The times. [volume] (Richmond, Va.) 1890-1903, 1896-04-16

x<xtt-
ploymep, or for the supply VI
,,ss at reasonable prices ,oo affected
- soI,tion Of this question: -
-, w. character ana amount .,
onas,ng mower OF the future ...w -. a
49,. American laporer, II wouu 0 st,,,,
.,,piect OF the grsNest ihpof '-s,,soa Inv
but its importance - greatly a,,.. y, a
the fact That the safety anu ''sr,tn0s
very considerable paTt Oh MS 20 - nrov.
w. aIon ,nvo,yed. 1ne thrifty ana prov
.as,t yyorkingrnan. anticipating uihe
when he may be disabled or deptHeo %
ernnovnent. and endeavofed 10 90.
sonethlng out OF his earnings, IA w.
10 proyide for the comfort Oh n'S -
and CHILDREN in the future, anu i"S io~u
IL away at home, or deposlleu - :"
bank or building association, CT ii'osteu
IL in a life insurance policy, OF iodheo u
10 some friend in whom he mas cohp"euce'
He Is not debtor, but Creditor ana ,ne
corporations and individuals having the
custody of Ills earnings are indebted 10
him, and ought 10 pay what they owe
him in just as good money as he pat
into their hands.
BANK HOLDINGS.
According to the latest reports, the p"
fngs banks II your own STATE mold VII
50, 400 on deposit for es.s0Z people. or an
the wAolo country they hold .l.SlO.sy, .vvv
for 4.si5,5i9 people, or an average OF 1911
Tor each dcposItOr. state o4nks, trust
companies anc private banks hold sl,5sJ'-
sSs, 900 for about 10000 people, and ma
tional banks mold N,70l.653.52l for l.929'-
$40 depostors. OF whom l,I4,O0O have less
than Loo 10 their credit. Besides these
Institutions there are 5000 building and
loan associations IN the United States,
having about 100000 shareholders. male
and female who have paid dues IN good
money, amounting to more than 5000
900. There are nearly 700 or these assc-
Citations IN tho State OF Illinois alone,
and In these Institutions many laborers.
men. women, and even children, have de-
posted every dollar they could spare,
otten denying themselves some OF the
comforts OF life, In order 10 lay UP some
hing for time of need.
More than 100000 Of our people have
taken out Hfe-insurance policies, which
are now in force, amounting 10 81 202 S51..
SZJ, and have paid the premiums on them
year after year in good money, while the
mutual benefit and assessment and CO.
operative and fraternal companies and
associations have 3,500000 members. who
have contributed a large part OF their
earnings 10 the funds held 10 reimburse
losses sustained by sickness or death. The
Obligations OF these companies and asso-
cations 10 their members amount to S.
li6lOS5G; and the Industrial companies
IN the United States have a membership
OF s5Sl9,osS, with insurance amounting TO
SSlo, oo76'S, In addition to all the foregoing.
and IT is constantly increasing. How
many laboring men and women have taken
out policies, or otherwise contributed from
their earnings 10 insure themselves
against loss by accident while engaged
In the prosecution Of their work. cannot
De accurately ascertained. but the number
Is known to be very large.
The banks, trust companies. building
associations, and other similar instftu-
tlons. owe the people OF the United
states to-day SJS53,l 52l for money ac-
tually deposited, a sum nearly eight times
greater than the total capital OF all the
national banks in the country; while the
lie-insurance policies held by the people
in the various kinds of corporations and
associations and In force to-day amount
TO $40, 2O3, SOi,35l, a larger sum than has
been actually invested In all our rail-
roads. and about fifteen times larger than
the capital OF all the national banks In
| view OF these facts which cannot be sue
cessfully disputed. I submit that you
| ought seriously TO consider all the conse-
| quences 20 yourselves and your fellow
| citizens before you agree to the free and
| unlimited coinage or legal-tender silver
at ratio OF Is 10 l, in order that these
| great corporations and associations may
have the privilege of dJscharging their
debts 10 the people by paying 81 or 81
cents on the dollar, for that Is exactly
what II means. 1t IS a low estimate to
say that each one of the depositors In
| savings and other banks and in building
..
insurance policy and member Of a mutual
| benefit and assessment association. has
] dependent upon him or her an average of
| at least two other persons, and, If so, a
| majority of all our people are directly or
| indirectly creditors OF these corporations
| and associations and are interested in the
] preservation of a standard Of value which
| viii insure the payment Of their claims in
as good money as they parted with when
| they made their loans or deposits or paid
their assessments or premiums. Every
dollar the people put into these banks
/ and trust companies and other instltu-
| tions, and every dollar they paid for IN
surance was worth one hundred cents.
and would procure one hundred cents
! worth Of commodities in the market when
| they earned it and when they invesaed il,
| and they have an unquestionable right to
| demand that IL shall be refunded 70 them
| in dollars worth one hundred cents every
! where. The adoption Of any policy that
| would deprive them Of this right would
not only infict an enormous loss upon
them, but would so seriously impair their
faith in the fidelity and utility OF such
| institutions that attempts 10 accumu-
| late and save surplus earnings would be
| abandoned, or at least greatly discourag-
ed, for long time TO come.
| WILL BE WHOLLY LOST.
But II free and unlimited coinage OF
| legal-tender silver at the ratio Of 10 10 /
Is established in this country. Il very
large part OF the money deposited in these
| various kinds OF savings Institutions will
| not even be repaid in deprecated silver,
| but Will be wholly lost. because such a
| reckless monetary system would preciDi
| tate a financial panic which very few II
any of the depostors could survive. }
| doubt that there is d single financial IN
stitution IN the country that could sus-
tain the pressure that would be imme-
diately made upon II by its deposltors and
| other creditors when IL became apparent
| that our standard OF value was 10 be low
| cred, and our currency deprecated by
free coinage Payment Of all OF our obll-
cations held abroad would be demanded IL
gold at once: every investment Of foreign
| capital in this country would be instantly
| withdrawn; every man who owed a deb
at home or abroad would be called upor
TO pay IL; all dcpOsltors in banks anc
other institutions would want 10 Withdraw
| their money AT the same time, no loans
could be negotiated, and no credit coult
be given, because no man would lenc