The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-10-26
WHO ARE THE CREDITOR CLASSES,
Largely the Poor People Who Have
Small Savings Invested.

To the Editor of the Globe.
IL seems to me that one of the greatest
hsgunents against the free coinage Of silver
mas not received the attention that it de-
serves 1t Is claimed that the gold dollar
Is constantly increasing in value and that
me me creditor classes that is, the bankers,
Dondnoiders, etc., are being paid in dollar
that is worth more than the one which they
invested 1 do not think that this is the
case ease, put admit, for argument, that it is.
VINO gets the benefit? Who are the creditor
classes? The bankers. the manufacturers
the merchants? | say that they are not
me banks loan large portion of their funds
20 inc people, generally the manufacturers
ana merchants; they keep on hand a portion
say from 70 to 40 per cent, as reserve to
pay their depositors. They owe all of tbis
70 ane people. either as deposits as capital
STOCK ana are debtors over all to the extent
hand. 'e "
Some of their depositors as well as the
stockholders may be rich, and some may
nave all that they have in the world so in
vested IN one way or the other, but all
must fare alike.
all or the profits over and above necessary
expenses are divided among the depositors
ana some receive deposits as small as a
dime. These deposits as they accumulate are
invested in bonds and mortgages They have
neiped to build our railroads. public build
lngs, to develop our farms. We have had
TINS money that the poor people of the East
have saved for their old age, and have had
good gold or its equivalent and will we nav
them back with so cents on the dollar? Is
IL fa1r? Is 1t right? Is it honorable?
Perhaps this does not amount to enough to
be considered | believe that there are nearly
100000 depositors with deposits amounting
to some 81 800. eco, 900 in the savings banks. or
more than all of the gold, silver or paper
money of the country put together. This
Is to say nothing of the other banks the in
Surance companies, etc., to which the same
line OF reasoning will apply.
l contend that every one who has his debts
pald and some money in the bank or loaned
out, VINO Is carrying any kind OF Insurance.
who has anything due him for wages or
goods sold, or even dollar in his pocket. il
q creator IL he only has a silver dollar
ne is creditor Of the government for the
ul1erence between a dollar and the bullion
value cannot see where the line Is to be
Drawn between the one who has a dollar and
the one who has million. The only plan tn
draw the line is between the one who has
sometnlng and the one who has nothing
or owes more than he has got.
TO say nothing Of the injustice Of cutting
IN IN TWO the savings of the people to help out
the bankrupt, l do not see how the free
coinage Of silver would help the debtor Tho
great majority Of business men claim. that II
would be disastrous, and I do not see how
II II wo u De any easier to get dollar then
IMAM IL mas been in the past or is now
cannot see how we can have dollar that
is good for the rich and bad for the poor:
nor now we can cut the present dollar in
Two without hurting the poor as well as
Ine rich In case Of a crash, as Is pre-
olcted as the result Of the adoption OF free
coinage OF silver, l can see how the poor
would suffer more than the rich. for thew
would have less to live on until business
could be re-established
me only ones that I can think Of who
would be benefited by the free coinage
policy are, possibly and probably temporariIy
those who have silver bullion for sale; and
permanently, those who may with greater
Justlce than any others, be called the itmon-
ey sharks" that is, those who live by tax
ing advantage of the distress Of the people.
ana the money changers, who would take
NIP at our dollar every time that II went
by them in our exchange with the gold
believe that the great majority wish to
90 what Is right in this question. and tn
vote for the greatest good to the greatest
Grafton. -Fdwerd BIZ
Anoka, Mimi. Oct 81 1905 NA'