Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1896-09-17
Correspondence.

BosroS, Sept. 9, 1855

~ ASSN-
To the Editor Of the American:
One OF the fsvorite cries of the popuIist
silver orators Is that ali the money Is in
the hands Of the few; that the crime. a.
they call it, OF 1873 reduced the circuls-
tion OF money one-hsif, and that the
sharks are grssping with wide-open
mouths for the dollars OF the lshoring
man.
II any one stops to consider that the
actual cash in circulation is only about 5
per cent. OF all the business transacted,
and that thst sum is quite sufficient for
the purpose fer which it i used, viz. the
settling Of balances between debtors and
creditors, he Viii readily see that there
is no need OF more cash per capita than
is al present in circulation, and without
doubt fully 90 per cent. Of ali the eircu-
lsting medium in the country passes
through I be wsge-esrners' hands during
the year.
have been trying for some time to
gather data to show the amount Il
money in savings banks. aud / have os-
tanned some facts bearing on that point
u II
ton journal. there was in 1873 in Ms.>s-
chu>etts l39 savings banks, with A. -
depo-itor- owning gross sum OF sl35-
1907, an average of 1914 per capita,
and nearly S275 average to each depositUr.
In $50, seventeen years after he 'crime
there vas I,oe3,sl7 depositor- registered
in 1-9 banks. and totsl 1858 :572 .q37 on
deposit, an average Of sI57.92 per capita.
or SIS TO each deppsitor. This money +,
partly invested la loans On mortgages %
poor people, but larger portion OF it is
deposited in national banks, and these
banks loan il out very largely Oh corpo-
ration paper. These corporations employ
vast mum Der Of operatives and his same
money comes back TO the wsge-esrner for
services, " hile al the same time he or she
Is drawing Interest on it from ne savings
banks.
Now suppose these los. ST. depositors
should cali for their money all at once
from these i79 banks 1913. 592, 81
would break every savings bank ia the
state, and cause greater panic than the
Black Friday in New York.
New York savings banks tell a similar
story. On August II in speaking OF the
operations OIL he saving banks ofthe State,
Superintendent kilburn said: Next 10
the tremendous resources " hich these re-
ports reveal, perhaps the most impress
sive figures are those showing that 26 y
per cent OF the population ofthe state are
depositors in the savings banks. and that
i their money Is received, invested and
cared for al he low cost OF g.. mills per
dollar per year"
Now these two states, Massac husetts
and New York-only two in forty-four-
have Of the poor peoples money sl,o6s. :
81, $50, which | think Is about three
tourths OF the whole amount Of money in
the United States. Who are the CAPT
islists and who should say; Give Us
good and wholesome laws; give us a
chance to earn an honest dollar; return
US our deposits in one hundred cent dol
lars, such as we trusted you with, and not
1 with fifty three cent onee
How long will people continue to be
deceived by lying politicians and walk
ing delegates OF labor unions?
What is I he conclusion to be arrived at
by these figures and this argument? The
siyerites say the crime OF demonetizing
silver in 1873 reduced the circulation one
half; this is lie No. !. What are the
facts? Has there been minute IN ths,
time that a silver dollar or a silver certiti-
cate or national bank bill would not buy
as much OF the necessaries OF life as gold
dollar? Again the circulatio instead Of
decreasing has increased from about SIS
per capita to S23, Notwithstanding the
tremendous immigration.
+ They tell US free coinage OF silver will
We W III see. That was the view taking in
1883, when the Sherman bill was passed
to stave of free coinage: Mr.. Sherman
recommended in his bill the coinage of
- 800 600 per month. Silver advanced a
little. but gradually fell till at the pres
, ent time there is AZ per cent. discount on
! it, and under almost free coinage law =;
! SO that settles another lie.
! Candidate Bryan tells the western far
mer that free silver will raise the price Of
| farm products; very likely it would, but
/ they would get their pay in a cheaper dol
lar. In the East he tells them free coin
age will raise the price OF silver to 81 %
per ounce; WELL what would that benefit
/ US! 1t would then cost more to get a sill
yer dollar than a gold dollar now,
and SO the whole scheme of the silverites
would be knocked out and no advantage
/ gained to the silverites and green bac kers
who want fiat money.
! Yours truly,
GEO. P. CLARK.