panic. Did the
rich men. did the tradcsman, make runs on
the banks No. The majority of these
classes owed the banks more than they
could pay in money, they held prof. crty
poor countryman and the city laborer that
demanded settlement thus demonstrating
their unquestionable title 10 the. actual
moncy. Therefore, any change that de-
prcciatcs the value of the circulating
medium OF the country, makes 2 loss that
the poor must bear.
There is an impression abroad that the
debts Of the country are held by the
because the poor people ha e not a basis
for credit. and the banks and those
having money 10 lend will not lend II 10
people who have no property upon which
city and you will find that the wealthy
business houses owe more money than
all the poor people of your city. Now,
these business men nave invested the
credits derived from these debts in mer-
chandise of some description. and when
the change Of standard comes this prop
erty or merchandise VIII begin 20 ap-
prcciatc, 10 keep pace with the deprecia-
ton in money. so that these holders OF
merchandise will reap the advantage Of
appreciation while their debts viii re-
main the same expressed in dollars. there
fore they will make the difference. while
the poor man viii occupy the reverse
side OF the situation and lose what the
trader makes.
The silver people pose as the friends OF
the poor. Ye. gods Deliver the poor man
from the hands Of his friends. The worst
feature is yet TO come. The immense ap-
parelt appreciation IN values OF all mer-
chandise and property would bring about
wild speculation that would excite and
infiame business In general until al last
great collapse would end the farce: then
such howl as viii go up from our
land has never been heard since The in
stltution of our Government But the
scheme will not be tried because we are
just entering into a period of prosperity
and improvement that will bring salts
faction and profit. me two essentials, that
will XIII the scheme of the financial anar-
chists as dead as a door-nail. The free-sil-
yer scheme. like Dead Sea fruits. presents
an inviting appearance. but Sits upon
the expectant lips OF him who tries II.
the bitter dust of disappointment placed
there by the ,tenthredo OF human selfish
ness. Yours very truly
A. +. r.