The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1896-09-12
CARER A. HoBARrs
LETTER OF ACCEPTANCE

parity with gold, has driven the more val
liable one out OF circulation, and such eX-
perience IN a matter of this kind is worth
much more than mere interested specuia-
tive opinion. The fact that few gold coins
are seen in ordinary circulation for DOM
estic uses is no proof at all that the metal
is not performing a most important rune
ton in business affairs. The foundation OF
the house is not always in sight, but the
house would not stand an hour II there
We're no foundation. The great engineFy
that moves the ocean steamship Is not al.
ways in view OF the passenger, but II ls,.ail
the same, the propelling force Of the YES
sci, without which 1t would soon become q
worthless derelict
1t may be instructive to consider mo-
ment how the free and unlimited coinage
of silver would affect Il few great interests,
and / mention only enough to demon
strate what a calamity may lie before US
If the platform formulated at Chicago Is
permitted to be carried out.
There are now ON deposit in the savings
banks of thirty-three states and terris
tories of this, Union, the vast sum OF
almost 100000 depos.tors. In many
cases they represent the labor and econo-
mics of years: Any depreciation in the
value of the dollar would defraud every
man, woman and child to whom these
savings belong. Every dollar of their
earnings when deposited was worth
100 cents In gold of the present standard OF
weight and fineness. Are they not entitled
have so deposited? Any legislation that
would reduce II by the value OF single
dime would be an intolerable wrong to
each depositor. Every bank or banker who
has accepted the earnings of these mil
lions of dollars to the credit of our citi-
zens must be required to pay them back
in money not one whit less valuable than
that which these banks and bankers re-
ceived in trust.
There are, in this country, nearly G,NW
building and loan associations, with share
holders to the number OF l,s0O,0 900; and with
assets amounting to more than ooGoooOo.
Their average Of holdings Is nearly 5000 per
capita, and in many cases they represent
the savings Of men and women who nave
denied themselves the comforts OF HE IN
the hope of being able to accumulate
enough to buy or build homes of their own.
They have aided in the erection OF over O.
million of houses which are now afIord-
ing comfort and shelter for 100000 OF our
thrifty people.
MEANS CONFISCATION.
Free coinage at the arbitrary rate Of
sixteen ounces of silver to one OF gold
would be equivalent to the coniiscation OF
nearly half the savings that these peo-
pie have invested. 1t would be tanta-
mount to war upon American nome
makers. 1t would be an invasion OF the
homes of the provident," and tend direct
ly to destroy the stimulus to endeayor
and the compensation of honest toll" Ev-
cry one of the shareholders of these as
sociatons Is entitled to be repaid IN money
of the same value which he depositd by
weekly payments or otherwise in these
companies. No one of them should be
made homeless because political party
demands change in the money standard
of our country, as an experiment, or as u
concession to seliishneSs or greed.
The magnitude OF the disaster which
would overtake these and cognate inter-
ests becomes the more strikingly appar-
ent when considered in the aggregate.
Stated broadly. the savings banks life IN,
surance and assessment companies, and
building loan associations of he country
hold in trust sl9,SO9, ~ Ssl The debase-
ment of the currency to Il silver basis, as
proposed by the Chicago platform, would
wipe out at one blow, approximately SI,9b5,-
5Oi. .Sj6 of this aggregate. According TO the
report of the department of agriculture,
the total value of the main cereal crops In
thfs country In 1894 was $685. i3S, ,lO7. So that
the total sum belonging to the. people,
and held in trust In these institutions,
of free and unlimited silver coinage, would
he seven and one-half times the total
value of the annual cereal crop of the
United States. The total value of the
the census year of 1890 was s9,S72. 5$7, 2S3
The establishment of Il silver basis of
value, as now proposed, would entail a
loss to these three interests alone enor-
dustries of the Union, and would affect
directly nearly one-third of its whole pop
ulation. "
one hundred and forty millions of dol
lars per annum are due to pensioners of
the late war. That sum represents blood
spilled and suferings endured in order
TO preserve this nation from disintegra-
ton. In many cases the sums so paid in
pensions are exceedingly small; in few,
| III eXcpSSlvp.
that would deplete these to the extent Of
a farthing Is the same that would organ
ize sedition, destroy the peace and securi-
~ of the country, punish, rather than
reward our veteran soldiers, and is un-
worthy of the countenance, by thought
or vote. or any patriotic citizen of what
ever political faith No party; until that
ever ventured to insult the honored sur
vvors of our struggle for the national
life by proposing to scale their pensions
horizontally, and to pay them hereafter
in deprecated dollars worth only SO cents
each
The amounts due, in addition to the
interests already named, to depositors
| and private banks, TO holders of fire and
accidental insurance policies, to holders of
| industrial insurance, where the money
deposited or the premiums. have been
enormous. together with the sums due,
! and to become due for state, municipal
| county, or other corporate debts, that IL
| paid In deprecated silver or its equivalent.
| 1t would not only entail upon our fellow
| countrymen loss in money which has not
, been equalled in similar experience since
| the world began. but it would, at the same
| time, bring disgrace to our country such
| as has never befallen any other nation
| which lad the ability to pay its honest
| debts. In our condition. and consider
| ing our magnificent capacity for raising
revenue. such wholesale repudiation Is
xlTit mr. aXfp n pl
| eXpediency or party eXigency, however
| pressing. could justify so monstrous an
| act.
| All these deposits and debts must. under
the platform of the Republican party, be
met and adjusted in the best currency the
| world knows, and measured by the same
| standard in which the debts have been
| contracted or the deposits or payments
have been made.
OUR PRESENT WEALTH.
Still dealing sparingly with figures. of
| which there Is an enormous mass to sus-
tain the position of the advocates of the
! gold standard of value, l cite one more
fact, which is officially established, pre-
missed by the truism that there is no bet
ter test OF the growth of a country's pros
perity than It's increase in the per capita
| holdings OF Its population. In the de-
cade between 1880 and 1890 during which
we had our existing gold standard. and
| were under the conditions that superved
| lTOIN Tue act VI 1910, tHe per capita OWL
ings of this country increased from ss7r
| TO Il ,036 In those ten years the aggregate
| was 81 ,395. 100000, being so per cent. in ex-
| cess of the increase for any previous ten
! years since 1850. and at the amazing rate
| Of over two thousand millions Of dollars
! a year. The trainers of the Chicago plat
| form in the face Of this fact, and of the
| enormous increase over Great Britain,
| during this same gold standard decade. OF
! our country's foreign trade and It's produc-
| ton of iron. coal and other great symbols
| Of national strength and progress, asserts
that. our monetary standard is mot only
| un-American but anti-American," and
that 1t has brought us Into financial ser
| yitude to London" 1t is impossible to
| imagine an assertion more reckless and in
| defensible.
| The proposition for free and unlimited
| silver coinage. carried to its logical con.
| clusion, and but one Is possible, means
! rs before intimated, legislative warrant
for the reputation of all existing inddbt.
edness. public and private, to the exten:
of nearly so per cent. of the face of all
|